Spring Property Report 2022

Spring is finally here and with the arrival of longer days, warmer weather and the (hopeful) departure of the winter wetness,
it’s time to give you an update on the state of the Northern Beaches property market.

Winter sales remained strong for the team here at Guildea Residential, with properties selling before at and after auctions, including a spectacular off-market sale in Clontarf. After a slight dip in enquiries, we are seeing renewed interest from buyers as consumer confidence returns following the Reserve Bank’s raising of interest rates last quarter. The supply of properties for sale is still very tight and competition is strong amongst qualified buyers. Many purchasers I speak with are asking if there will be more properties coming onto the market later this year. I’m picking there will be less than expected due to ongoing seller reluctance because of the recent price falls. Speculation continues around the overall direction of the market. A simplified view is that prices have gone up 40% over the past 24 months and have now come back down by 20%. I feel the market has almost stabilised and will sit at this level for the rest of the year. We are seeing positive signs, with families looking to upgrade their homes, motivated younger buyers stepping onto the property ladder through the purchase of apartments, and investors coming back into the market to take advantage of lower prices and increased yields. The prestige market remains incredibly strong with a tight supply of luxury dwellings and an increasing number of people wanting to live in resort-style apartments and premium homes. In fact, while other areas of the residential market have seen reduced demand in recent months, demand at the $8m+ level is at a record high and doesn’t show any signs of slowing down. Great news for anyone looking to sell at this end of the market. Finally, renters continue to feel the pinch as the year wears on. There are not enough properties for lease to meet the enquiries we have been getting. Across Sydney, rental prices have increased by 10% on average and could increase further if this shortage continues. As the year ends, we will continue to keep you updated on the local property market and will always be here to offer you support and guidance, whether you’re buying, selling, or renting.

Click here for the full report! 

Life’s Better on The Beaches

Jason Guildea – Principal