Expat investors buying in Manly

Peter Kelaher Director and buyers agent for PK Property said that expatriates are back in force, wanting Manly, now seen as iconic as Bondi to buy investment property.

Over the last 4 weeks he has purchased 4 properties in Manly, 3 for overseas clients and the most recent last week at unit 4/20 Reddall Street Manly a beautiful 2 bedroom art deco apartment for $940,000 for a Canberra investor. He said that this gentleman had got us to purchase him an art deco apartment around the corner in cliff street manly a few years ago and also another one in Mosman. Kelaher said elders agent from Manly Michael Egan, who sold him 3 out of the last 4 of these units in manly agrees with me that units in manly under a million could see 10 % growth this year due to lack of good stock.

Kelaher also said "lower north shore investment buyers are now asking us to buy either properties for them in Manly or the lower north shore something I have not seen in 16 years I have run the business."