Waterfront shacks, May 2004

Waterfront shacks – May 2004

Hey, it’s a snap. $2.38 million for a house with an outside dunny, a dingy kitchen and floors that have a forty degree slope to the left.
At least the floorboards have been polished and the place has been given a fresh coat of white paint – but does that make the house on the Domain cover worth several million?
Maybe. If there is one thing that will make potential property owners mortgage themselves to the hilt or part with their hard-earned millions it’s a waterfront position.
Australian Property Monitors research director Louis Christopher says property near water is in short supply – hence the million dollar plus price tags.
“You would be hard pressed to find any person who didn’t want to live near water, whether it’s a beach, lake or harbour, therefore the demand outstrips the supply,” he says.

PAYING MORE

John Greig Real Estate principal John Greig – who sells waterfronts on the Georges River and Port Hacking – says there are many instances where knockdown properties sell for the same price as prestige properties.
“In many cases I would say the improved value of the land is the same as the unimproved value, especially on the water” he says.
“Sometimes the older the home, the more attractive it is as a knockdown because it is cheaper to demolish a fibro than a brick house – then you get people actually paying more.”
Araluen Coastal Properties director Wendy Best says people often pay more than market value for a rundown waterfront property because they perceive a value in paying for the opportunity to renovate.
“It sounds bizarre but if you had a really really nice house and a shack, the shack would get the better price every time,” she says.
“Shacks give people the scope to do what they want and they are buying it for that holiday factor and to reminisce about where they holidayed as kids.”
Christopher disagrees that people will pay more money for a house that needs to be knocked down, especially in today’s real estate market.
“I would say there are people who bought knockdowns during 2003 that paid too much money for them and if they tried to sell them today, they probably wouldn’t get their money back,” he says.
Raine & Horne Palm Beach principal Glenn Lee says older style shacks and houses do not fetch as much as their renovated, slicked up counterparts in Whale Beach and Palm Beach.
“I’m not saying that the older style properties are cheap – waterfronts start at $3 million - but in this area they would not fetch as much as a house that is ready to move into,” he says.

WHAT’S LEFT TO BUY

While many NSW waterfront properties have lovely prestige homes atop them, there is still a smattering of old wrecks and former boatsheds that offer the promise of waterside living.
Architectural Projects director Jennifer Hill, who has extensive knowledge of heritage shacks and boatsheds, estimates there would be around 200 simple shacks and sheds in waterfront or waterside positions around Sydney.
They rarely come on the market and they are often in hard-to-access locations or surrounded by bush.
“A lot of those places were former industrial structures like boat sheds or fishing shacks that have been added on to over the years,” she says.
Hill says there are shacks on privately held land – as opposed to leasehold – in Castlecrag, McMahons Point, Oatley, Cronulla and Gladesville.
“They are a real collectors item and you need to be on the lookout for them because they rarely come on the market. The only way to find them is often to go out on a boat and identify them,” she says.
Max Walls International agent Anthony Walls says there are a few fishing shacks left on the beaches around Manly.
Last year, he sold a renovated two-bedroom shack “that was the size of a garage” for $2.5 million even though it was only accessible by walking across the beach and going up 111 steps.
“The client had to pay Miele a heap of money to deliver all the whitegoods across the sand at low tide and up the steps – it was very hard to get to, and very rare,” he says.
“Those kind of properties only come up for sale once a decade, if that.”
L.J. Hooker Seaforth agent David Rothschild says there are boat sheds and shacks around Seaforth, Clontarf and Balgowlah – but there have been problems with the local council and Waterways Authority approving redevelopment of them.
“A guy bought 89 Gurney Crescent last year and then tried to build a house on it, only to discover that this two-storey boatshed was technically illegal,” he says.

THE PROBLEMS

Manly Council confirms that the buyer of 89 Gurney Crescent at Seaforth had to resubmit amended development plans after the council declared the boatshed illegal for use as a residence.
Max Louery of Getaway Property and Resort Marketing – who also runs and building and architectural consultancy – says redeveloping waterfront property is more complex than most people imagine.
“It can be a real nightmare – the councils and the Waterways all have a hidden agenda and it gets very tangled,” he says.
He suggests hiring consultant town planners and architects to fight the battles with the authorities, rather than resorting to long drawn out legal battles.
“If you have to go to court, no-one wins except the lawyers,” he says.

47 Crammond Ave
Bundeena
For sale by offers between $1.4 million and $1.6 million
House: Two bedrooms, one bathroom, double garage
Built: 1950s
Land: 480 sq m
Inspect: by appointment
Inquiries: For private sale, contact Chris Beevor on 0417 220 049

Wow. What a spot. The back rooms of this basic fibro cottage are flooded by a light-filled view of Burraneer, Maianbar and Port Hacking.
With a north-westerly aspect, the unassuming looking house masks the true beauty of this steep, sloping waterfront site.
The view from the main bedroom and living room is the real star of the property, and it is tranquil enough to stop you looking at the pink paintwork and the sloping floors.
With a rocky beach at the bottom of the terraced back garden, this property is surrounded by new large homes and has DA approval to build a new three bedroom house.
This shack needs more than just a lick and a polish to survive – it has amber glass in the front door panels, a basic bathroom and a corridor-style kitchen which has been painted blue and yellow. Not even a refurb could bring it up to the standard of the position.
The property is liveable and it has tenants which are about to move out. There is a deck to step out on, but you might not want to step on it too hard – it’s a bit shaky.
The house is stepped over the block and there is another room underneath the main living areas, which could be used as a bedroom or rumpus room.
The front yard is level and has a double garage at the street entrance and a swathe of pebblecrete paths.
Bundeena is in a remote spot at least 30 minutes drive through the Royal National Park or a 20-minute ferry ride from Cronulla.

55 Kyle Parade
Kyle Bay
For sale at $2.38 million
House: Three bedrooms, one bathroom, double garage
Built: 1950s
Land: 1520 sq m
Inspect: by appointment
Inquiries: Terry Pfeiffer Real Estate 9547 1466

In a picturesque bay on the Georges River just 17km from the city is what local agents say is the last older style fibro shack on the waterfront in this area.
Tucked away on a private battleaxe block with a worse-for-wear fibro garage at the top of the property, the house has just been spruced up in the hope of attracting some tenants.
The large block has around 800 square metres of level land near the water, with a gently sloping terraced level above it.
The house has a south-westerly aspect and looks in need of some love – or a bulldozer.
There is a light and airy sunroom, but the floors need work and the windows are starting to rot.
The original timber kitchen has a split level stove and a quirky fluorescent light, while the lounge area has domed ceilings and a 1970s gas heater.
There is an internal bathroom with pink fittings and pink lino on the floor, but the toilet is outside near the front door.
The star attraction of this house is the tiny third bedroom which has picture windows and an outlook over the bay.
There are some rough and ready concrete paths leading out to the Hills Hoist, which sits proudly above the water.
Agent Sacha Tasic says the property is ideal to create a large private estate for a buyer who wants to rebuild.
“All that level land near the water is very rare – you could put a tennis court or a swimming pool in there,” he says.

WATER LIFESTYLE THE EASY WAY

Small shacks and boatsheds have a lot to offer people who aspire to a waterside lifestyle and knocking them down isn’t always the right thing to do, says architect Jennifer Hill.
The heritage expert and director of Architectural Projects says the rush to knockdown simple structures to rebuild a prestige waterfront house is not always well-considered.
“People want to live by the water because they think it’s relaxing and can offer a wonderful lifestyle,” she says.
“But often these simple structures that are very close to the water offer the best kind of lifestyle rather than something really huge and imposing.”
Hill has her own basic shack in Catherine Hill Bay, a mining town on the coast near Newcastle, which she escapes to most weekends.
“This shack is only 3.6 metres wide and we’ve basically opened up all the rooms inside to make it one area and we added a deck and bifolds,” she says.
“We may add more accommodation later, but the idea is to enjoy what the property offers rather than trying to make it something that it isn’t.”
Hill suggests shacks can easily and affordably be revamped with modern, open plan interiors rather than knocked down.
“You don’t need to spend lots of money building a huge brick house,” she says.

SHACK SALES

Freshwater Beach - $2.5 million – a two-bedroom shack on the cliffs in June 2003
Killcare - Grandview Crescent - $1.21 million for a 3-bedroom fibro shack in April 2004
Seaforth – Gurney Crescent - $1.94 million for a converted boatshed on 600 sq m of waterfront land in June 2003.


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Waterfront shacks – May 2004 Hey, it’s a snap. $2.38 million for a house with an outside dunny, a dingy kitchen and floors that have a forty degree slope to the left. At least the floorboards have been polished and the place has been given a fresh coat of white paint – but does that make the house on the Domain cover worth several million? Maybe. If there is one thing that will make potential property owners mortgage themselves to the hilt or part with their hard-earned millions it’s a waterfront position. Australian Property Monitors research director Louis Christopher says property near water is in short supply – hence the million dollar plus price tags. “You would be hard pressed to find any person who didn’t want to live near water, whether it’s a beach, lake or harbour, therefore the demand outstrips the supply,” he says. PAYING MORE John Greig Real Estate principal John Greig – who sells waterfronts on the Georges River and Port Hacking – says there are many instances where knockdown properties sell for the same price as prestige properties. “In many cases I would say the improved value of the land is the same as the unimproved value, especially on the water” he says. “Sometimes the older the home, the more attractive it is as a knockdown because it is cheaper to demolish a fibro than a brick house – then you get people actually paying more.” Araluen Coastal Properties director Wendy Best says people often pay more than market value for a rundown waterfront property because they perceive a value in paying for the opportunity to renovate. “It sounds bizarre but if you had a really really nice house and a shack, the shack would get the better price every time,” she says. “Shacks give people the scope to do what they want and they are buying it for that holiday factor and to reminisce about where they holidayed as kids.” Christopher disagrees that people will pay more money for a house that needs to be knocked down, especially in today’s real estate market. “I would say there are people who bought knockdowns during 2003 that paid too much money for them and if they tried to sell them today, they probably wouldn’t get their money back,” he says. Raine & Horne Palm Beach principal Glenn Lee says older style shacks and houses do not fetch as much as their renovated, slicked up counterparts in Whale Beach and Palm Beach. “I’m not saying that the older style properties are cheap – waterfronts start at $3 million - but in this area they would not fetch as much as a house that is ready to move into,” he says. WHAT’S LEFT TO BUY While many NSW waterfront properties have lovely prestige homes atop them, there is still a smattering of old wrecks and former boatsheds that offer the promise of waterside living. Architectural Projects director Jennifer Hill, who has extensive knowledge of heritage shacks and boatsheds, estimates there would be around 200 simple shacks and sheds in waterfront or waterside positions around Sydney. They rarely come on the market and they are often in hard-to-access locations or surrounded by bush. “A lot of those places were former industrial structures like boat sheds or fishing shacks that have been added on to over the years,” she says. Hill says there are shacks on privately held land – as opposed to leasehold – in Castlecrag, McMahons Point, Oatley, Cronulla and Gladesville. “They are a real collectors item and you need to be on the lookout for them because they rarely come on the market. The only way to find them is often to go out on a boat and identify them,” she says. Max Walls International agent Anthony Walls says there are a few fishing shacks left on the beaches around Manly. Last year, he sold a renovated two-bedroom shack “that was the size of a garage” for $2.5 million even though it was only accessible by walking across the beach and going up 111 steps. “The client had to pay Miele a heap of money to deliver all the whitegoods across the sand at low tide and up the steps – it was very hard to get to, and very rare,” he says. “Those kind of properties only come up for sale once a decade, if that.” L.J. Hooker Seaforth agent David Rothschild says there are boat sheds and shacks around Seaforth, Clontarf and Balgowlah – but there have been problems with the local council and Waterways Authority approving redevelopment of them. “A guy bought 89 Gurney Crescent last year and then tried to build a house on it, only to discover that this two-storey boatshed was technically illegal,” he says. THE PROBLEMS Manly Council confirms that the buyer of 89 Gurney Crescent at Seaforth had to resubmit amended development plans after the council declared the boatshed illegal for use as a residence. Max Louery of Getaway Property and Resort Marketing – who also runs and building and architectural consultancy – says redeveloping waterfront property is more complex than most people imagine. “It can be a real nightmare – the councils and the Waterways all have a hidden agenda and it gets very tangled,” he says. He suggests hiring consultant town planners and architects to fight the battles with the authorities, rather than resorting to long drawn out legal battles. “If you have to go to court, no-one wins except the lawyers,” he says. 47 Crammond Ave Bundeena For sale by offers between $1.4 million and $1.6 million House: Two bedrooms, one bathroom, double garage Built: 1950s Land: 480 sq m Inspect: by appointment Inquiries: For private sale, contact Chris Beevor on 0417 220 049 Wow. What a spot. The back rooms of this basic fibro cottage are flooded by a light-filled view of Burraneer, Maianbar and Port Hacking. With a north-westerly aspect, the unassuming looking house masks the true beauty of this steep, sloping waterfront site. The view from the main bedroom and living room is the real star of the property, and it is tranquil enough to stop you looking at the pink paintwork and the sloping floors. With a rocky beach at the bottom of the terraced back garden, this property is surrounded by new large homes and has DA approval to build a new three bedroom house. This shack needs more than just a lick and a polish to survive – it has amber glass in the front door panels, a basic bathroom and a corridor-style kitchen which has been painted blue and yellow. Not even a refurb could bring it up to the standard of the position. The property is liveable and it has tenants which are about to move out. There is a deck to step out on, but you might not want to step on it too hard – it’s a bit shaky. The house is stepped over the block and there is another room underneath the main living areas, which could be used as a bedroom or rumpus room. The front yard is level and has a double garage at the street entrance and a swathe of pebblecrete paths. Bundeena is in a remote spot at least 30 minutes drive through the Royal National Park or a 20-minute ferry ride from Cronulla. 55 Kyle Parade Kyle Bay For sale at $2.38 million House: Three bedrooms, one bathroom, double garage Built: 1950s Land: 1520 sq m Inspect: by appointment Inquiries: Terry Pfeiffer Real Estate 9547 1466 In a picturesque bay on the Georges River just 17km from the city is what local agents say is the last older style fibro shack on the waterfront in this area. Tucked away on a private battleaxe block with a worse-for-wear fibro garage at the top of the property, the house has just been spruced up in the hope of attracting some tenants. The large block has around 800 square metres of level land near the water, with a gently sloping terraced level above it. The house has a south-westerly aspect and looks in need of some love – or a bulldozer. There is a light and airy sunroom, but the floors need work and the windows are starting to rot. The original timber kitchen has a split level stove and a quirky fluorescent light, while the lounge area has domed ceilings and a 1970s gas heater. There is an internal bathroom with pink fittings and pink lino on the floor, but the toilet is outside near the front door. The star attraction of this house is the tiny third bedroom which has picture windows and an outlook over the bay. There are some rough and ready concrete paths leading out to the Hills Hoist, which sits proudly above the water. Agent Sacha Tasic says the property is ideal to create a large private estate for a buyer who wants to rebuild. “All that level land near the water is very rare – you could put a tennis court or a swimming pool in there,” he says. WATER LIFESTYLE THE EASY WAY Small shacks and boatsheds have a lot to offer people who aspire to a waterside lifestyle and knocking them down isn’t always the right thing to do, says architect Jennifer Hill. The heritage expert and director of Architectural Projects says the rush to knockdown simple structures to rebuild a prestige waterfront house is not always well-considered. “People want to live by the water because they think it’s relaxing and can offer a wonderful lifestyle,” she says. “But often these simple structures that are very close to the water offer the best kind of lifestyle rather than something really huge and imposing.” Hill has her own basic shack in Catherine Hill Bay, a mining town on the coast near Newcastle, which she escapes to most weekends. “This shack is only 3.6 metres wide and we’ve basically opened up all the rooms inside to make it one area and we added a deck and bifolds,” she says. “We may add more accommodation later, but the idea is to enjoy what the property offers rather than trying to make it something that it isn’t.” Hill suggests shacks can easily and affordably be revamped with modern, open plan interiors rather than knocked down. “You don’t need to spend lots of money building a huge brick house,” she says. SHACK SALES Freshwater Beach - $2.5 million – a two-bedroom shack on the cliffs in June 2003 Killcare - Grandview Crescent - $1.21 million for a 3-bedroom fibro shack in April 2004 Seaforth – Gurney Crescent - $1.94 million for a converted boatshed on 600 sq m of waterfront land in June 2003.