Category

Suburb Profiles

Sydney Harbour View

What’s The Value Of A Sydney Harbour View?

By | Local News, Suburb Profiles | No Comments

One of the most fabulous things about the Darling Point peninsula is its prime position in the heart of world-renowned Sydney Harbour.

This perfect positioning means many Darling Point homes are lucky enough to enjoy breathtaking harbour views. We find out more about this most coveted real estate feature and take a look at the perennial question – how much is a Sydney Harbour view worth?

A harbour view: the ultimate real estate feature

A harbour view is a home feature that never goes out of style. It can transform a room (or an entire home) and make you feel in turns calm, energised, and inspired. Whether water or city vistas, harbour views have that mercurial quality of always changing, depending on the season, the weather or the time of day, while remaining a soothing and steady constant. In suburbs like Darling Point, where buildings are already at their maximum heights and development is tightly controlled, views are unique, limited and irreplaceable, and that’s why they’re so sought-after.

What makes a Darling Point harbour view so special?

The harbour is Sydney’s pièce de resistance, and here in Darling Point, it’s virtually our backyard. Our peninsula juts out into its sapphire waters, affording many of our homes up-close-and-personal views of the iconic Harbour Bridge and Opera House, the twinkling city skyline, the glistening yacht-filled waters of Rushcutters Bay, north to North Sydney, Clark Island and Mosman, or east for sunrises over sparkling Double Bay and Point Piper.

Living in a Darling Point home with a harbour view might mean enjoying pole position for the spectacular New Year’s Eve fireworks or a front row seat for the start of the Boxing Day Sydney to Hobart yacht race. As we come into spring, Darling Point residents with harbour views will play daily witness to the sky, the harbour and its wildlife awakening from their winter slumber with longer days, a different quality of light infusing the water, ever-changing cloud formations and new life.

How much is a Sydney Harbour view worth?

When it comes to Sydney real estate, a view of our world-famous harbour has always been the most desirable vista of all, but new research reveals that demand for Australian waterfront homes is even greater since the advent of COVID. As we spent more time at home than ever, thanks to lockdowns, closed borders and remote working, our desire for a water view grew. This, coupled with a lack of homes with views on the market, has driven up prices for waterfront homes. Around Australia, waterfront homes now sell for 81 per cent more than comparable properties set back from the water, with harbourfront homes commanding the highest premium (116 per cent). Here in Sydney, that premium rises to 121 per cent for a waterfront home in a suburb like Darling Point with iconic harbour views. That’s up from 95 per cent in 2019 and the highest waterfront premium of any city in the world.

The quality of a view will also impact the price it commands. Unobstructed water views are the most highly prized, with some estimating they can add between 30 and 80 per cent to a property’s value. Partial or obstructed views may still boost a home’s price, but not to the same extent.

Which Darling Point views are the most prized of all?

Darling Point waterfront apartments and houses with views of our most iconic landmarks – the Harbour Bridge and the Opera House – tend to command the greatest premiums. These world-famous views are especially popular with overseas buyers.

As well as harbour views, direct water access is also highly coveted. The number of properties on the harbourfront will always be limited, thanks to the presence of nature reserves and parks and development controls, making the select few that possess direct water access most desirable. This can lead to significant price differences among homes in prestige neighbourhoods like Darling Point, even among homes that all possess stunning harbour views, with factors like the side of the street coming into play.

This immediate water access is where Sydney harbourfront homes often trump beachfront properties, most of which are found across the road from the beach. Harbourfront homes in suburbs like Darling Point also have the benefit of being closer to the city.

If you’re interested in buying or selling a home with a harbour view in Darling Point, get in touch today.

Darling Point: The Story Behind The Name

By | Suburb Profiles | No Comments

How did Darling Point get its name?

The story traces a path following the footsteps of our city’s history.

Indigenous inhabitants: before European settlement

Before the First Fleet dropped anchor on our shores in 1788, the area we now call Sydney was home to around 29 clans of the Eora Nation. One of those clans was the Gadigal.

Sydney’s traditional owners called the area ‘Cadi’, meaning land. ‘Gal’ means people, so the term ‘Gadigal’ (also spelt Cadigal) means People of Cadi. Gadigal territory stretched from South Head across the CBD and right through to the inner west, taking in Darling Point.

The Gadigal people relied on the sea for much of their food. Gadigal women were particularly known as skilled fishers, divers and swimmers, and they collected shellfish from the harbourside rock platforms. This would prove essential for living at Darling Point, with its dense bushland and nutrient-poor soil.

Yarranabbe

Yarranabbe is the Indigenous name for Darling Point. The word first appeared in European documents in 1790, when it was listed by First Fleet linguist Lieutenant William Dawes in his language notebook.

The name is believed to honour Yeranibe Goruey, a chief from a clan living near present-day Parramatta who assimilated into the fledgling colony. However, why his name became associated with this area is unclear.

Sadly, the smallpox epidemic of 1789 killed around half the Indigenous population of the Sydney region, including many of those living at Darling Point. But there is evidence that some Indigenous people remained at Darling Point well into the nineteenth century.

The presence of the area’s original inhabitants is today remembered in the name of our famously steep street, Yarranabbe Road.

From Yarranabbe to Darling Point

Although Europeans had been present since 1788, it would be another 50 years until they settled at Darling Point as the steep, wooded slopes and unstable shoreline made access difficult. But one man would change this.

Military officer Sir Ralph Darling was appointed Governor of New South Wales in 1824. While known for monetary and banking reforms during his governorship, Darling was also renowned for being headstrong and was hated by many for his authoritarian approach. Some even went so far as to call him a tyrant, with The Australian at the time openly criticising his notoriously iron-fisted rule.

Sir Ralph Darling – Photo from Australian Dictionary of Biography

Despite this, Darling seemed to have a sentimental side. Construction of New South Head Road in 1831 improved access to Yarranabbe. Initially, Governor Darling reserved the land for public purposes. However, in 1833 the land was included in a proposed allotment auction. The name of that land on the documents? Mrs Darling’s Point, in honour of Ralph’s wife Eliza.

After the timber cutters felled most of the trees and the land was subdivided ready for sale, the area’s name was simplified to Darling Point.

What’s in a name?

All that is left in Australia of Governor Ralph Darling is his name – Darling Harbour, the Darling River and Darlinghurst are all named after the fractious governor. Darling returned with his family to England, where he died in 1858.

John Darling – Photo from Australian Dictionary of Biography

So there is no connection to another well-known Darling family, who arrived in Australia just three years before the former governor’s death. Arriving from Edinburgh in 1855, John Darling and his family amassed a fortune as Australia’s biggest wheat exporters. And his descendants retain a prominent role in Sydney today.

After your own piece of Darling Point history? Call me today.

Darling Point: An Investor’s Paradise?

By | Suburb Profiles | No Comments

Darling Point is popular with real estate investors and, given the suburb’s great fundamentals, it’s easy to see why.

In fact, I often describe Darling Point as an investor’s paradise. Once people live here they love it. In my experience, these same local residents are then often drawn to invest here when the opportunity presents itself.

Who invests in Darling Point?

Over the years I’ve met and worked with many people who own their own home in our area but also own investment properties in the same or nearby buildings.

Many people from outside of Sydney choose Darling Point when they’re looking for an investment that can double as a city pad. They often have their primary residence in the Southern Highlands or on the beaches but share their Darling Point apartment with friends and family or rent it out when they’re not using it.

Darling Point has also long been a favourite with renters, particularly young city professionals. In fact, many renters love Darling Point so much they decide to become owners here themselves when the time is right.

Great investment fundamentals

Darling Point is a suburb that ticks many boxes for property investors. For example:

  • Astute investors know that nothing trumps location. Just 4km from the CBD Darling Point’s harbourside location is truly fabulous. It’s super close to all the action but feels a world away.
  • Residents are blessed with tranquil, tree-lined streets, harbour views, great walks and gorgeous parks.
  • As I’ve already mentioned, our area is in high demand from tenants. Census data shows that around 34% of properties in Darling Point are rented. This keeps vacancies low and rents high.
  • realestate.com.au classifies Darling Point as a high demand area. Listings here receive traffic well above the NSW average with online searchers, helping them to maintain their value and grow over time.
  • This is a blue-chip area and although prices may be steep at the top end of the market, investors can afford quality entry-level apartments. One-bedroom units represent particularly good value. A one-bedder will cost from $800,000 to around $1.2 million, depending on its attributes and views.
  • There is a good cross-section of apartments to choose from. From character art deco to converted houses, modernist 1960s and 70s high rise or luxury contemporary penthouses.  Census data reveals that 11% of properties have one bedroom, 43% of properties have two bedrooms, and 33% have three bedrooms.
  • Darling Point has great infrastructure and transport connections including a local bus service, and a ferry service. It’s also just a short walk across New South Head Road to Edgecliff Station and the bus terminal.
  • Richie’s cafe is the backbone of the community, with larger supermarkets, shops and cafes conveniently right next door at Edgecliff or Double Bay.

Darling Point: The figures

While the median house price currently sits at around $7 million in June 2020, according to realestate.com.au, units are a much more accessible $1,727,500.

The median weekly rent for units is $820 according to realestateinvestar.com.au, with a yield of 2.5%, and a vacancy rate of 3.22%. Rents may have dipped slightly this year, in part due to COVID. But capital gains have been solid over the past decade. In 2011, units sold for a median price of $1.2 million, meaning they’ve risen over half a million dollars since.

Looking to buy or sell property in Sydney’s Darling Point?

Get in touch with me today.