Mona Vale Blog

YOUR MONTHLY UPDATE - OCTOBER

General Market Update

Spring is in full swing!!!

In August, Australian real estate recorded its 19th consecutive month of growth, with Perth and Adelaide leading the charge. These results have been achieved despite the Reserve Bank leaving official interest rates at a record high.

More impressively, demand is even stronger than at the beginning of spring 2023 and 2022. However, supply needs to catch up. Raine & Horne's data noted a 10.59% drop in appraisals and a 10.88% decrease in listings compared to early September 2023. This shortage of listings makes now a prime time for vendors to sell, with fewer competing properties on the market for sale.

As we move closer to summer, it's also a smart time to review your insurance coverage. The devastation of the 2020 Black Summer bushfires left many homeowners underinsured, unable to rebuild or replace belongings to their previous standard. Underinsurance happens when your insurance policy doesn't cover the current replacement value of your home and contents.

Using online calculators and speaking with a finance professional from Our Broker can help ensure your property is adequately covered. Contact Our Broker at 1800 913 677 to explore home and contents insurance options.

This month, we also examined the most expensive home appliances, and the findings may surprise you. For instance, did you know that an air fryer isn't just more convenient than a standard oven for certain cooking and baking tasks but also uses less energy? This is because it heats faster, making it a more energy-efficient option.

Mona Vale Market Update

Sales (past 12 months)

Median Sale Price (house): $2.7M (+16.3% annually)
Median Sale Price (unit): $1.4M (-7.9% annually)
89 Sold (house)
90 Sold (unit)
Average days on Market (house): 64
Average days on Market (unit): 5

Rental

Average rental price (house): $1,200/w (+9.1% annually)
Average rental price (unit): $750/w (+8.7%)
133 Leased (house)
174 Leased (unit)
Average days on Market (house): 22
Average days on Market (unit): 16

To make informed choices, whether you plan to sell or buy a property on the Northern Beaches this spring, contact us to discuss your real estate plans.