Downsizers are flocking to coastal suburbs.

Compared to Sydney's burgeoning 'sister cities' to the east and north, this southern hotspot has flown under the radar.

However, a new wave of luxury apartments is increasing the demand for downsizers seeking a combination of luxury and a low-maintenance lifestyle.

Located at the southern end of Sydney's coastline, in the heart of Sutherland Shire, Cronulla is incredibly well-connected and is the only beach in the capital that can be accessed directly by train.

Cronulla's allure with its laid-back coastal lifestyle and numerous restaurants, bars and cafes has seen house prices rise by 2.3% to $3,255,000 over the past year.

Christian Payne of Payne Pacific Real Estate, a lifelong Cronulla resident, said not too long ago many people had little idea where Cronulla was.

“It wasn't a tourist spot, but… [Manly and Bondi] But now it’s becoming a destination,” he said.

With limited waterfront real estate, more properties are becoming verticalized as developers meet growing demand, raising benchmarks for both amenities and prices.

“When I started in the real estate world, there was no internet, there was no digital…and at that time, how much waterfront property was worth, waterfront property was worth even more. There was no such thing as a front unit, and now there are tons of units that are worth it. [house]”

Cronulla has the only beach in Sydney that is directly accessible by train.Photo: Getty

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Mr Payne said unlike other beaches in Sydney, Cronulla was well-accessed by public transport and there were no parking meters.

“It's completely underrated. It's 40 minutes from the airport, you can take the train to the airport, you can get there in about 30 minutes during the day, and it's not far from the city,” he says. .

“Cronulla is very relaxing. In the summer when the weather is good there's a really good atmosphere and although it can get very crowded it's a great place.”

A more affordable beachside option

Prop Track economist Anne Flaherty said Cronulla offered a similar lifestyle to Bondi in a more affordable location.

“If you look at Bondi, the median house price is $3.715 million and the median unit price is $1.33 million,” she said.

Located at the southern end of Sydney's coastline, Cronulla offers a similar lifestyle to Bondi and Manly, but with entry-level options as well.Photo: Getty

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Cronulla unit prices have fallen by 10.7 per cent over the past year to a median price of $960,000, but Mr Flaherty said buying opportunities had increased.

“According to our website, 294 units have been sold in Cronulla in the last 12 months,” she said.

“But even if it's over the past 12 months, right now, we've had 111 units available in the last month.

“Essentially from a buyer's perspective, the high availability of properties for sale is great news and probably one of the reasons property prices have fallen over the past year is because there were so many options for buyers. The conditions weren't very competitive.”

What is driving buyer demand?

Highland Sutherland Shire and St George's Laura McKay and Mitchell Wynne have been selling property in Cronulla for 14 years and have noticed a significant increase in buyer interest in the summer.

Mr Wynne said new restaurants, cafes, shops and the redevelopment of Cronulla Mall were breathing new life into the suburb.

“Many of these new developments are also building lots of new commercial outlets, with more cafes, shops and restaurants,” Mr Wynn said.

Mr McKay said Cronulla attracts a variety of buyers, and this was due to different price ranges.

“You can get an entry-level red brick apartment for $700,000 and, of course, you can get luxury items up to the $20 million mark,” she said.

“So it's literally a melting pot. That's what makes the suburbs interesting. You have young people, you have old people, you have downsizers, you have families.”

Mr Wynne said the biggest change in Cronulla's property market was in the luxury apartment development space, pointing to a range of new-build quality homes that were in huge demand.

“Some of those prices exceed waterfront prices [properties] That’s usually where people sell their waterfront, downsize and maybe make a little cash,” Wynn said.

“But now those prices are above waterfront prices, so they usually can't be cashed out as is. They're looking for a lifestyle change.”

Luxury properties on the market

Preliminary data reported by the agency to realestate.com.au shows 257 properties have changed hands in Cronulla in the past 12 months.

Mr Wynne said he had broken a sales record by selling an extensively renovated 25-year-old flat at 15/7-9 Tonkin Street in Cronulla for $13 million.

This refurbished apartment overlooking Cronulla Pier was recently sold for $13 million. Photo: realestate.com.au

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And Cronulla is attracting strong buyer interest with a brand new ground floor apartment at Esplanade 65A, with an asking price of $8 million to $8.5 million.

“It faces directly to the sea and is a two-person development, so you get an apartment-style lifestyle rather than being in a large block which may not be suitable for everyone,” Mr Wynn said. Told.

Taking up the entire first floor, this three-bedroom home is a downsizer's dream. Photo: realestate.com.au

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The low-maintenance apartment has 3 bedrooms, 3 bathrooms, a lift to all floors, sea views, and direct access to the esplanade and beach.

Floor-to-ceiling windows open to the entertainer deck, offering direct access to the esplanade and ocean. Photo: realestate.com.au

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“This product comes with a great outdoor entertainment space and garden space that downsizers in the market still desire after purchasing.”