Is Mollymook being “steinized”?

Mollymook beach 1

Mollymook beach, south coast of New South Wales

Mollymook is a ocean front suburb 225km to the south of Sydney in the south coast of New South Wales.

Rick Stein at Bannisters is an old restaurant taking up a new image with the celebrity chef lending his brand name. This restaurant is part of the Bannisters resort on Mitchell Parade which runs parallel with the ocean front in the residential suburb of Mollymook.

On my visit to this quaint little town, the first thing that struck me was the sheer number of “For sale” and “Sold” signages along Mitchell Parade and other adjoining streets nearby.

It has often been said that a prominent new landmark, business or development within a suburb which has the ability to lure and increase interest into the suburb generally augurs well for real estate values within the proximity.

Rick Stein at Bannisters may just be that new business to lift real estate prices in Mollymook.

Vital statistics

Mollymook Median price $ Weekly advertised median rent $ Gross yield $ 3-year growth % 5-year growth % Average annual growth %
House 400,000 N/A N/A 4.44 -9.09 12.74
Apartment N/A N/A N/A N/A N/A

N/A

Mollymook Beach Median price $ Weekly advertised median rent $ Gross yield $ 3-year growth % 5-year growth % Average annual growth %
House 372,500 N/A N/A -0.8 -6.88 11.4
Apartment N/A N/A N/A N/A N/A

N/A

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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