A downsizers' paradise awaits without leaving the city

A unique downsizing opportunity combining the best Sydney has to offer is now available on the Northern Beaches, with zero deposit to approved buyers.

Bayside is an exclusive new boutique development on the Northern Beaches offering everything downsizers educated in the market are looking for, Domain Residential’s Nik Vuko said. The luxury apartments are well suited to anyone seeking a lifestyle upgrade in a sought-after parkside location and to ensure buyers don’t miss out, approved customers will be able to purchase with zero deposit, offering the flexibility to buy before they sell their existing home.

Bayside has been designed to deliver the best of both worlds, with the perfect balance between natural assets, such as bushland and waterways, while still staying connected to the best the city has to offer, with cafes, restaurants and amenities within easy reach. Offering views across Winnererremy Bay parklands at Mona Vale, each of the three-bedroom, two-bathroom apartments designed by award-winning architects PopovBass have been individually crafted with natural light, cross ventilation and liveability in mind.

Spacious alfresco areas double the amount of available living space at Bayside

“They’ve been designed to suit the changing needs of active downsizers looking for all the features offered in the finest of luxury residences,” Mr Vuko said.

Interiors have been artfully crafted by Baxter & Co using a neutral palette, with engineered timber flooring in American oak in the living spaces and wool carpet for the bedrooms. Recessed pelmets and sheer curtains create diffused light, while the transition between the interiors and the spacious outdoor spaces is almost seamless. Indeed, every part of this development has been considered, from the inclusion of Miele appliances in the kitchen and feature fireplace in the living area to the freestanding bath in the ensuite. Ideal for everyday living, the residences also allow for easy entertaining when the occasion calls for it.

Interiors have been designed with a neutral palette and high quality finishes, including wool carpet for the bedrooms

Sustainability has also been front of mind at Bayside. In addition to solar panels on the roof, there’s an EV charging station in the basement and garage. While air conditioning is available for those hot Sydney summers, ceiling fans allow residents to maintain thermal comfort all year round, while also leaving the large sliding doors open, effectively doubling the available living space.

Capped off by a convenient location with access to parks, schools, shopping and cafes, Mr Vuko says it’s a lifestyle offering that is hard to beat in Sydney.

“Bayside’s location delivers residents all the benefits of having the local parklands as an extension of their own backyard” he said. “They’re located across the road from Flying Fox park, which is the perfect place for connecting with kids and grandchildren or grabbing a coffee.

Bayside is now selling off-plan. Enquire through property@kanebridge.com.au for an exclusive developer’s offer where eligible purchaser’s can exchange at no cost via a developer funded deposit bond

Requiring more than 30 percent of household income to service a home loan has long been considered the benchmark for ‘housing stress’. Yet research shows it is becoming the new normal. The 2024 ANZ CoreLogic Housing Affordability Report reveals home loans on only 17 percent of homes are ‘serviceable’ if serviceability is limited to 30 percent of the median national household income.

Based on 40 percent of household income, just 37 percent of properties would be serviceable on a mortgage covering 80 percent of the purchase price. ANZ CoreLogic suggest 40 may be the new 30 when it comes to home loan serviceability. “Looking ahead, there is little prospect for the mortgage serviceability indicator to move back into the 30 percent range any time soon,” says the report.

“This is because the cash rate is not expected to be cut until late 2024, and home values have continued to rise, even amid relatively high interest rate settings.” ANZ CoreLogic estimate that home loan rates would have to fall to about 4.7 percent to bring serviceability under 40 percent.

CoreLogic has broken down the actual household income required to service a home loan on a 6.27 percent interest rate for an 80 percent loan based on current median house and unit values in each capital city. As expected, affordability is worst in the most expensive property market, Sydney.

Sydney

Sydney’s median house price is $1,414,229 and the median unit price is $839,344.

Based on 40 percent serviceability, households need a total income of $211,456 to afford a home loan for a house and $125,499 for a unit. The city’s actual median household income is $120,554.

Melbourne

Melbourne’s median house price is $935,049 and the median apartment price is $612,906.

Based on 40 percent serviceability, households need a total income of $139,809 to afford a home loan for a house and $91,642 for a unit. The city’s actual median household income is $110,324.

Brisbane

Brisbane’s median house price is $909,988 and the median unit price is $587,793.

Based on 40 percent serviceability, households need a total income of $136,062 to afford a home loan for a house and $87,887 for a unit. The city’s actual median household income is $107,243.

Adelaide

Adelaide’s median house price is $785,971 and the median apartment price is $504,799.

Based on 40 percent serviceability, households need a total income of $117,519 to afford a home loan for a house and $75,478 for a unit. The city’s actual median household income is $89,806.

Perth

Perth’s median house price is $735,276 and the median unit price is $495,360.

Based on 40 percent serviceability, households need a total income of $109,939 to afford a home loan for a house and $74,066 for a unit. The city’s actual median household income is $108,057.

Hobart

Hobart’s median house price is $692,951 and the median apartment price is $522,258.

Based on 40 percent serviceability, households need a total income of $103,610 to afford a home loan for a house and $78,088 for a unit. The city’s actual median household income is $89,515.

Darwin

Darwin’s median house price is $573,498 and the median unit price is $367,716.

Based on 40 percent serviceability, households need a total income of $85,750 to afford a home loan for a house and $54,981 for a unit. The city’s actual median household income is $126,193.

Canberra

Canberra’s median house price is $964,136 and the median apartment price is $585,057.

Based on 40 percent serviceability, households need a total income of $144,158 to afford a home loan for a house and $87,478 for a unit. The city’s actual median household income is $137,760.

A downsizers’ paradise awaits without leaving the city

There’s no need to choose between the convenience of the city and the appeal of the natural environment in this boutique Sydney development

New research suggests spending 40 percent of household income on loan repayments is the new normal