Coogee property market will be the next to take off, agents say

While the greater Sydney market cools, agents active in Coogee believe the suburb may be due for an upswing.

“I think Coogee will be the next market to really take off,” says Jason Pantzer, of Phillips Pantzer Donnelley. “We’ve seen a surge in prices in Bondi, Bronte and Clovelly and given the developments going on in Coogee I think it’s going to be the next Hall Street Bondi.”

Hall Street has garnered a reputation as a must-visit eat street and Pantzer says the revamp of the Coogee Pavilion by Justin Hemmes’ Merivale Group could be the start of a similar hotspot in Coogee.

Once the iconic Beach Palace Hotel, the Pavilion now offers casual dining and a games arena on the ground floor and four bars and a Mediterranean restaurant on the rooftop. The middle floor is still a work-in-progress.

“It’s a success story that should have a flow-on effect,” says Pantzer. “Coogee is undergoing a resurgence and over the next five years I think we’ll see great capital growth. The beach down there is gorgeous, and property is more affordable than in Bronte and Clovelly.”

The median house price in Coogee hit $2.13 million in December, compared with $2,695,000 in Bronte and $2,352,500 in Clovelly.

The median unit price is $890,000 – which is a 15 per cent discount on neighbouring Clovelly, where the median has shot past the $1 million mark to $1.05 million – and more affordable than Bronte at $980,000.

“The Coogee two- and three-bedroom unit market has always been very popular regardless of market conditions,” says Tony Kalofonos of Belle Property Randwick.

Kalofonos says 36 groups turned up for the first open of 2/85 Arden Street, featured below.

“We did see a lull in buyer activity in December, perhaps through buyer fatigue, but now they’re keen to get back into it and there’s not a lot on the market yet.”

1. 244 Oberon Street
Guide: $4.7 – $5.1 million
5 bedrooms, 3 bathrooms, 3 car spaces
Built 2009
Land 367 square metres
Inspect Sat and Thu, 10.15am – 10.45am
Agent Phillips Pantzer Donnelley, 0414 933 000
Auction February 20
Last traded for $4 million in 2013

Designed to make the most of north-east Pacific Ocean views over Wedding Cake Island and beyond, this contemporary home spans three comfortable levels on the high side of the street.

The living spaces are on the second floor and feature a wrap-around terrace for soaking up the views and a built-in barbecue for summer cooking. The open-plan living and dining room adjoins a marble-topped, island kitchen with integrated fridge/freezer, stainless steel Miele appliances and a large, walk-in pantry with dumb waiter for easy conveyance of groceries from the double garage.

There are four bedrooms on the first floor, including a master with walk-in wardrobe, en suite and direct access to the garden where a heated pool is the star attraction. A guest suite is housed on the ground floor with its own en suite and kitchenette.

It’s only a few doors up from Trenery Reserve, which hugs the coastline and hosts a section of the Coastal Walkway between Bondi and Maroubra, and only 150 metres from Grant Reserve, which leads down to Wylie’s and McIvers ocean pools.

Room for improvement: If the fifth bedroom is surplus to requirements, convert it into a home theatre or gym.

2. 2/85 Arden Street
Guide: $1.5 million
3 bedrooms, 3 bathrooms, 2 car spaces
Built 2000
Size 187 square metres
Strata levy $850 a quarter
Inspect by appointment
Agent Ray White Bondi Junction, 0419 177 277
Last traded for $595,000 in 2001

It’s a short walk to Gordons Bay and the beach from this family-sized townhouse, one of nine in a modern complex that is a two-minute stroll from Clovelly Road shops and cafes.

At entry level there is a generous, tiled living/dining room with both airconditioning and a gas fireplace, and with windows on three sides inviting in plenty of natural light. The adjoining kitchen has granite benches and splashbacks, a gas cooktop and an integrated stainless steel oven and dishwasher. A separate laundry comes with bathroom facilities.

There is a study or fourth bedroom, which opens onto the large courtyard featuring established gardens and a spa bath.

Upstairs, the three bedrooms each come with built-in storage, while the main also has an en suite.

There is a single garage, undercover parking for a second car and a storeroom on title.

Room for improvement: Add value by giving the bathrooms a facelift.

3. 2/11-13 Hendy Avenue
Guide: $1 – $1.1 million
2 bedrooms, 2 bathrooms, 1 car space
Built 1990s
Size 111 square metres
Strata levy $1300 a quarter
Inspect Sat and Thu, 11am – 11.45am
Agent Belle Property Randwick, 0417 699 835
Auction February 13
Last traded for $280,000 in 1996

Opposite the green expanse of Bangor Park, which comes with a fully-fenced kids’ playground, this garden apartment is equidistant from The Spot restaurants and cinema and the beach in a boutique security building of 11.

Largely in good original condition, the unit has been updated with floating timber floors in the living spaces.

A highlight is the 34-square-metre courtyard off the living room, which is ideal for outdoor entertaining. The granite and beech veneer kitchen has Blanco gas appliances and a dishwasher and opens onto the dining zone.

Both bedrooms are carpeted, the master with an en suite and a deep, walk-in wardrobe and the second bedroom with a built-in wardrobe. The main bathroom has a shower over the bath and there is a separate laundry.

The apartment features intercom access and an undercover parking space and could fetch rent of up to $800 a week.

Room for improvement: Update the bathrooms.