Mona Vale Blog

Northern Beaches Real Estate Market Update: FY23-24

Sales Market

Residential real estate, Australia's favourite asset class, marked its 16th consecutive month of growth in May, rising by 0.8% and achieving the most significant monthly gain since October last year. In FY24, Australian homeowners experienced a significant wealth boost with dwelling values increasing by 8.0%, translating to a $59,000 rise in median home value. Despite challenges like high interest rates and tight credit policies, the housing market showed resilience, largely due to low supply levels.
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The Reserve Bank's decision to keep rates steady at 4.35% in June is expected to support this growth trend as we begin the new 2024/24 financial year.

CoreLogic's Home Value Index shows that mid-sized capitals are leading the way. Perth home values rose by 2.0%, Adelaide by 1.8%, and Brisbane by 1.4%. In dollar terms, this translates to a median dwelling value increase of over $12,000 month-to-month, which is excellent news for investors in these cities. Notably, the Sydney market reached a new milestone of $1,156,020 in May, matching the record high set in January 2022.

Simultaneously, demand for Australian real estate rose nearly 6% month-on-month in May, according to data from Raine & Horne. This market demand makes the remainder of winter an opportune time for vendors to consider a winter sale to take advantage of the favourable market conditions.

When it comes to sales, everyone aims for the best price. This month, we explore how homeowners can benefit from adding eco-friendly improvements such as solar panels, roof insulation, or smart lighting to their properties. According to Domain's Sustainability in Property 2024 report, 'green' houses are selling at a premium of $112,000, while units can fetch an additional $70,000.

The Northern Beaches market, benefiting from the general upward trend, remains attractive for sellers, underscored by its limited supply and high demand dynamics.

Rental & Investor Market

According to CoreLogic, landlords will be encouraged by the news that the annual change in national rents remained steady at 8.5% for the fourth consecutive month in May. Regional rents saw an accelerated yearly growth rate of 6.9%, up from a recent low of 3.7% in the year to September 2023.

Gross rental yields continued to increase in May, reaching 3.75%, marking the highest national result since October 2019 (3.77%) and just before COVID-19.
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Simultaneously, demand for Australian real estate has risen nearly 6% month-on-month in May, according to data from Raine & Horne. This makes it an opportune time for investors to consider rebalancing their portfolios and exploring potential sales opportunities this winter.

Our Performance in the FY23-24

How did the property market perform this quarter? Welcome to our latest quarterly market report, where we unveil the latest trends and insights in real estate, providing valuable information for property owners, buyers and investors.

110 Sales

$264.6M Worth Of Property Sold

28 Average Days On Market

$2.32M Average Sale Price

$868/w Average Lease Price

44 Properties Leased

14 Average Days On Market (Rent)

#1 Agency Area Ranking

To make informed choices, whether you plan to sell or buy a property, contact us today on 02 9999 0800.