Suburb Profile

Clovelly Suburb Profile: Six Things To Know About This Suburb Before You Buy

By March 20, 2017 No Comments
Clovelly Suburb Profile: Six things to know about this suburb before you buy

You don’t need me to tell you that Clovelly is one of the most popular options for buyers looking to move to Sydney’s eastern beaches.

But there’s plenty to discover about this suburb beyond its glossy exterior. As someone who’s worked in the area for decades I’m keen to share the inside story with potential buyers.

Here are six key facts you should know before you set out house hunting:

1. Families are only half the picture

Clovelly is even more popular with singles than it is with younger and more established families. Both groups love the proximity to a world-class beach without the hype that comes with living in neighbouring Bondi or Coogee.

2. Buyers outnumber renters

While the median house price remains high (approaching $3 million at last count), the percentage of homeowners still outnumbers renters at a roughly 60/40 split. Of course, if you’re buying as an investor, you’ll very likely be able to rent out your property in a matter of days.

3. Auctions are the norm (but not the only option)

Recent figures show over 80% of Clovelly properties sold at auction – a trend that’s become standard across the eastern suburbs. Serious buyers need to be prepared to bid, while keeping their eyes open for that increasingly rare private treaty sale.

4. Prices are still on the rise

Much as it may shock buyers already stunned by Clovelly prices, price trend data shows both houses and units have increased over the last 12 months. The question is whether the market has finally hit a ceiling. Based on my experience at auctions and inspections so far this year, I wouldn’t bet on it.

5. It’s a quiet achiever

With its proximity to popular Coogee, you might expect Clovelly to have the same buzzing atmosphere. But the two are actually worlds apart. Clovelly’s parks and sheltered seaside baths make it popular with a more low-key fitness enthusiasts, younger families and those looking for a suburb with a village-like atmosphere. There’s still an iconic pub, and an increasing number of excellent cafes and restaurants to keep you busy.

6. Commuting to the city

One of the reasons Clovelly remains quieter than its neighbours is that it’s a little further to the Sydney CBD than its neighbours. Public transport trips take around half an hour. The future introduction of Sydney’s new South East Light Rail won’t change things significantly for Clovelly residents, but it could put further pressure on house prices as the surrounding area – like Randwick – becomes that much more accessible.

Will Clovelly change?

What I tell buyers keen to find their place in Clovelly is that, unlike its neighbours further inland, this suburb isn’t likely to see large-scale change any time soon. Clovelly buyers may face steep prices, but they’re looking at a suburb that will keep its much loved character well into the future.

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