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Next wave of prestige property ...

Next wave of prestige property could be Sydney's coast

The coast of Sydney could be offering the next big thing in terms of prestige property, according to the findings of a study. 

The Domain Group House Report for June revealed that the eastern beachside suburb of Bronte has emerged as one of the strongest-performing areas. 

It made its way onto Sydney's small and exclusive $3 million club by attaining a median house value of $3.49 million in the 12 months ending in June. 

The next strata of ten suburbs all had an average house price of between $2.5 and $3 million - and four of them were also beachside locations. 

This would appear to suggest that those suburbs nudging just under the highest category could be the ones to watch in the future for those who wish to identify the next big prestige property areas. 

Clovelly was among these strong performers with a median house price of $2.97 million, followed by North Bondi with $2.85 million, Coogee with $2.78 million and Manly with $2.76 million.

Dr Andrew Wilson, chief economist for the Domain Group, said it was not surprising to see Bronte included in the top ten suburbs in Sydney. 

"Today everyone equates Bronte as the home of movie stars so it is not an unlikely candidate," he remarked.

Indeed, Mentalist star Simon Baker is one of the suburb's newest residents, as he bought a property last year for $6.5 million. 

Another area that made a mark was Millers Point, with a median house price of just under $2.59 million. The suburb is bordered by the city centre and harbour - and is undergoing a major transformation. 

Public housing is being sold off - and terraces in the suburb have been changing hands for $1 million at auction. A Lower Fort Street property sold for $6.1 million.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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