Northern Beaches Real Estate Update | January 2022
It’s 2022 and the team is back in full swing!
After a crazy couple of years dealing with reoccurring lockdowns and restrictions, it looks as if things are finally looking up, and we’re on track to living in a new-normal world once again.
In just four weeks we have noticed that the market is still hot following last years major property boom, where values surged on average by 22%. Last year the Northern Beaches had an influx of out of area buyers due to more work from home options, leading buyers to move closer to the beach. Lockdowns caused the average household income savings to increase by 19%, which meant instead of waiting for boarders to open up again, many decided to bit the bullet and buy a property. Low interest rates and government incentives for builders also played a huge role in housing affordability.
Our prediction is that the market will remain hot for at least the next 3-4 months. Right now buyer activity is really high, where we have increased online views and an average of 200 enquiries per listing. Economists have forecasted prices to rise another 6-7% this year, before a rising cash rate – which the Reserve Bank (RBA) to start gradually lifting as early as this November.
Expect to see the Pittwater area become most favorable, such as Freshwater, Dee Why, Cur Curl, Queenscliff, Brookvale and Manly Vale, as more people start retuning to offices and these suburbs offer closer and easier transportation to the City.
If you are looking to buy, off market sales have become a popular choice for many sellers, so ensure that you are subscribed to agencies mailing lists based on the area you are searching in.
In the last couple of years, the rental market took a bit of a toll across Sydney, however the Northern Beaches only had a slight rise in vacancy rates. Now that people can freely inspect homes again, and boarders have reopened, expect to see rental prices rise again.
Our Business Development Manager, Domenic Coniglio listed 8 new managements in just the last three weeks. “Rents are slowly starting to increase, in January we had a total of 581 enquiries, held 47 inspections and met 265 prospective tenants looking to find a home. December’s average rent was $652 per week whereas January’s was $683 per week” says Domenic.
A couple of case studies that we would like to share:
3/142 Queenscliff Road, Queenscliff:
This one bedroom apartment was appraised for $550-$580 per week. Schwarz advised that the property would present better and larger with no furniture, so we held the property back till the new year to market the property vacant. And in 3 days the property was leased for $620 per week.
26/2-4 Beach St Curl Curl:
This two bedroom townhouse had 22 groups through the first inspection and 8 applications. In the end we leased the property for $835 p/w, $10 a week more than the previous year.
So, if you haven’t made your next big move yet, consider it in 2022! Whether your buying, selling or leasing, our team would love to help you.
Contact us 9939 5400
Or click here for a Free Sales or Rental Appraisal
Buy Well. Sell Well. Rent Well.