Property Report 2024

Guildea had a fantastic last 12 months with sales ranging from a waterfront auction sale in Seaforth Crescent for $10,100,000 to a renovated 2 bedroom garden apartment in George St Manly for $1,4750,000.

The market is currently being driven by four factors.
1. Interest rates are at their highest level in over 10 years. This is affecting the amount that people can borrow and slowing price growth.

2. The cost  of building materials and labour has increased insignificantly over the last 3 years. This has resulted in new and renovated properties selling at a premium compared to unrenovated homes, which are selling at a discount.
 

3. The limited amount of apartments and houses on the Lower Northern Beaches. Very few new properties are being built and there is no more land available. Meanwhile, demand to live in the area is increasing.

4. The huge rise in immigration Sydney wide over the last 2 years is moving more families and young couples to the Manly district and more people from the Upper North Shore and Inner West are also moving to enjoy the beach and harbour lifestyle we all love so much.

I expect that we will be in a balanced steady market for the year which is a great time to be buying and selling as prices aren’t fluctuating making the moving process much easier.

Rental prices continue to rise on the back of record low vacancy rates of 1.7%. The biggest demand is for properties under $1,500pw. Because of the low vacancy rates and increased demand we have seen prices rise by 10% to 15% over the last 12 months. The only exception is the premium end of the market where rentals over $2,000 per week have remained constant.

If you are looking at buying, selling, or renting please reach out to us as we would love to help you with your property goals in 2024.

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