A question I am often asked these days is “Should I buy or invest in property in the Frenchs Forest area?” With the new Northern Beaches Hospital and surrounding road network upgrade due for completion in 2018 now is the perfect time to consider buying in the area.
Once completed the road network will provide residents with a better travel experience, increased capacity on the roads and improved access through the Frenchs Forest area. In addition to this, Council bosses have put forward a proposal to revamp the area surrounding the hospital, creating a high street-style Town Centre on the current Forest High School site. This area would be a mixture of retail space, restaurants and bars with apartment blocks of up to 12 storeys. It is thought that around 2’200 new dwellings will be built, between Karingal Crescent and just north of Frenchs Forest Rd West. Plans to relocate the Forest High School to the Warringah Aquatic Centre site are currently being discussed with decisions still to be made as to whether the Olympic sized pool will remain or be rebuilt in the new town centre.
House prices in Frenchs Forest have continued to rise despite the uncertainty of the rezoning of the area. The Median Property Price for a house is just over $1.5 million, annual capital growth 7.99% tracking just higher than the NSW average of 6.87% over the last 12 months (source: http://www.yourinvestmentpropertymag.com.au/top-suburbs/nsw-2086-frenchs-forest.aspx )
So why buy in the Frenchs Forest Area now?
Once the new town centre and school have been built we can expect that it will be a highly sought after area to live in.
New High School: A modern High School is always a very attractive prospect for families moving into an area. Therefore we can assume that properties located within the schools catchment area will go up in value. So it may make sense to get in early and reap the rewards later.
New jobs: It is thought that over 4’000 new jobs will be created in Frenchs Forest both within the hospital and from new business in the new town centre. This will have the effect of a high demand for property in the area.
Good transport links: the upgraded road network will provide residents with a better travel experience, with fast connections into the City and to Chatswood.
Get in before the rush: Available housing stock is quite healthy at the moment with residents looking to sell up for various reasons. Once the rezoning is finalised we can expect that investors will be looking at cashing in on this new and exciting hub of the Northern Beaches, this will put pressure on the demand for properties.
I am a resident and local business owner in Frenchs Forest. If you are thinking of buying or investing in property in the Frenchs Forest area and want to find out about your best loan options just ‘Ask Andrew’ by completing the contact form at the top right of this page or call on 9401 9244 or 0412 498 872.