What is a Bridesmaid Suburb?
A bridesmaid suburb is a suburb neighbouring a more known or affluent suburb. Often the ‘Bride’ suburb is a well-known, much more affluent, and significantly more expensive suburb. The ‘Bridesmaid Suburb’ is a close by or neighbouring suburb, that is much less desirable and known.
The Effect of the Bride on the Bridesmaid
The ‘Bride’ suburb is the centre of attention at a point in time, with the access to amenities, shops, bars, schools and so on. It is significantly more expensive because of this, as many High Net Worth Individuals usually tend to reside in these suburbs. The ‘Bridesmaid’ is often close by, but significantly less expensive, with a similar standard of living and access without the same price tag.
The effect of this is that often when markets boom, it is led by Market-Leading Suburbs which are usually the ‘Bride’ suburbs. Following closely the ‘Bridesmaid Suburb’ have a ripple effect as the more expensive suburb becomes unaffordable for many, who go searching for the next best thing – the ‘Bridesmaid’. This is often followed by exponential demand and phenomenal growth in a given period of time.
Good examples of past bridesmaid to bride suburbs include Tamarama to Bondi, Suffolk Park to Byron Bay, Highett to Sandringham, & Cannon Hill to Balmoral & Freshwater to Manly.
Bridesmaid Suburbs at Different Price-Points
Under $500 000
Bride: North Shore, Victoria Bridesmaid: Norlane, Victoria
Median Price: $658 000 Median Price: $430 000
Demand: 93.86% Demand: 41.25%
Gross Yield: 3.4% Gross Yield: 3.7%
Gentrifying rapidly, Greater Geelong has seen an increase in population, development approvals, infrastructure (both residential and commercial) and significant income growth over the past decade. One of the more expensive suburbs, North Shore is fronted by Port Phillip Bay, with many places along the Esplanade going for above $1.2 million. Next door, Norlane is a significantly cheaper suburb which has seen phenomenal growth in recent years – with many houses being found at sub $200 000 five or so years ago.
Moving forwards into the future as Greater Geelong rapidly grows, North Shore will continue to set the pace with significantly expensive sales for the area, though as it becomes unaffordable for many in the area, Norlane will likely seeing continual growth with the market.
Under $1 Million
Bride: Bellfield, Victoria Bridesmaid: Heidelberg West, Victoria
Median Price: $916 000 Median Price: $750 000
Demand: 131.47% Demand: 69.14%
Gross Yield: 2.3% Gross Yield: 2.4%
Bellfield itself, is a bridesmaid suburb to the more affluent, Middle-Class suburb of Ivanhoe. The neighbourhood is surrounded by phenomenal access to the City, Great Schools, the University and Hospital Precinct.
An Ex-Housing commission, commonly known as a Public Housing Suburb, Heidelberg West has seen much of the Public Housing blocks sold over the past 15 years. Many Developers and Residents of the more Affluent neighbouring suburbs were purchasers of these blocks of land, which has seen many bulldozed for newer townhouses or larger single dwellings in recent years.
A period of gentrification is occurring in Heidelberg West, which is presently and likely perform phenomenally into the future.
Under $1.5 Million
Bride: The Hill, New South Wales Bridesmaid: Cooks Hill, New South Wales
Median Price: $2 010 000 Median Price: $1 230 000
Demand: 143.06% Demand: 111.28%
Gross Yield: 1.7% Gross Yield: 2.5%
Home to many Historic homes with particularly nice views of the Ocean, Headland, Harbour and City, The Hill is a market leader suburb in Newcastle and for good reason. It is within walking distance of the CBD, fronted by the Ocean, has many beautiful parks and beaches, and a great lifestyle to go with it.
Neighbouring The Hill is the Bridesmaid Suburb, Cooks Hill. Generally, Cooks Hill is home to properties on significantly smaller blocks, however in terms of access, lifestyle and particularly price – Cooks Hill has almost the same level of accessibility and lifestyle. In terms of price, houses can be found 35-40% cheaper in this neighbouring suburb, which shows great potential towards the future.
Having already performed incredibly well in the past, there is minimal reason to see why things would change in Cooks Hill, and for incredible capital growth to continue.
Over $1.5 Million
Bride: Whale Beach, New South Wales Bridesmaid: Avalon Beach, New South Wales
Median Price: $5 750 000 Median Price: $2 800 000
Demand: 199.1% Demand: 109.94%
Gross Yield: 1.5% Gross Yield: 1.9%
A feature suburb of many Celebrities, Television Shows and Incredibly Affluent Residents, Whale Beach is a suburb in the Northern part of the Northern Beaches in Sydney. Many surrounding suburbs such as Palm Beach & Bilgola Beach have median prices above the $4 million dollar mark, along with Whale Beach at $5.75 million. This is for good reason, incredible views, incredible beaches, small village like communities and incredible houses make Whale Beach a place where living feels like a holiday.
Next door however, Avalon Beach is a suburb which is significantly less expensive at $2.8 million. It has a small village-like neighbourhood to the Northern end, a plaza like setting back from the beach and beautiful natural scenery.
At a 50% discount price on Whale Beach and a 25-30% discount to Bilgola Beach, Avalon Beach will likely see significant growth for many cycles in the future.
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