Want to find out the buying opportunities in Lane Cove for 2019? James Bennett, Principle at Belle Property Lane Cove shares his local knowledge and insights in the latest Carpool Video.
With decent land size’s available , the feel of a village environment and access to 3 primary schools, Lane Cove ticks a lot of boxes for both investors and owner occupiers.
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Here’s the transcript of the video:
Let's say I'm a buyer, I'm looking at Lane Cove. What are the opportunities for me at the moment? There's a lot of opportunity particularly Lane Cove. Lane Cove had a huge growth spurt during that period of time where the market was just continuing to track up. A few people might have even doubled their money in four to five years without doing anything to the property which is pretty scary. A lot of that's come back now. We find a lot of people come from the Inner West on smaller blocks of land, also Cammeray, Neutral Bay and the Eastern Suburbs. They actually come to Lane Cove because you can get a decent amount of land and that village environment is really developed and is still developing. There's a huge development going on for a park and more cafes and commercial ripeness right in the hub of Lane Cove. And you also got three primary schools. So now you can actually get blocks of land again, at 1.7, 1.8 that are close to the Village whereas go back 18 months, 2 years. They were 2.2, 2.3, 2.4 for the land. Just to get in and we saw the the median sale price in Lane Cove get to just on two million, which was in 2011, it was about a million, a million and fifty. Yeah. It's so it's a huge jump. So that's where the opportunities are that you can actually now get close to the Village again. And get your bigger backyard, have some potential growth, build your dream home close to the village and it's a little bit more reasonable. Let's say I'm new to Lane Cove. I want to know the area. I want to know why I would buy in that area. You mentioned schools before but couple of things that investors would be interested in. Yeah. I think the schools should be mentioned again. There's three really good schools. St Michael's, Lane Cove public and Lane Cove West and actually for Lane Cove North. Lane Cove's quite a big area. There's sort of four factions kind of like Ryde in that it's a really big area there but Lane Cove North also has the Mowbray Rd Public School which had a million dollar development on it in the last couple years. So there's all different areas that you can be in in Lane Cove, but the village is definitely been developed, there's probably four times more restaurants there than there was four years ago, five years ago. You've got a Coles and a Woolies. You've even got an escalator which you know, in Lane Cove that that was a big development but you've also got bus interchange, you really you know, you're really close to being able to get to the city on the Gore Hill freeway or go to Macquarie or to Chatswood and you're really well positioned to go those areas within 15 minutes. Yep, and I think that's a really big attribute of Lane Cove, but I think more than anything if you go back maybe 15-20 years ago, it was still a little bit of a sleepy suburb because it was a lot of post-war development. Riverview particularly and Lane Cove was a post-war Development Area. And so you had a lot of older generation there now, it's really young. It's you know, you know mums groups in the mall and huge amount of families and primary school kids and the other thing that's great for moving to Lane Cove is that there's then further steps where you can really entrench yourself in that location. And then as you know, earn more money and you get ready for the next step, you can move into one of the peninsulas. So you've got those five handles. You've got Linley Point, Riverview, Longueville, Northwood, Greenwich all against Lane Cove. Yep, And they're sort of the aspirational buyer. That's where they go after Lane Cove. Yeah, so that's why I think it's a good suburb to come to.
