Sydney’s affluent Northern Beaches have seen significant median house price changes, rising around $10,000 each week, even amid lockdown.
Demand for houses on the Northern Beaches of Sydney is so strong that it has pushed prices up by more than $10,000 every week this year, according to analysis by STRAND Property Group.
The analysis of Northern Beaches median house price changes from the December quarter last year to June quarter this year found the median house price had jumped by 15.1 per cent, or $290,000, to $2.21 million in just six months.
STRAND Property Group Director and Northern Beaches specialist buyer’s agent Michael Ossitt said the result was the equivalent of median house prices increasing by more than $11,000 every week.
“The first six months of this year was the busiest that I have ever experienced with demand from buyers really quite unbelievable at times,” Mr Ossitt said.
“Even with the current lockdown in Sydney, demand is still extremely elevated, but available stock has all but dried up, which will probably mean even more price growth in coming months.”
Mr Ossitt said many sale prices had been well above predictions, with some buyers prepared to pay ultra-premium prices to secure a holding in the prestigious area.
However, some suburbs are recording superior price growth to the region’s overall result, due to the extremely strong demand from buyers to live or invest there.
According to The STRAND Property Group Northern Beaches Market Update for August, the top five suburbs for average monthly visits per listing were Allambie Heights, Curl Curl, Collaroy Plateau, North Manly and North Balgowlah.
Analysis of these suburbs found six-monthly median house price growth of between 18 and nearly 25 per cent, with one location recording price growth of $25,000 per week.
“Demand for houses in Curl Curl has seen its median house price sky-rocket over the past six months,” Mr Ossitt said.
“Curl Curl’s median house price has soared by nearly 25 per cent, or a staggering $650,000, over the period, which is equivalent to about $25,000 every week this year.”
Many of the most popular suburbs for online listing visits also happen to be some of the Northern Beaches’ more “affordable” locations, which is putting upward pressure on prices on those locations, Mr Ossitt said.
“The Northern Beaches is one of the most desirable locations to live in Sydney, so affordability here is a relative term,” he said.
“However, demand from buyers to purchase in Allambie Heights remains extremely high, as it does in Collaroy Plateau, North Manly and North Balgowlah.
“These locations offer very similar attributes to some of the region’s more well-known suburbs, but with lower buy-in prices – for now at any rate.”
Source: Bricks & Mortar Media