Northern Beaches
Sales Update:
The festive season is swiftly approaching, and for Australians, Santa has arrived early in the form of a flourishing residential real estate market.
According to CoreLogic research released in late November, there has been an overwhelming surge in property values across the nation, with a remarkable four-in-five house and apartment markets experiencing a notable uptick in values over the past three months.
Despite the Reserve Bank of Australia adopting an Ebenezer Scrooge role with another rate rise in November, the housing market remains resilient. CoreLogic's Mapping the Market tool* revealed an impressive 83.1% of house markets and 80.6% of unit markets saw values rise in the past three months.
The Yuletide celebrations do not end there. Insights provided by Raine & Horne highlight a staggering 25% increase in potential buyers attending open for inspections (OFIs) in October compared to last year.
Simultaneously, the market's supply side is witnessing an upward trajectory, with property listings increasing by nearly 10%. Additionally, a 3% rise in property appraisals signals a continued influx of properties entering the market as summer approaches.
Moreover, this pool of robust real estate trends suggests a potential extension of the traditional spring property market until Saturday, 23 December, just two days before Christmas.
As Australians gear up for the holiday season, the real estate market's resilience serves as a beacon of opportunity moving into 2024.
From the team at Raine & Horne Mona Vale, we wish you a Merry Christmas and a Happy New Year!
To make informed choices, whether you plan to sell or buy a property, contact us today on 02 9999 0800 to discuss your summer real estate plans.
Rental Market Update:
A growing number of investors are helping to propel the surge in attendance at open for inspections (OFIs) throughout Australia, with the ABS confirming that more new loans are being approved for investors than owner-occupiers.
The national statistician also confirmed a 2.0% rise in new investor housing loan commitments in September 2023 and a 2.6% increase compared to last year.
Raine & Horne's data reveals a substantial 25.0% surge in attendance at open inspections in October 2023 compared to the preceding year. Reports from Raine & Horne agents suggest this spike is predominantly fuelled by prospective buyers eyeing investment properties.
Meanwhile, a recent report by CoreLogic found that rental values in Australia's major cities soared by 10% in the year leading up to September. Factors such as limited housing supply, net migration from overseas, and population shifts between urban areas and regional centres are helping drive up weekly rents.
Nonetheless, there are pockets of optimism with affordable neighbourhoods within 20 kilometres of city centres, offering viable options for tenants seeking more budget-friendly accommodation moving into 2024.
To make informed choices, investors and landlords can contact us on 02 9999 0800 to discuss their portfolio plans for 2024.
Sales (house)
Median Sale Price: $2,450,000 (-3.9% annually)
For sale (past month): 30
Sold (past 12 months): 91
Rental Yield : 2.4%
Median days on market: 42
Buyers Interested in the last 30 days: 2,180
Sales (unit)
Median Sale Price : $1,522,500 (+16.9% annually)
For sale in the past month: 24
Sold (past 12 months): 86
Rental Yield : 3.2%
Median days on market: 45
Buyers Interested in the last 30 days: 978
Rental (house)
Median Rental Price: $1,100pw (+4.80% annually)
For rent (past month): 17
Leased (past 12 months): 137
Median days on market: 25
Buyers Interested in the last 30 days: 334
Rental (unit)
Median Sale Price : $720pw (+10.8% annually)
For rent (past month): 19
Leased (past 12 months): 172
Median days on market: 17
Buyers Interested in the last 30 days: 466
Statistics derived from realestate.com.au on the 29th November, 2023. We do not take responsibility for the reliability of any data, the purpose is to provide an update.