Belle Property Narraweena

2019 was certainly an eventful year. It began with less than favourable market conditions, while the media focus was on a serious decline in sale prices.This perpetuated fear amongst buyers and sellers, but the predictions of continued doom and gloom have been proven wrong. The change of conditions is simply reactive, with buyers and sellers delaying their decision making throughout the declining market.The decline in property prices in Narraweena and surrounding the suburb last year was roughly 20% from the market peak in mid-2017. Just over six months ago, there were freestanding original homes selling for around $1.2M with similar properties exchanging for around $1.5M in 2017. As conditions improved, stock levels were low and couldn’t meet demand, and property owners were caught nearing the end of the year without enough time to run a full campaign.This resulted in more properties selling off-market.While this strategy proved successful for many, some properties have sold for far less than average prices.A good price 6 to 12 months ago is not considered a good price now. Here’s a great case study.We sold 43 Kirkstone Road,Wheeler Heights in December last year.We suggested a short, sharp auction campaign because we knew demand was high and wanted to create an environment where everyone had time to consider the property. (It’s important to note that this 1960’s home was in original condition and had some serious live termite issues).We had 11 buyers register to bid.The owners would have considered selling at $1.3M off-market and we sold at auction for $1.590M. Not only was that an exceptional price, but it’s now set a benchmark for other properties.The point is that sometimes the thought of saving money can have the opposite effect. Of course, people’s personal circumstances and the market conditions can vary for each property.We recommend speaking to agents like myself who sell an average of 70 to 80 properties a year so that you can make an informed decision. As we enter a new decade, I thought it would be interesting to evaluate where your suburb sits now compared to 10 years ago.The median price in 2009 for a house in Narraweena was $743,750 and in 2019 it was sitting at $1,410,000.This is a 90% increase.Who knows what will happen by 2030… Its sure to be an exciting year ahead, I simply couldn’t do what I do without my personal team! With clear processes we provide a cohesive approach to every aspect of selling property. If you have real estate on the mind for 2020 then the team and I very much look forward to assisting you. Kind regards, Nick Duchatel and Team 2019 REVIEW Narraweena