After a slow start with fewer properties for sale in the Northern Beaches this 2021, sellers are slowly returning back to the market to serve the great demand waiting for them. Buyers have had a lot more time on their hands assessing their current living conditions and are more determined than ever to secure the best Northern Beaches property for sale. We recommend getting in while it’s hot.
For the Sellers
Strong Selling This 2021.
ANZ Bank has released a report with a positive market outlook for the Sydney housing market. Meanwhile, ANZ predicts at least a 19% increase in selling property prices this year so sellers keen to put for sale Northern Beaches property on the market must seize this moment if they are to take advantage of the increase.
In March alone, CoreLogic reports Sydney housing prices have risen in value by 3.3% - a record high for the month.
ANZ Bank further predicts after this year of increased selling rates, the housing market will slow down and cool off in 2022 with only an expected growth of 6.6%.
Further fueling the house price increase is a low supply of houses for sale in the market, especially in the Northern Beaches where demand has been strong ever since lockdowns ceased. With only a record low of 565 properties to choose from last January, some properties get bought out of the market within days whether through auction or being listed.
Units for Rent in the Northern Beaches
While the rest of Greater Sydney has seen unit rents and unit sales perform poorly, the units for sale Northern Beaches are experiencing quite the opposite. Domain reports Manly units for sale increased by an impressive 15.7% over last year, while units for rent had grown by a staggering 6.6%. Additionally, house rents have also increased upwards of 16.7%, positive for investors who have a property in the area.
For the Buyers
COVID-Induced Buying Frenzy for Buyers
Research has identified buyers with a strong intent to purchase Northern Beaches property come from Sydney suburbs like the Inner West, Lower and Upper North Shore. After being cooped up in their small homes due to the government-imposed lockdowns, these professionals and families long for larger living space and better neighborhoods where everything is a short walk or quick drive with relatively less traffic. They are also willing to trade longer commutes for a bit of fresh air and the beaches. And with work-from-home schemes being introduced as a permanent feature for most of the working force, the commute is no longer an obstacle.
Low-Interest Rates for Mortgages
Another factor for high demand is the continued low-interest rates. With mortgage rates falling from 3.5% to 2.5%, people are willing to take on more debt, expecting the debt to be cheap and easily payable so long as the rates continue to be low.
Mortgage holidays and stimulus checks have also helped borrowers stay afloat last year and keep their payments on schedule.
FOMO or “fear of missing out” on great properties have also driven buyers’ competition to snatch up the best Northern Beaches properties for sale even as sellers slowly return back to the market.
With all these factors fueling up the buyer’s demand for great properties in the Northern Beaches, we hope owner-occupiers and investor sellers’ confidence in the Northern Beaches property market returns stronger than ever. If there’s a selling wave to catch, the right time is now.
Fear missing out on fetching a high price for your property? Get in touch with the best real estate agents Northern Beaches has—Clarke & Humel.