First home buyers suddenly have a big choice of units to buy in a beachside Sydney suburb with prices as low as $429,000.
There are nine units for sale in Dee Why for less than $500,000 and 21 for sale below $650,000 at which level first home buyers don’t have to pay stamp duty.
With prices back to 2016 levels and a large number of units for sale Dee Why has become a magnet for bargain hunters and first home buyers.
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According to CoreLogic the median unit price in Dee Why is currently $773,500 based on the 559 sales in the suburb over the last 12 months.
However a string of new developments and tighter lending standards have seen unit prices drop in Dee Why. There is now a big choice of apartments on offer and agents are seeing first home buyers eager to jump into the beachside suburb.
There are 114 units for sale in Dee Why, 16 of them were listed this week.
Prices are as low as $429,000.
Geoff Harris, of Doyle Spillane Real Estate, has a solid one-bedroom apartment for sale for $429,000 which he is dubbing ‘the best value in the market’.
Number 8/11 Grafton Cres is a top floor unit, in a block of eight and it is rented out until September this year for $390 per week.
Mr Harris said it would suit investors and first buyers. It has a northerly aspect and off-street parking.
“First home buyers are able to get good deals, there are some good opportunities at the moment,” he said.
Another one-bedroom unit just four minutes walk to the beach is for sale for $499,000. Number 8/24 Pacific Pde, Dee Why is in a block of 12 with off-street parking and balcony.
Angelo Goutzios of Novak Properties said new first home buyers are eager to jump into Dee Why.
“If they buy anything new they get the $10,000 first home buyers grant,” he said.
“And if they buy under $650,000 they don’t pay stamp duty.”
Last year about two or three people inspected units in Dee Why at open houses, this year already open houses are averaging seven to 15 groups, he said.
A studio apartment in the new Osprey development, which formally launches on the weekend of February 2 and 3, attracted seven groups over the weekend.
“Investors are still expecting a bargain but a lot of first home buyers are eager to secure something and they are jumping in,” he said.
The Osprey development in Mooramba Rd has studio apartments for sale from $499,000.