Price Watch
Sydney Morning Herald
Wednesday May 6, 1998
CLOVELLY HOUSES
The area: Facing the Pacific Ocean between Coogee and Bronte, seven kilometres south-east of the city. The suburb was renamed in 1914 and has a village atmosphere, with no high-rise develop-ments. It has a pub, corner shops (Clovelly and Arden streets) and the trendy Burnie Street Art Gallery strip.
The market: The cheapest townhouse sold so far this year was 3/12 Beach Street, which sold in February for $400,000, and the dearest house was 4 Beach Street, which sold in February for $1,086,688. The cheapest house sold last year was 10 Campbell Street, which sold in May for $235,000,and the dearest, 20 Battery Street, which sold in June for $1.338 million. In 1996 the cheapest house sold was 5 Vale Street, for $180,000, and the dearest 38 Knox Street, for $935,000.
The housing stock: With Californian bungalows and two primary schools (St Anthonys Primary and Clovelly Public), the area attracts families keen to live in this beachside community.
Price trends: Australian Property Monitors says the seven auctions this year had an 86 per cent clearance rate compared with 75 per cent for 52 auctions last year. So far this year, the average auction price has been $575,000 compared with last year's average of $580,000. The average private treaty price achieved last year was $512,000.
Investment: Rents for three-bedroom houses are $400-$450 per week and renovated houses that have views reach $500-$700 a week.
Australian Property Monitors compiles The Sydney Morning Herald Home Price Guide, phone (02) 9360 6700.
© 1998 Sydney Morning Herald
