3/116 Pacific Parade, Dee Why NSW 2099

Current owners likely upside‑down after 2024 purchase | light‑filled layout but modest 61m² | no recent sales above $1.2m for comparable | auction risk if bidding stalls below $1m. On the surface a 61m² apartment in a boutique block near Dee Why Beach holds appeal, but the buyer inherits two structural risks. The October 2024 purchase at $1.04m suggests the seller carried holding costs for 18 months while apartment values across the Northern Beaches softened, meaning any offer must discount that purchase price by at least 5–8% to reflect current market conditions. The rental yield of roughly 3.9%—based on $850 weekly income—is below the 4.2% average for similar two‑bedroom units in Dee Why, so a buyer relying on immediate cash flow will need to accept thinner returns or push rent higher. The property works best as a medium‑term hold where capital growth from the beach proximity and boutique building outweighs the short‑term income drag. Competitively, this unit stands apart because of the east‑facing balcony and single lock‑up garage—both rare in this price band. The new kitchen and timber flooring reduce immediate renovation spend, which matters for a buyer who wants to move in or tenant quickly. The property suits a professional couple or a downsizer who values sunlight and beach access over square metres; families will gravitate to larger apartments in the same building. If you proceed, verify the last sale’s settlement terms and order a strata report for the 8‑unit SP6580 to confirm sinking fund adequacy—that single check reveals whether this property holds its value or becomes a costly lesson.