The Spring Property Market 2012

Northern Beaches NSW Property Spring Update 2012

Spring is well and truly underway and as is seasonally the case, we are seeing more properties entering the northern beaches market and more buyers getting out and about. Adding to the buzz is the whisper of interest rates potentially coming down, the end of the first home buyer grant (as it currently exists) at the end of the month, plus a rise in mortgagee in possession sales.
Affordable apartments and entry level homes in suburbs such as Freshwater, Allambie Heights, Manly Vale, North Manly, Frenchs Forest and Beacon Hill have been getting snapped up very quickly due to the high level of demand. Numbers for these sorts of properties have been exceeding 80 groups and have been selling in as quick as 7 days on the market. Some examples of these entry level home sales are below:

  • 10 Wandella Road, Allambie Heights sold well over the guide for $858,380. The home attracted 105 families through in 4 weeks. 11 contracts were issued and ended up selling to a young family from Manly Vale who are delighted to be moving in.
  • 19 Cornwell Road, Allambie attracted 80 families through in 7 Days which resulted in 9 contract requests. The price guide was over $770k and sold for $825k ($55,000 over the guide) in one week.
  • 2 Crawford Place, Beacon Hill – another property priced at $770K sold in just one week. It went for $40,000 above the guide.
  • 55 Ryan Place, Beacon Hill which is on the market for over $760,000. The first open home attracted 32 families through and already it is going under contract well above the guide.
  • 52 Ryan Place, Beacon Hill sold for $857,500. It sold prior to even hitting the market. The first and only buyer through the property bought it. It sold well above the guide.
  • 11/9 Innes Road, Manly Vale and 1/12 Campbell, Manly Vale – both 2 bedroom apartments which attracted big numbers of buyers through very quickly. 11/9 Innes Road sold in three days for $10,000 above the guide and 1/12 Campbell Parade sold for $40,000 above the price guide after just 3 days on the market.
  • 84H Prince Charles Road, Frenchs Forest, a home on 249sqm was on the market for $895,000 and sold for $910,000 in 11 days, which enabled the owners to relocate to America. They were delighted.
  • 64 Oliver Street, Freshwater sold prior to Auction for $1,080,000 after over a hundred groups came through during the campaign.
  • 42 Amourin Street, North Manly sold for a huge amount above the guide the night prior to Auction.
  • 90 William Street, North Manly – a newly renovated home which we had styled for the sale, sold for a great result $1,142,000 ($42,000 above the guide).

Properties above the mid $2M vicinity (with a few exceptions) are still very slow on the whole. There are some great buying opportunities for premium homes. It is only a matter of time before the high end of the market will recuperate so for those considering an upgrade at some stage down the track should think seriously about fast tracking their plans and making a move in the very near future.

If you would like a discussion on the current property market and how your property goals are affected by current trends, please Bernadette Cullen on  02 8962 2255 today. The team at Northern Beaches Property Specialists can easily provide you with accurate advice, whether it be buying, selling investing, home loans or property management. We will  be delighted to assist and guide you to ensure you make the right move.  Look forward to speaking with you soon!

About Tim Cullen

Since joining McGrath Estate Agents 15 years ago, Tim Cullen has defined himself as a first class industry leader with an outstanding track record and rapidly growing and loyal client base. He ranked 1st on the Northern Beaches in this year’s Real Estate Business’ Top 100 Agents List and ranked 21st nationwide.