Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Friday, 13 June 2014

Neutral Bay

Ferry good

Was just over on the lower north shore today, Sydney Ferries one of the more pleasant ways to experience public transport...it's also great to be able to use the Opal cards on Sydney Ferries now.


And Neutral Bay is one of the great suburbs.

The size of Neutral Bay is approximately 2 square km, and the suburb has four parks covering nearly 5% of total area. 

The supply of new housing stock in these lower north shore garden suburbs is low, which puts continual upwards pressure on dwelling prices.

A little about the suburb...

Neutral Bay is a harbourside suburb on Sydney’s lower north shore.  

The suburb is located approximately 5km to the north of the CBD in the local government area of North Sydney Council. Surrounding suburbs include North Sydney, Cammeray, Milsons Point and Cremorne.  

Along the main road through the suburb, Military Road, is the main shopping district Neutral Bay Junction, It features many quality shops, restaurants and cafes. There is a shopping centre and mall with a supermarket and grocery shops.

The Oaks Hotel is a well-known and popular venue located on the corner of Military Road and Ben Boyd Road and has a number of restaurants and bars. 

There are also quality schools nearby on the lower north shore.

Demographics

The population of Neutral Bay in 2006 was 10,213 people, yet by 2011 the population was 9,387 showing a population decline of 8% in the area during that time - and that's not due to increasing vacancy rates! There's essentially a very limited new supply of dwellings.

According to RP Data research, the predominant age group in Neutral Bay is 25-34 years.  

Households in Neutral Bay are primarily childless couples and are likely to be repaying between over $4000 per month on mortgage repayments, and in general, people in Neutral Bay work in professional occupations. 

In 2006, 44.6% of the homes in Neutral Bay were owner-occupied compared with 46.0% in 2011, representing a fairly steady result.

Currently the median sales price of houses in the area is around $1.4 million and units around $700,000.

In terms of income distribution, the greatest number of households sits in the $130,000 to $180,000 annualised income bracket.

Transport

The Neutral Bay ferry wharf is located at the end of Hayes Street and the Kurraba Wharf (see my photo above) on Kurraba Point can be accessed by Kurraba Road. Ferries run to the city with a travel time of around 10 minutes. 
   
The Warringah Freeway runs along the western border of Neutral Bay, providing links south to the Sydney CBD and to the north. The road is often very busy during peak hours.