Bronte, a Seaside Sydney Suburb, Offers Laid-Back Living and Luxury Properties

Bronte, a Seaside Sydney Suburb, Offers Laid-Back Living and Luxury Properties

by Luxury Real Estate


A fresh sea breeze often whistles around Bronte, one of Sydney’s trendiest and laid-back seaside suburbs that boasts a beautiful beach, historic sea baths and a charming coastal culture.

Known for its healthy lifestyle vibe with a dusting of glamour, active wear is the norm here as many stride out on beachside walks, stretch in a Pilates class or do a downward dog at beachside yoga. Then there are those who chase the surf, all year long. 

Sprawling luxury properties with uninterrupted grandstand views of the beach and Pacific Ocean include California-style bungalows, Italianate villas and Art Deco apartments.

Bronte Park has many attractions with barbecues, a miniature train track and a playground. Bronte Beach is home to the historic Bronte Surf Life Saving Club founded in 1903 that runs educational and fun events.

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There are two picturesque rock pools including a natural one called Bogey Hole that creates a sheltered lagoon and is popular with families while a man-made ocean-fed lap pool that dates to the 1880s, sits beneath the southern headland. 

Bronte is on the popular Bondi to Coogee coastal trek that spans 3.7 miles and between two and three hours to traverse with stops along the way.

The Sydney International Airport and Sydney Domestic airport are both about 11 miles from Bronte, or a 40-minute drive.

Aerial view of the Bronte Baths in Bronte, Australia.


Felix Cesare / EyeEm / Getty Images

Boundaries

Bronte is an attractive beachside suburb of Sydney, the capital of the Australian state of New South Wales.

Located in the Waverley Council local government area of the eastern suburbs, it is 4.3 miles from Sydney’s central business district..

Bronte is bordered on the north by the suburbs of Bondi and Tamarama, on the east by the Pacific Ocean, south by the suburb of Clovelly and on the west by the suburb of Waverley.


Price Range

A surge to embrace a healthy lifestyle and a strong community saw real estate prices hike during the pandemic with quality properties snapped up as soon as they went on the market.

According to Eliza Owen, head of research at CoreLogic, Bronte has a median house price of A$5.6 million (US$4 million) and A$1.5 million (US$1.1 million) for an apartment.

Property price growth across the suburb was 18.9{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} over the year, comprised of a 20.3{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} growth in house values and 14.6{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} across the apartment segment.

“Median house prices in Bronte are high relative to neighboring suburbs of Coogee (A$4 million), Clovelly (A$4.6 million), and Bondi (A$4.4 million), but lower than the suburb of Tamarama (A$6.2 million),” Ms. Owen said.

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Of 596 house markets analyzed across Sydney in March, median Bronte house values were the seventh most expensive, while Bronte apartments ranked 17th of 321 markets analyzed.

“The Bronte dwelling market has been in an upswing since mid-2019, following a fairly broad downturn environment over the two years prior,” Ms. Owen said. “Through the current upswing, Bronte dwelling value annual growth rates had a cyclical peak in the 12 months to September 2021—where values rose 35.5{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}. Now however, growth rates are easing, and quarterly changes in value reveal a -0.2{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} decline in dwelling values over the three months to March.”

The luxury segment—or the top 25{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} of the market—in Bronte starts at around A$7 million (US$5.1 million) for houses, and A$1.8 million for apartments, she added.

This five-bedroom, Bronte, beach house is currently listed for sale.


Mitch Cameron Photography for PPPD Real Estate

Housing Stock

“There’s a lot of character charm in the housing stock across Bronte, as well as potential value add,” Ms. Owen said. “While this suburb has obvious exclusivity and beachside appeal, the pandemic may have also exacerbated demand for such an incredible lifestyle market, which contains parkland, coastal walks and a stunning beach for plenty of outdoor activity residents could enjoy during lockdown.”

Bronte now has more houses and units for sale compared to the last six months of 2021, when houses barely spent days on the open market before being purchased.

Alexander Phillips from PPD Real Estate said buyers had little choice back then, but the market has stabilized and there are now more housing properties for sale.

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CoreLogic recorded 39 properties on the market over the month of March, 20 of which were added over the month.

Ms. Owen said that represents around 1.3{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} of stock and is higher than what they saw this time last year, with just 27 listings available. 

“Hold periods in the area do seem to be relatively high, at around 12 years for houses—based on the median on what sold in the past 12 months,” Ms. Owen said.

This four-bedroom, contemporary beach home in Bronte was recently sold.


Mitch Cameron Photography for PPPD Real Estate

What Makes It Unique

It’s the lifestyle and strong community that makes Bronte so attractive to young professionals and families, according to Mr. Phillips.

“It differs from neighboring beachside suburbs as there are no pubs and no backpacker accommodation, so it is very family orientated,” he said. “There are great schools, and community activities are centered around the Bronte Surf Lifesaving Club with lots of great events.”

As of 2021, Bronte’s population was just over 7,100.

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Mr. Phillips said it is one of the easiest Eastern suburbs to get to the city for work and the seaside views were often a sale clincher.

“There are houses with views over split levels which are very appealing,” he said.

Ms. Owen added that Bronte Beach and the surrounding park are the obvious attractions, as well as the stunning coastal walks. 

This five-bedroom, resort-style luxury home in Bronte recently changed hands.


Mitch Cameron Photography for PPPD Real Estate

Luxury Amenities

You can pick up supplies from QE Grocery Store, which features a great range of organic produce. Frank’s Deli brings a quintessential New York deli experience and a dash of European flavor, with delicious sandwiches and produce. Iggy’s Bakery is known for its fabulous sour dough and has a big following.

Some great coffee spots include Frank’s Deli, Bellagio and Cali Press, which also has tasty juices.

For a sweet treat head to Huxton’s at Bronte—their panna cotta lamington is a treat and Pilgrims Vegetarian Cafe has healthy food including veggie burgers and pancakes. Cafe Salina, adjacent to Bronte Beach has great ocean views as does Bogey Hole Cafe.

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Pick up fish and chips at Bronte Fish and Chips for a picnic on the beach.

For beautiful homewares, Water Tiger in nearby Waverley, offers a great selection including furniture and Volange Paris features French inspired clothing. 

There are excellent schools in the area including the Bronte Primary School, Waverley College, a Catholic school for boys from Years 5 to 12 and St Catherine’s, a private Anglican junior and senior day and boarding school for girls.


Who Lives There?

Bronte is home to many young professionals and families who enjoy an active seaside life utilizing all that the great outdoors has to offer..

Notable Residents

F45 gym founder Rob Deutsch sold his Bronte beachfront home at 12 Bronte Marine Drive at auction for a whopping A$17.7 million in April.. Australian actor Simon Baker of “The Mentalist” and “The Guardian” fame sold his house for A$17 million last year. Australian Test Cricket captain Pat Cummins recently purchased a lavish A$9.1 million house in Bronte.


Outlook

The market could continue to appreciate long term however the short-term prices may have peaked, according to Ms. Owen.

“If more listings are added to the market, we could be looking to move into the downswing phase of the cycle,” she said. 

“Now, however, growth rates are easing and quarterly changes in value reveal a 0.2{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} decline in dwelling values over the three months to March.” 

Ms. Owen said it was not uncommon for high-end, affluent markets of Sydney to lead a decline in values more broadly. 

“It’s a lifestyle market, so I think it had a lot going for it during the pandemic,” she said.” The exclusivity of the area would have also been exacerbated by lockdowns. Now that social distancing and travel restrictions have eased, it’s likely there will be a lot more people flowing through the area, which may erode some of the appeal of this market.”

Click for more profiles of high-end neighborhoods around the world


House Hunting in Greece: Seaside Splendor on Tinos Isle for .8 Million

House Hunting in Greece: Seaside Splendor on Tinos Isle for $1.8 Million

by Real Estate News

This five-bedroom property sits on a hillside in Ktikados, a village near the southern coast of the Greek island of Tinos, in the Aegean Sea. Built in 2006 of local stone, the property has a main house with two bedrooms, plus two small guesthouses separated by a garden with olive and fruit trees, on just under half an acre.

Tinos, about 75 square miles in size, is bigger but much quieter than neighboring Mykonos, the popular tourist destination known for its party atmosphere, said George Kasimis, the head of Aegean sales at Greece Sotheby’s International Realty, which has the listing.

“Tinos is one of my favorite islands,” he said. “The whole island has a sophistication that’s developed over the years around culture and religion.”

Most homes on the island are owned by Greeks, and the architecture tends to reflect its long tradition of stone craftsmanship, he said.

This home’s main entrance opens into a spacious foyer with double-height ceilings. An archway to the right frames the dining area, which has a lounging nook at one end. The living room is a few steps down to the left. The walls, all exposed stone, are lined with arched windows. The floors are ceramic tile.

A large contemporary kitchen with sleek gray cabinetry is off the dining room. An adjoining prep kitchen has a pantry and a bedroom for staff above.

A wide wooden staircase in the foyer leads to an open mezzanine, currently set up as an office. The two upper-level bedrooms each have an en suite bath, a large private balcony and sea views to the south.

A small corridor next to the kitchen leads to a stone grotto covering a portion of the outdoor swimming pool. An opening in the grotto allows access to the rest of the pool, which is surrounded by stone arcades that provide shade from the sun. The pool area has a shower, a built-in barbecue and a traditional stone oven.

Behind the main house is a smaller two-story building with a sitting room, kitchenette, bedroom and bath on the ground floor, and a second bedroom and bath above. The garden area is behind this house, and at the far end is a barbecue/dining area and the second guesthouse, this one with a single bedroom and bath.

The property has a one-car garage and three outdoor parking spaces.

The village of Ktikados has two authentic Greek taverns and some small markets, Mr. Kasimis said. Other necessities can be found in the town of Tinos, about a 15-minute drive. Mykonos Airport, the closest international airport, is accessible via a ferry ride from Tinos that takes 20 to 30 minutes.

Tinos island, with fewer than 10,000 residents, is a pilgrimage site for the religious faithful visiting the Holy Church of Panagia Evangelistria, a 19th-century Greek Orthodox Church built in honor of the Virgin Mary. It was one of the first large structures built by the government after Greece declared its independence from the Ottoman Empire.

“People crawl from the port to the church, if they are very religious, and there they light a candle as high as their height,” Mr. Kasimis said. “It’s a very important site for Tinos.”

After 10 years of deep recession and staggering debt, Greece is now rapidly recovering, with both the economy and real estate market showing signs of renewed strength.

“All the macroeconomic figures are getting better and better,” said Antonis Markopoulos, co-founder and chief executive of Prosperty, a real estate start-up that uses a digital platform designed to make transactions faster and more transparent. “And after not spending during the pandemic lockdown, people are seeking to put their money into a safe investment like real estate.”

Mr. Kasimis said 2021 was the best year yet for Greece Sotheby’s, which has been operating since 2016. “We made four or five times more sales in 2020 than 2019, and this year is even better,” he said. “People are buying like there’s no tomorrow.”

The pandemic lockdown created positive momentum in the market, as people began looking to real estate as a safer investment than currencies or commodities, agents said. Mr. Markopoulos said that apartments in the center of Athens, Greece’s capital and financial center, are in particularly high demand among local buyers, as well as from international investors.

“There is massive demand for short-term rentals, so the yield investors can get is extremely high,” he said.

Depending on the neighborhood, apartment prices in the city center range from 1,500 to 3,500 euros a square meter ($158 to $368 a square foot), he said.

The suburbs to the south of the capital are also drawing considerable interest from international buyers, in part because of a massive resort development planned for the site of the former Ellinikon International Airport, he said.

The strengthening demand for housing is reflected in rising prices. As of the third quarter of this year, apartment prices countrywide were up 7.9 percent over last year, according to data from the Bank of Greece. In Athens, prices were up 9.8 percent.

Wealthy Greeks who have lately prospered from the shipping industry are helping to move the high end of the market, said Yannis Ploumis, the general manager of Ploumis Sotiropoulos Real Estate, an affiliate of Christie’s International. Sales have been strong on the islands of Mykonos and Porto Heli, where his agency sold a $27 million estate last month, among the highest prices ever recorded there.

On Tinos, which also has a large Catholic community, “the strong religious aspect has prevented the island from becoming a party island,” Mr. Kasimis said. While sellers are mainly Greek, buyers these days are largely foreign, and the island is becoming “a quiet suburb of Mykonos,” he said.

The U.S. Department of State has issued a travel advisory warning against travel to Greece because of a recent surge in Covid levels. Travelers to Greece must show proof of vaccination or a negative Covid test upon arrival. Proof of vaccination is also required for entry to most businesses and public services.

Greece has long been popular with foreign buyers, most of whom come from within the European Union, agents said.

But Mr. Ploumis said his agency is also working with buyers from the Middle East, Turkey, Britain and the United States.

There are no restrictions on foreign buyers in Greece, aside from certain border areas where government approval is required, Mr. Ploumis said.

Residency permits are available to buyers from outside the European Union through the government’s Golden Visa program, which requires an investment of at least 250,000 euros ($283,000) in a property. The permit may be renewed every five years for as long as the buyers own the property. Permits are also available to foreigners who make a minimum 400,000 euro ($452,000) financial investment in Greece.

So far this year, the government has issued more than 9,300 residence permits, up from 8,575 last year, with most of those going to investors from China, Turkey and Russia, according to Enterprise Greece, the country’s official trade promotion agency.

Buyers should always hire a lawyer to perform proper due diligence, Mr. Ploumis said.

Greek; euro (1 euro = $1.13)

Buyers pay a transfer tax of 3 percent of the purchase price. Legal fees are around 1 percent, and notary fees are about 0.25 percent, Mr. Ploumis said.

The agent’s commission is split between buyer and seller, with each typically paying 2 percent of the sale price, he said.

The annual property taxes on this home are less than $1,000, Mr. Kasimis said.

George Kasimis, Greece Sotheby’s International Realty, 011-30-6973-555-350; sothebysrealty.gr

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