Northern Beaches
General Update
After a challenging 2022, our favourite asset class is returning to form – and fast.
Average price falls slowed to a crawl in February, and this positive momentum has carried through the first half of March. CoreLogic's Daily Home Value Index (HVI) is up 0.3% across the five largest capitals including Sydney!
• Sydney housing values are 0.5% higher over the first 15 days of March
• Melbourne and Perth are 0.2% higher
• Brisbane housing values are flat (0.0%)
On a rolling four-week basis, which provides a valuable proxy for monthly change, Sydney (+0.8%), Melbourne (+0.2%), and Perth (+0.1%) are all recording a lift in values. Brisbane has remained unchanged over the past four weeks, and Adelaide is only slightly in the red.
Meanwhile, the Raine & Horne Monthly Data Report shows that listings across Australia are 10% lower than in January. Besides the combination of capital growth and a shortage of listings, there has been a sizable surge in buyer demand. This is fabulous news for vendors considering an autumn sale.
According to Raine & Horne, between January and February 2023, the numbers of groups attending open-for-inspections (OFIs) increased by 15%. This result is fantastic news for autumn real estate markets, as buyer activity in February is a bellwether for sales in April and May.
Moreover, autumn's agreeable climate makes it the perfect season to show a property. Also, the cooler temperatures provide a more relaxed environment for aspiring buyers to walk outside a property and explore the surrounding neighbourhood.
If you're considering selling your property before the end of autumn, please reach out to someone on our team or call us on 9999 0800.
Auction Results
Sydney auction clearance rate: 71.5% (this time last year: 64%)
Northern Beaches auction clearance rate (74.5%)
Sydney had its second busiest auction week of the year, with 791 homes taken to auction across the city, of the results collected so far, 71.5% were successful, up 11.5% from the past four week clearancve rate of 60%. (Caitlin Fono, RP Data).
Mona Vale Market Update
Average House Price: $2.43m (-7.4% yoy)
Average Unit Price: $1.35 (-3.6% yoy)
Interested buyers (house): 2106
Interested buyers (unit): 1147
Data and statistics derived from Realestate.com.au, CoreLogic's RP Data and Raine&Horne Network. We do not take any responsibility for inaccuracy of data.