Country Life

Sydney Morning Herald

Saturday April 12, 2003

Karin Bishop

This area's rustic charm and acreage properties are seducing city buyers, writes Karin Bishop.

Residents of Terrey Hills say their little patch is an anomaly: a country town that's within 40 minutes' drive of the CBD and 15 minutes from the beach.

Set in what was a vast stretch of largely undeveloped bushland between the upper North Shore and the northern beaches, it is one of the last areas of Sydney where the standard block is measured in acres and pony club is a way of life.

And you can't beat the sporting lifestyle. There are golf courses, bushwalking and riding tracks, shooting ranges and mountain bike areas.

Like most of Pittwater, the bushland provided a safe haven for escaped convicts in the early days of settlement. Later, its easy access to waterways made it a popular area for picnickers and wealthy boat owners.

Now the demand comes from wealthy professionals and business owners seeking a country estate within commuting distance of the CBD, and young families looking for a safe community with good schools.

Grant Coulson, principal of L. J. Hooker Terrey Hills and a local for more than 22 years, says there are basically two types of properties in Terrey Hills.

On the suburban side are the ordinary 1970s houses on comfortable 700- to 800-square-metre blocks that sell for between $650,000 and $850,000, which are drawing the young families.

"There are good schools and it is close to the northern beaches," he says. "There is not much crime and there are junior rugby and soccer clubs, tennis clubs, pony clubs ... And the beach is still only a 15-minute drive."

Coulson says these homes are also sought by a new influx of older buyers who have downsized from more expensive areas like nearby St Ives.

But the really serious money - and players - are coming for the acreage. Coulson says his agency is "getting a lot of buyers moving out from Mosman and the eastern suburbs wanting an alternative lifestyle but to still be able to commute to the office".

"They often own their own business and have [families] who get involved in pony club, showjumping and eventing and so they want to have a bit of land."

Last week a record was set for the Terrey Hills area when a five-acre (two-hectare) property at 394 Wyong Road, Duffys Forest, sold for $4 million. The modest two-bedroom cottage came with stables, a lunging paddock, Olympic-size arenas, eventing tracks and extra guest (or groom) accommodation above the stables.

Tallowwood, another five-acre Wyong Road property (at No. 405), sold for $3.75 million in October. That sale included a luxurious six-bedroom house and three stables, a feed shed and tack room.

Coulson estimates that, over the past three or four years, prices have risen about 10 per cent each year, with five-acre blocks now starting at about $2 million.

But despite the increasing wealth, Coulson says the country-town atmosphere is quick to rub off on even the horsiest of the horsey set.

"It's not at all snobby," he says. "It's like living in the country but you are living in the city - and that is what is unique about it. It's a very special place."

Average house price over past year

$718,000

Average apartment price over past year

$515,000 (the only sale)

Recent sales

$2.39 million for 1 Larool Road in May (Raine & Horne Mona Vale, see History of a house)

$1.525 million for 33 Myoora Road in April last year (L. J. Hooker Terrey Hills)

Best streets

Wyong Road, Killawarra Road, Kinka Street

Top schools

Sydney Japanese School, Northern Beaches Christian School, Terrey Hills Primary, Kinma Primary

Source: Home Price Guide 9339 8200

History of a house
 1 Larool Road, Terrey Hills (above and left)
 1987     $275,000
 1968    $169.07 (land only)
 1999    $2,300,000
 2002    $2,390,000
 SOURCE: LAND TITLES OFFICE, COMPILED BY NAOMI LIM