We’re really lucky that we’re able to secure finance for people all over the country – we really have no geographical boundaries. Our clients come from all over Australia, and the property market differs wherever you are.
This month we thought we’d do a little research on our own backyard to show you how important it is to gather some intel before you buy or sell!
So here’s a snapshot of what’s happening on Sydney’s northern beaches:
We found that the property boom, which settled down from a boom to a rumble at the end of 2017, really made an impact on the area – as if we didn’t know – but here are the stats:
- Average five-year sale price growth rate for northern beaches suburbs was 79%
- Eight suburbs cracked the 100% mark — some for apartments and others for houses.
Standouts were:
- Clareville: the median sale price for a house grew by 159.6% to $3,037,500
- Manly: the median sale price for a house grew by 116.5% to $3,150,000.
- Dee Why and North Curl Curl also receive an honourable mention.
When looking at recent auction results, the vast majority all seem to be selling prior to auction – which tells me a couple of things:
- Vendors are happy to take good offers rather than go to auction
- Buyers need to get a wriggle on and start negotiating hard before auction.
It’s pretty safe to make two assumptions from our research:
- Real estate prices aren’t heading south any time soon
- The quicker that you get into the market the better because, with this type of price growth, real estate prices are growing at a far greater rate than your deposit is. So beg, borrow or team up with someone else you trust to make it happen asap.
Where ever you live, take the time to do your research. Look at recent sales results, auction clearance rates, try to find similar properties that you’re buying or selling to see what they’re going for.
Our advice: Know your market! It will help you with negotiations and you could save thousands.
We’re here to help with your finance needs – whether you’re near or far!
