Palm Beach on the northern-most tip of the Northern Beaches has much to boast about. The glorious waters of Pittwater on one side, the famous Palm Beach on the other, tropical landscapes, the Boathouse Cafe, Summer Bay stars on set and some of the Peninsula’s most desirable properties.
Traditionally, Palm Beach has been populated by wealthy Sydneysiders who popped up to their holiday homes for the weekend. But thanks to COVID, the make-up of the area has changed significantly, and many people now permanently call Palm Beach home.
In this article we interview Dennis Kennelly from LJ Hooker Palm Beach to unpack who is buying in Palm Beach, what draws them to the area and how much you can expect to pay for a piece of Sydney's paradise.
It might be famous for Home & Away, but what draws people to Palm Beach as a place to live?
The major drawcard is undoubtedly the breathtaking location. On one side, you have the serene Pittwater, while on the other side you can enjoy the pristine beaches of Palm Beach and Whale Beach.
Palm Beach has a tropical feel that is different to other parts of the Beaches. Even the birdlife undergoes a transformation here with the vibrant presence of king parrots and black cockatoos. Palmy has a unique microclimate that distinguishes the area and enhances its charm.
As you arrive in Palm Beach, you can feel the stress melting away. It’s a captivating place that appeals to a diverse range of buyers. Some are drawn to the picturesque Pittwater views, while others are avid boaters seeking access to deep water facilities. And then there are those who long for an ocean outlook.
Are most houses in Palm Beach owned as holiday homes?
Once upon a time, holiday homes accounted for approximately 80 to 85 per cent of the Palm beach market, which was quite substantial. People used to joke that on a winter's night, you would only see two lights on the headland.
However, the situation has shifted dramatically thanks to COVID. The pandemic has prompted a considerable influx of permanent home buyers and families into the area.
Many individuals are selling their properties in the eastern suburbs and opting to work from home, which allows them to enjoy the lifestyle choices Palm Beach offers on a permanent basis. As a result, the proportion of permanent homes has increased to around 65% of the market.
What can people expect to pay for a piece of Palm Beach?
An entry level home would be around the $3 million mark, but it would be a property that needs updating and renovation. For something that’s in good condition and not needing much work, then you’re looking at more like six to twelve million.
Of course, there is also the premium end of Palm Beach with some properties achieving sales results in the range of twenty to forty million.
The price ultimately depends on the calibre and style of the home, its proximity to the water and whether it has views.
Is it true that a lot of properties trade off market in Palm Beach? If so, why?
Yes, that’s true. I think the main reason is that privacy is highly valued in the area. Plus, people looking to buy in Palm Beach like the exclusivity of buying something off market.
Our company, LJ Hooker is well-known for maintaining an exclusive database, which aligns with the desires of individuals seeking privacy.
Typically, when we market a property, we recommend a two-phase campaign. The initial stage is off-market, where we target specific potential buyers. Surprisingly, around 80% of successful sales occur during this off-market phase. It's truly fascinating and underscores the unique dynamics of the market here.
Are there many houses in Palm Beach that offer deep water frontage?
No, in fact there’s only about 15 or so properties in all of Palm Beach that boast a prime deep waterfront location. The appeal of these properties is that they tend to feature jetties and boat houses down below, which provides convenient access to your boat from right in front of the property.
There are another 30 to 40 or so that front tidal waterfronts along Barrenjoey Road. However, when it comes to the premier deep waterfront properties, the options are quite limited and very tightly held.
Are there many apartments in Palm Beach?
There are only three apartment complexes in Palm Beach, consisting of a limited number of units. In total, there are around 50 apartments available.
In the village area, there is a set of buildings exclusively for residents aged 55 and above. Another complex, known as the Reflections Building, houses around 11 apartments.
Additionally, there is a stunning residence called the Commodore, offering panoramic views of Pittwater. There are around 20 to 30 units within the building, and they are all very tightly held.
Want to get in touch with Dennis? Head to https://denniskennelly.ljhooker.com.au