West Pymble named as a Sydney suburb flying under the radar

Inside Karl Stefanovic’s waterfront mansion

No. 30 Boronga Ave in West Pymble sold for $2.62 million.Source:Supplied

West Pymble has been singled out in a national property report as a suburb that flies under the radar for buyers – although agents say those days are numbered.

The tightly held suburb features in the latest report by property valuation and advisory group Herron Todd White as an “unsung hero hotspot”.

The group’s experts were was asked to identify Australian suburbs which were still flying under the radar when it came to prices.

MORE: Inside Karl Stefanovic’s waterfront mansion

“It can be difficult when looking at Sydney’s upper north shore property market to find something that is flying under the radar when most suburbs command a median price well above $2 million,” the report said.

“However, as with all property markets, there are pockets of the north shore that do seem to offer comparatively good value and future potential. “

According to realestate.com.au’s latest Market Trends report, the median house sale price in West Pymble sits at $1.999 million, which represents a 12-month growth of 19 per cent.

Inside Karl Stefanovic’s waterfront mansion

It sold $400,000 above reserve.Source:Supplied

While this might not be considered affordable by Greater Sydney standards (which has a median house price of $1.1 million), when compared with surrounding suburbs like Gordon ($2.72 million), Pymble ($2.804 million), and Killara ($3.605 million), West Pymble is more budget-friendly.

“These comparison suburbs certainly have superior positioning, all benefiting from close proximity to the upper north shore rail stations and the amenities located on the Pacific Highway,” the report said.

“West Pymble is considered to be isolated from this infrastructure but the price level still represents very good value for the affluent upper north shore, being located only 15km from the Sydney CBD. “

The report recognised that West Pymble had experienced some good growth during the past 12 months, but “with the large disparity in surrounding suburb median prices, we believe there is plenty of potential for future price growth.”

“Due to the comparatively low median price for the upper north shore, West Pymble’s potential for growth is always going to be high as it experiences demand from those trying to get a foot into this blue-chip market,” the report said.

Inside Karl Stefanovic’s waterfront mansion

No. 10 Victoria Ave in West Pymble is due to go to auction on July 3.Source:Supplied

The results come as no surprise to Alex Mintorn, of McGrath Wahroonga, but he said the lower median price also had a lot to do with the fact that the suburb is so tightly held.

“There is just no turnover, and that is reflection of what an amazing suburb it is,” he said.

“It is gorgeous, there is a really nice sense of community, and a very small, underrated public school.”

Earlier this month, Mr Mintorn sold a four-bedroom house at 30 Boronga Ave, West Pymble at auction for $2.62 million. The price guide was $2 million and it had a reserve of $2.2 million.

“It’s a little pocket of the upper north shore that is still affordable, but that is already changing,” he said.

Sales stock is also tight – according to realestate.com.au there are only a handful of homes on the market in West Pymble.

Among them is 10 Victoria Ave, which is due to go to auction on July 3 through Anna Cavill and Thomas Merriman, of Ray White Upper North Shore. They have set a price guide of $1.8 million to $1.98 million for the three-bedroom, double red-brick home on 936sqm.

Ms Cavill said there was already strong interest in the home.

Inside Karl Stefanovic’s waterfront mansion

It has a guide of $1.8 million to $1.98 million.Source:Supplied

“I do think it (West Pymble) is undervalued – the location is awesome,” she said.

“It’s so close to everything, but I think it does fly a little bit under the radar, it is definitely a hidden gem.”

She said many people, including the owner of 10 Victoria Ave, spent decades in their homes, raising their families.

It was only when the time came to downsize that properties came to market for the next cohort of young families.

In the case of 10 Victoria Ave, the owner has been there for 55 years.

Ms Cavill said many buyers were choosing to embark on extensive renovations of older-style homes like this one, while others were opting for knockdown-rebuilds.

“It is a family area and people are investing a lot of money because they are going to be there for a long time,” she said.

“I do think it’s an awesome place to buy into – if you can find something. It’s very tightly held and when properties do come to market there are usually a few people chasing them.”

No. 10 Victoria Ave has the added advantage of backing onto the school oval of West Pymble Public School, with an “unreplaceable” rear gate leading straight into the school.

This is likely to make the property extremely popular with young families. The home is also within walking distance of the bus, aquatic centre and local shops.

Originally published asThe Sydney suburb flying under the radar

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