Northern Beaches
Mona Vale Market update (last 12 months):
Sales
Average house price in Mona Vale: $2,455,000
Average unit price in Mona Vale: $1,365,000
House sales: 70
Unit Sales: 75
Average days on market in Mona Vale (house): 53
Average days on market in Mona Vale (unit): 49
People looking to buy a house in Mona Vale last month: 1,524
People looking to buy a unit in Mona Vale last month: 587
Rental
Average house price in Mona Vale: $1,000/week
Average unit price in Mona Vale: $650/week
Leased (house): 90
Leased (unit): 167
Average days on market in Mona Vale: 19
People looking to rent a house in Mona Vale last month: 321
People looking to rent a unit in Mona Vale last month: 202
Average yield in Mona Vale (house): 2.1%
Average yield in Mona Vale (unit): 3%
Summary:
Last month Mona Vale had 27 properties available for rent and 32 properties for sale. Median property prices over the last year range from $2,455,000 for houses to $1,365,000 for units. If you are looking for an investment property, consider houses in Mona Vale rent out for $1,000 PW with an annual rental yield of 2.1% and units rent for $650 PW with a rental yield of 3.0%. Based on five years of sales, Mona Vale has seen a compound growth rate of -5.6% for houses and -1.1% for units - realestate.com.au (https://bit.ly/3Dr4iKb)
General Market Update:
Welcome back, and plenty of property owners appear resolved to make it a happy new year with a massive surge It's February, and the real estate market will be eagerly awaiting the latest decision on the cash rate by the Reserve Bank.
Most pundits are tipping a couple more RBA cash rate hikes by the middle of the year, and most buyers seem to have factored these predictions into their real estate goals and are starting to get back to open homes.
Current RBA cash rate: 3.1%
The other aspect to bear in mind is that in September 2022, the Federal Government announced that the 2022-23 permanent Migration Program would increase to 195,000 places. All these people need a home to live in.
All this good news follows hot on the heels of Raine & Horne's research that showed that appraisals in December 2022 jumped by 20% compared to the previous year, and it's fair to expect to see many markets start to bounce back as we venture deeper into 2023.
If we drill down into suburb-by-suburb results, the bounce might already be underway. Sydney's popular inner West is a great example of this. Data from REA Group shows that house prices in Glebe leapt ahead by 11.3% in 2022, while Summer Hill values soared 16.5%.
To understand what this means for your property goals, please reach out to us today on 9999 0800.
Raine&Horne Mona Vale
9999 0800
Data and 'summary' statistics derived from Corelogic's RP Data as well as realestate.com.au. We do not take responsibility for the accuracy for any of the data. Interested buyers and renters based on realestate.com.au.