February Insights

The number of sales has increased in all suburbs on the Lower Northern Beaches. Seaforth has 28 properties for sale and Manly up to 64. What we are also seeing is more properties are selling compared to the end of 2023 which is creating a balanced market. There have been some great results in all price ranges. Auction clearence rates are very strong at over 75%. Things that I have noticed is that there are more owner occupiers looking to buy than investors. Builders / developers are looking for sites as there seems to be a shortage of properties for them at present. Buyers are time poor and are preferring renovated rather than unrenovated homes to buy and as such are paying a premium for them.

Click to read an article from Corelogic that highlights the changing values of houses to apartments over the last 4 years. In summary “At the onset of the pandemic in March 2020, the house premium, or the difference between median capital city house and unit values, was just 16.7%. Fast forward almost four years later, and that premium has jumped to 45.2% or $293,950 Australia wide.” The demand for space and privacy has seen an the influx of buyers from the Upper North Shore, Inner West and Middle Harbour wanting to be within walking distant to the beach, which has seen rising house prices in suburbs like Manly, Freshwater and Curl Curl.