6 Month Property Review

The below statistics from pricefinder.com.au showcase what we have seen over the last 6 months. The number of properties sold has increased from the first 6 months of 2023 and sales prices have dipped in Seaforth and Balgowlah Heights and surrounds, with Manly being its own little micro market which continues to go up regardless of market conditions. The two big factors affecting the marketplace have been consumer confidence, which dropped in November last year as the talk of lower interest rates in early 2024 changing to no interest rate changed and the other being that borrow costs since May 2022 have gone up 70% due to the RBA rate rises from 0.1% to 4.35%. Buyers can’t borrow as much and as a result can’t pay as much to buy a home.  When media coverage of definite forthcoming interest rate falls start to occur, maybe next year the market will pick up very quickly.

The rental market has almost come to a standstill. People are not moving and are extending current leases or in many cases accepting rent increases at the end of their lease because there is such as shortage of stock. Unfortunately, we do not see much change in this for the next 6 months. We are now seeing 1 bedroom apartments lease for $800pw and luxury beachfront apartments and prestige houses are now regularly listed at $3,500 per week.

January - June 2024