Dee Why Grand ~ Luxury northern beaches apartments set for grand opening

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Dee Why Grand - final stages of construction

Dee Why Grand is the latest development of luxury apartments at the corner of Pittwater road and Sturdee Parade in Dee Why.

The majority of the apartments in Dee Why Grand faces the north and east aspects which look towards the ocean. As such, the apartments have a bright and airy feel. Other features include European kitchen appliances, quality fittings, 2.7m ceilings around living areas and good sized balconies and courtyards. Facilities include a gymnasium, indoor swimming pool and 3,000 sqm of private landscaped gardens. Location wise, Dee Why Grand is merely 800m from Dee Why beach and its cafe and restaurant strip.

Launched in early 2009, the 161-apartment development is due for completion this month where, according to selling agent Boris Slunsky of CB Richard Ellis, 140 apartments have now been sold. It consists of an integrated development of 1, 2 and 3 bedroom apartments with  34 retail and commercial outlets which include Coles, Harris Farm Markets and a Liquor Superstore. It will also be the site for the refurbishment of the iconic Dee Why Hotel with a brand new bar and restaurant. These shops will commence business on 29 July 2010 whilst the apartments are targeted to settle around mid to end of August 2010. The shops, cafes, restaurants and commercial outlets are an obvious convenience to residents of the development.

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Dee Why Grand - artist's impression

Hitherto, the suburb of Dee Why has been more “low-key” than its neighbouring suburbs of Manly, Seaforth and Balgowlah Heights where property prices are relatively higher although all the suburbs share similar attributes of a beach and surf lifestyle with its own cafe and restaurant strips and local shops.

price comparison of houses and units in northern beaches and its surrounding suburbs appear to indicate that Dee Why has been relatively affordable.

Dee Why Grand is an important development to the suburb as it is envisaged to transform the retail and commercial precinct along Pittwater road into a vibrant business hub just as Pacific Square Shopping Centre and its apartments have since transformed the entire facade of Maroubra junction.

Rental estimates provided by James Brown, the managing director of Village Property estate agents are as follows:

1 Bedroom + courtyard apartments: $400 – $420 per week.

1 Bedroom apartments: $430 – $460 per week.

1 Bedroom apartments with study: $460 – $500 per week.

2 Bedroom apartments: $590 – $650 per week.

2 Bedroom apartments with study: $675 – $725 per week.

3 Bedroom apartments: $750 – $800 per week.

Vital statistics

Dee Why Median price $ Weekly advertised median rent $ Gross yield $ 3-year growth % 5-year growth % Average annual growth %
Apartment 425,000 400 4.9 11.1 11.3 5.29
House 838,000 630 3.9 12.8 2.2 7.4

Source: Your Investment Property, March 2010

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How it’s calculated:

Median price: Median price for the 12 months to November 2009

Average annual growth: Average percentage change over the past 10 years as a per annum figure

3 and 5-year growth: Median price percentage change over the past 3 and 5 years to November 2009

Weekly median advertised rent: Median price of rental listings for the 12 months to November 2009

Gross yield: Estimated rental return, based on advertised rent to median price

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