It’s been voted the most liveable and lovable suburb in Australia … on every count except affordability.
For while the median house price in the Lower North Shore local government area (LGA) of Lane Cove now stands at $3,629,400 – more than twice Sydney’s average – it’s set to soar even higher.
Lane Cove has been ranked as the most liveable area in Australia.Credit: Rhett Wyman
“Sales activity in Lane Cove is now 30 per cent more than this time last year, which shows a lot of demand and, with the lack of supply, prices will certainly rise as a result,” said Terry Ryder of property market researcher Hotspotting.
“Demand for property there is substantially higher than the average for Greater Sydney which is currently at 18 per cent, and sales activity is a much more revealing figure for the future than simply prices.”
The median unit LGA price at $925,000 is higher than Sydney’s median of $844,390, on Domain figures, and with the same 30 per cent more demand, is likely to rise too.
Lane Cove has been voted the country’s most popular place to live by locals in the Australian Liveability Census, judged on factors such as the natural environment, safety, nearby shops, cafes, medical services, and visual character.
Corporate leadership coach and psychotherapist Barbara Jones has lived in Lane Cove for 26 years and says it’s a great spot that has kept on improving.
“I love the village feel and having everything so close,” said Jones, in her late 50s, director of company, executive mandela. “The village has really been upgraded in the past six years and there are a lot of young families here now, with playgrounds and events for children, excellent restaurants and cafes.
“There’s still lots of lush greenery here and the waterways which are beautiful, too, while it’s close to the city with lots of buses coming along all the time. It’s just so well located.”
Lane Cove Council has been active in encouraging younger people and families to move to the suburb, with its development of the award-winning The Canopy – green space with playgrounds and event spaces over an old car park – becoming a major success on opening in 2020.
Now, aware of the challenge of higher prices, it’s in talks with developers to try to provide more affordable, and more diverse, housing.
“In one area close to St Leonards station, we have almost 2000 high-rise apartments being built which will provide a lot more housing that’s hopefully more affordable,” said Lane Cove mayor Councillor Merri Southwood, who arrived as a renter for six months in 1988 and never left.
“We’ve also had the state government mandate for low to medium density development by the village so people can get together and sell properties for that to happen but we haven’t had a lot of uptake yet. But it’s early days.”
Local Cobden Hayson agent George Gialouris believes the secret of Lane Cove’s popularity is its access to the CBD, the vibrant community helped by the addition of The Canopy, the greenery, facilities for children and cafes.
“Also, in comparison with the eastern suburbs and the inner west, you can easily get a park in Lane Cove, and there’s lots of room for people to come and visit,” he said. “It’s better value, too. You get more bang for your buck here with bigger land blocks.
“When I started here in 2004, you could buy a good house for about $1 million, but prices have really gone up as more people have discovered the area and want to live here.”
At the entry level, there are still older 1960s and 1970s double-brick walk-up apartments to be found for less than the median price, between $800,000 and $900,000, says Lane Cove Belle Property principal Patrick Lang.
“We’ve built 2500 units since 2010 in Lane Cove, a couple of times the quota put on by the state government,” he said. “So there are still units for sale. We’re finding a lot of parents are helping their first home buyer children to buy here as it’s such a safe area.”
Notable higher-end sales include a five-bedroom house at 10 Kariola Street which fetched $4,135,000, with seven registered bidders, and a six-bedroom house at 39 Sofala Avenue, Riverview, which went for a local record of $6.9 million.
Despite such high prices, enthusiasm for Lane Cove from locals there shows no sign of cooling, advises Kylie Legge, the CEO of Place Score which ran the Liveability Census.
“The public rated it 80 out of a hundred against 50 markers, which is really high, and say they really love the natural environment, the sense of personal safety and access to the neighbourhood amenities,” she said. “And the local council have been very strategic in making it an area that is more diverse and appealing.”
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