Infrastructure projects are seeing property prices rise for a residential Northern Beaches suburb as its recent growth outperforms the rest of Sydney.
The premium suburb of Frenchs Forest, according to LocationScore, is doing very well for itself, with median house prices growing over 12 months and new infrastructure projects likely to increase prices further.
Property in Frenchs Forest is in high demand, with houses having a time on market of 37 days, 25 per cent less stock available compared to the Sydney average and has twice as many online search requests than average.
Michael Ossitt, STRAND Property Group director and Sydney buyer’s agent, said that Frenchs Forest has seen growth strengthen, whereas Sydney’s market has seen median price losses.
“The latest data shows the median house price in Frenchs Forest increased from $1.583 million in March last year to $1.645 million this year,” Mr Ossitt said.
“Frenchs Forest has always been off the radar somewhat, even though it’s only 13 kilometres from Sydney’s CBD. However, the well-publicised major infrastructure projects have already changed that, with demand exceeding supply and prices increasing as a result.”
The suburb has also been declared a priority precinct by the state government, with the potential of re-zoning to allow for more medium-density dwellings in the suburb, which residents might use as a reason to hold onto property until a decision is made — reducing supply in the process.
“We all know that the Sydney market generally has now moved from strong to soft conditions, but I believe Frenchs Forest may be insulated because of these game-changing projects,” Mr Ossitt said.
New projects in the area include the Northern Beaches Hospital, which opens in October; a new town centre and high school; and improvements to roads which include $500 million in road upgrades and a second harbor crossing.
“There are so many positives happening in the suburb that will create employment and demand for housing that I’m excited about the future of the area,” Mr Ossitt said.
“Over the next five to 10 years, Frenchs Forest will be a completely different suburb to what it was previously — and that is something that property investors can benefit from if they beat the expected rush.”