GENERATION Y buyers have been snapping up Dee Why units helping to break the 500 sales in a year barrier.
Fresh figures from RP Data show that Dee Why has the highest number of unit sales in the State over the past 12 months — greater than Parramatta and Rhodes and Sydney City and the sixth highest number in the country.
A total of 504 units changed hands in Dee Why in the year to March. The median sales price is $480,000 and developers and agents said most of the buyers over the past year were aged under 40 and buying their first home.
Dee Why regularly sees unit sales in the mid-400s but it has now broken the 500 sales in a year barrier.
A bevy of new apartment buildings, affordability and a rejuvenated beachfront has been credited with the increase in unit sales. More than 76 per cent of the suburb’s property is made up of apartments.
Newlyweds Dean and Maira Murray, both in their 20s, are typical gen Y first homebuyers. Affordability and being in a beach suburb was their criteria.
They moved into a two-bedroom unit in Boronia St this week.
“We looked for months and kept seeing the same faces at open houses,” Mr Murray said.
“Often there were 20 others looking with us and at one unit there were 50 of us inspecting at the same time.”
In the last year several large apartment blocks have been selling off the plan in Dee Why helping to push up sales numbers.
Allure, on Pittwater Rd, consists of more than 100 units, Cobalt on David Ave comprises around 90 apartments and a new development in Francis St has 45 units.
Natalie Robson, of Aranda Developments which is building a 23 apartment block in Pacific Pde, said investors were the other big buyer group in Dee Why.
“Dee Why has been cleaned up, has a community feel and people can walk everywhere,’’ she said.
First home buyers choosing new units up to $550,000 receive a $15,000 grant and stamp duty exemption and this also has made Dee Why attractive.
Manly Daily article June 15th 2013.