Summer 2022-23 Property Report Lower Northern Beaches
Hello again and welcome to our Northern Beaches property roundup for Summer. Somehow, another year has flown by before we’ve really had a chance to register it! The challenge continues to be inflation, the effects of which are being felt both in Australia and abroad. With the Reserve Bank of Australia almost tripling the cash rate since June, the cost of borrowing has risen steeply in the second half of the year, prompting the first real declines in property prices in more than a decade. We have seen a tighter, balanced market this quarter, with reduced stock levels and steady buyer enquiries. As has been the case throughout 2022, the prestige market in Sydney and particularly in the Northern Beaches, remains very strong. The standout sale locally was an incredible $21,500,000 for 2 Reddall Street just above the Manly Surf Club, while a waterfront property on Seaforth Crescent went for $9,750,000, and another in Clontarf sold for $8,950,000. Here at Guildea, we are especially proud of the recent sale of 35 Beatty Street in Balgowlah Heights, a spacious 5-bedroom property situated above Forty Baskets Beach and offering spectacular views across North Harbour and Manly Cove. Selling before auction and with several offers, 35 Beatty Street proves that the upper end of the market is still in sought after demand from buyers. Major changes are being seen in the rental market, however, as the cost of living begins to bite family budgets shrink in accordance. In the past quarter, we have seen enquiry and inspection numbers for houses drop off as demand has increased for units and townhouses, evidencing the fact that renters are looking for smaller, more cost-effective properties to lease during these times of economic uncertainty. An interesting development over the last few months has been the downturns seen in the regions. Having experienced unprecedented growth throughout the pandemic, regional centers in NSW are now seeing a decline in both house values and sales volume that is outpacing that seen in many of the state capitals, according to Corelogic. Lifestyle regions have been some of the most significantly impacted, with price drops of 6% or more in the Southern Highlands & Shoalhaven, Richmond-Tweed (-11.7%), Illawarra (-7.1%) and Newcastle & Lake Macquarie (-6.1%) over the quarter. Whether these decreases are the result of homeowners choosing to return to major metropolitan areas, or being forced to sell second properties in response to economic pressures remains to be seen but it is a trend that should be expected to continue into 2023. Don’t forget to reach out to one of our Guildea Residential team for any support you may need; whether you are buying, renting or selling! Life's Better On The Beaches Jason Guildea – Principal 0411 859 505 jason@guildea.com.au Market Overview for 2022
Market Overview for 2022Postcodes 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 $4,042,500 $1,845,000 $3,490,000 $1,540,000 $2,800,000 $3,361,000 $1,662,500 $4,800,000 n/a $3,100,000 $3,725,000 n/a $1,247,500 n/a 49 27 30 87 19 68 32 259 76 1 16 0 81 1
Our recent sales achievements 5/25 Ashburner Street, Manly 2/24 George Street, Manly 35 Beatty Street, Balgowlah Heights 26 Lauderdale Avenue, Fairlight $2,080,000 $1,385,000 Contact agent $3,670,000 2 1 1 5 4 3 2 1 4 2 2
13/24 Birkley Road, Manly 3/6 George Street, Manly Alma Street, Clontarf 22 Ernest Street, Balgowlah Heights $2,830,000 $1,255,000 $4,375,000 $3,000,000 3 2 2 4 3 2 2 1 4 2 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. Guildea Residential 9948 2020 The Benefits With over 26 years of local experience, you could not be in better hands. What’s the job we do for you as the landlord? Wemaximize rental return. Weminimize 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 andmaximize asset value for future resale. We become your eyes and ears for set and forget property management.
For the latest listings please visit guildea.com.au 29Woodland Street, Balgowlah Heights 4/32 Awaba Street, Mosman 2/39 Ethel Street, Seaforth 16/32 Bonner Avenue, Manly 7/67 Pavilion Street, Queenscliff 47AWest Street, Balgowlah $1750 pw $750 pw $620 pw $1400 pw $1375 pw $1800 pw 4 2 2 1 2 3 2 2 2 3 3 1 3 2 1 2 2
What our clients say 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 Jason’s respectful and calm demeanour made the process of selling during lockdown as easy as possible. His communication style was timely and professional, and it’s this comfortable ease that he conveys that results in an unreserved recommendation. –––– RICHARD 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 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
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