Selling and seeing a vast amount of houses and researching constantly has enabled us to have a clear understanding of the values and growth patterns throughout Willoughby. The following is our rounded opinions of the different values for different types of houses and streets in Willoughby. These are, of course, basic rounded starting points for values and different homes will differ from quality of finish, location and block sizes, but it should give you a clearer idea of where property values are.
Free Standing Houses
We generally find that most 2 bedroom freestanding homes are unrenovated as owners who renovate them normally convert them to 3 bedrooms. An unrenovated home in a busy street would achieve in the $1,800,000 to $1,900,000 range. If they are in one of the quiet streets they can achieve in the $2,200,000 to $2,500,000 range on a standard 550sqm block.
A fully renovated home with 1 bathroom in a good quiet street on a block size around 550–650sqm will generally sell between $2,500,000 to $2,800,000. An unrenovated home with similar description to the above, could sell in a similar range depending on the street, block size and whether it can be knocked down (ie. non conservation area). If the property is on a busier street or less popular one and fully renovated it would achieve around $2,200,000. If the home is unrenovated on a busy road it would be around $2,000,000.
4 bedroom homes, as always, are quite diverse to put a set figure on and can be unpredictable in the open market but generally we find the following: A fully renovated and extended 4 bedroom, 2 bathroom home on a typical 550sqm block in a good location could achieve anywhere between $2,900,000 to $3,400,000. Smaller sized 4 bedroom homes would achieve in the $2,800,000 to $3,100,000 range. To achieve at the top end of this range (namely $3,200,000-$3,400,000), the home would generally have a useable rear yard with a pool. It would have 2 living areas and recent modern refurbishments throughout including quality kitchen and bathrooms with quality appliances. Buyers with younger children generally prefer a home on one level or at least 3 bedrooms on one level so they can stay close. Buyers with older children prefer 2 levels so they can get away from the children! The rear living of the property is very important and an open plan family area with bi-fold doors to a north facing rear proves the most popular. Garaging is always popular in the upper-end price ranges, however it is generally very hard to find a garage in Willoughby so covered parking is a popular compromise.
4 -5 bedroom homes on a larger block ?(i.e 650sqm +)
These homes are becoming more common than they were a few years ago. The current record price in Willoughby is above $5,000,000 however the home was an anomaly as it was a very large new build on a 900sqm plus block. Complete knock down re-builds have sold up to $3,500,000. Sales well above $3,500,000 are becoming an acceptable price to pay in Willoughby, as the trend for families is to now stay closer to the city and keep within the school and community area. Previously the Upper North Shore suburbs or those of Castlecrag and Northbridge, use to attract Willoughby buyers who craved backyard and/or more space, however the extended time in travelling is seen as a drawback. This seems to be keeping more residents within Willoughby and encouraging them to extend. We expect these high-end value sales to keep increasing over the next 5 years as more and more of the renovated, extended or new built homes come on to the market. These high-end sales normally are homes on larger blocks (650sqm and above) but if a home is large enough and finished well, or just built from scratch in a good quiet street, these prices can be achieved on a regular block size.
2 bedroom semis
The last 24 months have seen very little in the way of semi sales. Owners are choosing to stay in them longer, mainly because of the higher price of freestanding homes in Willoughby and the reluctance to leave the suburb to travel further away from the city. A renovated 2 bedroom, 1 bathroom semi in a good street with carport or garage can achieve around $1,800,000. Due to the strong demand of semis, we have now seen original but tidy condition properties sell around $1,600,000.
3-4 Bedroom Semis
Many of the 3 bedroom semis that have sold have been very popular as they can be the same size as many 3 bedroom homes and are generally in very good or renovated condition. They generally have 2 bathrooms and parking and achieve anywhere from $1,900,000 to $2,500,000. Prices that are understandable given similar sized free standing homes will be generally starting around mid $2,000,000.
46/25a Marks Street | NAREMBURN
Fully renovated units achieve in the early to mid $700,000. If unrenovated, they sell in the mid to high $600,000 range. This can vary greatly depending upon the unit size.
Fully renovated achieve in the early to mid $900,000 and sometimes over $1 million depending on the building age. If it is a newer development they can achieve in the $1,100,000 to $1,300,00 range.
There are fewer 3 bedroom units in Willoughby and there have been very diverse prices achieved, from $1,100,000 assuming parking. If there is no parking, it can reduce prices between $50,000 to $60,000.