It's a great time to buy on Sydney's northern beaches: Rich Harvey
Over the last 24 months, Sydney's northern beaches have seen a flattening of the residential property market, but statistics and general market sentiment indicate that positive signs are ahead.
Although some suburbs such as Freshwater and Balgowlah have seen a 1.9% to -2.2% reduction in the value of apartment sales over the last year, according to Residex, house sales in many suburbs have witnessed minimal growth over the past 12 months, which is an improvement on the previous year.
Hence, it would appear that the northern beaches may have turned the corner as positive signs are apparent.
Property cycles see values swing according to supply and demand.
The northern beaches of Sydney offers a wonderful lifestyle, not too far from the city, with beautiful non-crowded beaches, waterways, golf courses, national parks, good schools, restaurants, boutique shops and a major retail shopping precinct.
It is not too far from other businesses and commercial districts such as Chatswood, Frenchs Forest and North Ryde.
The northern beaches provides a safe family environment in comparison to most other Sydney regions.
The majority of northern beaches suburbs have traditionally experienced a 10 year average growth of 6-7%, however, such growth figures are closer to 4% due to price corrections over the last three years.
What this means in real terms is that now is an excellent time to buy in the northern beaches.
There are so many positive factors and fundamentals that will see property prices here rise again – it’s cyclical and now is the best time in the cycle to buy.
Working exclusively as buyers’ advocates, I've noticed that the level of inquiry since early January was far stronger that the last 4 years.
In 2013 I have already seen a significant uplift of interest in the sub-$650,000 price bracket.
Some of this can be attributed to a lack of supply and increasing demand due to factors such as reduced interest rates and improving market confidence.
The housing market up to $1 million is also starting to improve, evident by increasing numbers at open homes and decreasing days on market.
This would provide an excellent opportunity for those wishing to upsize.
The prestige market in the northern beaches has seen a dramatic decline in value over the past three years, however, this would appear to have stabilised and we can expect some improvement in the coming year.
The value for money that can be seen in the $2 million plus market is excellent in comparison to other Sydney regions.
Rich Harvey is a buyers’ agent and CEO of www.propertybuyer.com.au
