Autumn 2023 Property Report Lower Northern Beaches
Hello and welcome back to our quarterly market overview. As the year moves on and autumn sets in, both the leaves and the property market are changing here on the Northern Beaches. Globally countries are wrestling with inflation and interest rates. The first quarter of 2023 has seen a steadying sales market, driven by reduced stock levels and an increase in buyer demand in spite of higher borrowing costs. CoreLogic’s national home value index (HVI) posted the first month-on-month rise since April 2022, up 0.6% in March. As is to be expected, dwelling values were higher in the four largest capital cities, led by a 1.4% gain in Sydney. CoreLogic’s Research Director, Tim Lawless, attributes this rise to a combination of low advertised stock levels, extremely tight rental conditions, and increased demand from overseas migration. Mr Lawless said the following about the recent changes in the market: “Advertised supply has been below average since September last year, with capital city listing numbers ending March almost -20% below the previous five-year average. Purchasing activity has also fallen but not as much as available supply; capital city sales activity was estimated to be roughly -7% below the previous five-year average through the March quarter… Although interest rates are high and there is an expectation the economy will slow through the year, it’s clear other factors are now placing upwards pressure on home prices.” This upward price pressure has been seen firsthand at Guildea, with our standout sale of the quarter being 3/45 The Crescent in Manly: a two-level, 3-bedroom waterfront apartment, which sold for $8,600,000. As has been the case for much of the past year, the prestige market has been the strongest here on the lower Northern Beaches, especially in Manly. Now to the rental market. The end of COVID travel restrictions, a surge in immigration, and a continued fall in the number of new dwellings built have combined to create a severe shortage of properties, with little relief in sight for renters. The other side of this equation is that we are seeing the best rental returns on investment properties in the last 5 years. One example of this is a 1 bedroom apartment on Sydney Road, Balgowlah, listed for sale at $800,000 and currently being rented for $700 per week. Prestige homes in Seaforth and Clontarf are also seeing the effects of a tighter rental market, with properties attracting up to $4000 per week. These returns, combined with the significant falls in prices we saw for smaller apartments last year, present some fabulous buying opportunities for potential investors. Finally, we have several new homes and apartments coming up for sale and are seeing significant off-market activity, with strong results from sellers having matched buyers inspect their properties without the need for a standard advertising campaign. It is more important than ever to have a team with the knowledge and experience on your side to help you navigate a turbulent real estate market. If you are considering making your next move, speak with us now so we can help you work out what are the best options, and make sure you achieve the best possible sales price. Life's Better On The Beaches Jason Guildea – Principal 0411 859 505 jason@guildea.com.au Welcome to Guildea Residential
Market Overview January - March 2023 for postcodes 2092, 2093, 2094, 2095 Clontarf Seaforth Balgowlah Balgowlah Heights North Balgowlah Fairlight Manly Clontarf Seaforth Balgowlah Balgowlah Heights North Balgowlah Fairlight Manly Median sales price – House Total Houses Sold Total Units Sold Median sales price – Unit Source: Switch Property Intelligence on exchanged/ settled sales. Information is for general use, please rely on your own enquiries. Clontarf Seaforth Balgowlah Balgowlah Heights North Balgowlah Fairlight Manly Clontarf Seaforth Balgowlah Balgowlah Heights North Balgowlah Fairlight Manly $4,050,000 $1,600,000 $2,811,000 $1,190,000 $1,830,000 $3,015,000 $910,000 $4,870,000 n/a $1,760,000 $4,200,000 n/a $1,524,500 n/a 16 9 9 12 5 9 5 79 17 0 2 0 18 0
Our recent sales achievements 22 Ocean Road, Manly 3/24 George Street, Manly 3/45 The Crescent, Manly 83 Gordon Street, Clontarf Contact agent $1,475,000 $8,600,000 $1,500,000 4 3 2 3 3 2 2 1 0 2 1 1
34 Peronne Avenue, Clontarf 35 Beatty Street, Balgowlah Heights 5/25 Ashburner Street, Manly 29 Alma Street, Clontarf $4,950,000 Contact agent $2,080,000 $4,375,000 3 3 2 2 1 1 5 4 3 4 3 2
Recent leasing success When it comes to managing your property portfolio, nothing is more powerful than experience and great customer service. Elissa Carmichael 9948 2020 Natalie Wong 0401 422 554 If you want to learn more about our services, please reach out to one of our team on 9948 2020 The Benefits With over 28 years of local experience, you could not be in better hands. What’s the job we do for you as a landlord? We maximise rental return. We minimise vacancy by aligning lease end dates to peak tenant demand, and by using a thorough tenant selection process. We reduce risk by the likes of proactive maintenance and maximise asset value for future resale. We become your eyes and ears for ‘set-andforget’ property management.
For the latest listings please visit guildea.com.au 3 Phillip Avenue, Seaforth 14/37-38 East Esplanade, Manly 4/73 Evans Street, Freshwater 2/2D Battle Boulevard, Seaforth 8a/50 Milson Road, Cremorne Point 2 Ainslee Place, Seaforth $1,000 pw $830 pw $1,250 pw $1,400 pw $2,650 pw $1,850 pw 3 1 2 1 1 1 3 2 2 2 3 4 1 2 3 1 2 2
What our clients say Great experience, brilliant customer service. Jason had kept in contact with our family since we bought our house, just touching base on how it was going and keeping us abreast of the Seaforth property market. He was undoubtedly our first choice. As we had moved already, he and his team looked after my property from gardening, tradespeople, property styling, mail collection, closing out the refurb program… you name it, he was across it. Highly recommend Jason and his team. –––– ROBERT Jason and his team at Guildea were a fantastic help to us, great service, responses, and customer services throughout all phases of our property needs. –––– MARK Jason, thank you for the ongoing management of the various properties you have looked after for me over the years. I would like to acknowledge the good work Natalie your property manager has done in finding me a new tenant for my Fairlight property. I felt she went above and beyond what was expected of her and for that I am grateful. –––– PAUL Thanks to Jason Guildea and his team for their professional approach to selling our house. We had used Jason and previously his mother to manage our house rental for 16 years and were very happy. –––– ANNE Disclaimer: All information gathered here is from information that we deem as reliable, however we cannot guarantee its accuracy and all interested parties must make and rely on their own enquiries. Guildea 3/67 Wanganella Street Balgowlah NSW 2093 02 9948 2020 office@guildea.com.au Jason Guildea – Principal
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