Mona Vale Blog

Our Monthly Wrap:

Properties Sold: 11
Avg Sale Price: $2.462m
Groups Through: 500+
Current Listings: 22
Leased: 5

Northern Beaches Market update 2023 - August

Anticipation is running high among investors, vendors, and buyers across Australia, especially after a month of good news in July.

The month started on a high with the news that the real estate market's rebound persisted, with housing values experiencing a fourth consecutive month of growth. CoreLogic's national Home Value Index (HVI) revealed a 1.1% increase, which was close to the 1.2% gain recorded in May.

Adding to the positive sentiment, the Reserve Bank did its bit by giving Australians with a mortgage a breather by leaving the cash rate on hold. This move has encouraged more homeowners to test the real estate waters.

Notably, appraisals have surged by 32% since the beginning of the year, as per Raine & Horne's data. The prevailing feeling within the real estate community is that interest rate hikes are likely to be closer to the end of the cycle rather than the beginning.

More significantly, buyer numbers are up a noteworthy 23.84%. The prevailing scarcity of available properties and strong buyer numbers are the primary factors driving housing values upwards. This situation augurs well for vendors contemplating a sale before the end of winter or the commencement of spring.

Northern Beaches Rental Market - Investor Outlook

The current shortage of available properties, strong yields and a surge in active buyers are the key factors driving the rebound in housing values. This situation bodes favourably for investors considering a sale before the end of winter or the start of spring.

Regarding investment returns, there's also some promising news. According to CoreLogic's latest report, national gross rent yields were 3.9% in June, compared to 3.3% at the same time last year. Among the capital cities, Darwin leads the way with an impressive 6.4% rental yield, closely followed by Perth, which boasts a robust 4.9% yield.