Australia Back to Real Estate News Homepage to RSS for this country

AU Property News

AU Oyster Bay a real pearler in market

Property Here - Monday, July 08, 2013

Share to:

Oyster Bay

Ilona Terem at her home in Oyster Bay that she is selling. She plans to move to Queensland.

OYSTER Bay is the toast of property sellers after it was named the top suburb in which to flog a home.

The Sutherland Shire suburb jumped from ninth place in a March top seller's report to No.1 in the June quarter, edging out Bondi, North Rocks and Freshwater.

The list calculates a suburb's demand by taking the average number of listings over three months and comparing the number of online clicks on listings against available properties in the suburb.

"Oyster Bay first appeared in our list for NSW in March this year, before moving to the top position this quarter,'' REA Group senior key accounts manager Luke McPhee said.

"The average number of visits per property in the suburb has increased from 5822 in the last quarter to 8040, while the average number of properties available each month has remained relatively stable.''

The Oyster Bay market is heating up as buyers are priced out of big-ticket Shire suburbs. "The property in the area is competitively priced and can be more affordable than some of the neighbouring bayside suburbs,'' Warren McCarthy of McGrath Estate Agents said. ``Buyers have the opportunity to get good value for money.''

Ilona Teremi and Michael Thompson are hoping to benefit from Oyster Bay's popularity when they sell their home of five years at 84 Oyster Bay Rd.

Describing it as a haven away from the city, the suburb has proved an ideal location to raise their two children, Jada, 9, and Levi, 16 months.

"It's a secret, hidden gem. After discovering Oyster Bay we knew we wanted to live here,'' Ms Teremi said.

"For the land size of our home and the water views, it's good value for money, as are the other properties in the area.''

Now set to move interstate, Ms Teremi said she will miss her neighbours, mostly young families, and the suburb's character-filled homes.

The couple's house is for sale through McGrath Sylvania, with a price guide of more than $1.375 million.

North Rocks, Freshwater, Wollstonecraft and North Ryde were the other suburbs that retained their places in the top 10 list. Bondi, Lilyfield, Pennant Hills, Stanmore and Artarmon were newcomers.

"Freshwater has remained in the top four suburbs for 12 months,'' Mr McPhee said.

"The average number of visits per property increased from 11,315 last quarter to 12,248 this quarter.''

Nationally, Oyster Bay and Bondi were the only NSW entries in the top 10, finishing 8th and 10th respectively. The list was dominated by suburbs in South Australia and Victoria, with Parkside in Adelaide's inner southeast taking out the top spot and Surrey Hills in Melbourne's east second.

Read more: