Dee Why tops the northern beaches with 159 units for sale, including in this Pacific Pde block.
There is more property to choose from on the northern beaches this November than there has been in at least four years.
According to CoreLogic, there are 1342 homes on the market, with 106 of them listed just this week.
That is up to 360 higher than in previous years. Last year there were 1165 homes for sale in the second half of November; in 2016 there were just 980; and in 2015 there were 1203. Even 2014 had fewer than 1275 homes for sale.
Normally by late November the number of properties on the market starts to drop as vendors hold off coming to market so close to Christmas. But this year is different.
And when you look at the property being listed apartments are over-represented. There are many more houses on the northern beaches than apartments. But of the 1342 homes currently for sale 664 are units and 686 are houses.
Manly has 77 units on the market this week, a one-bedroom unit in this block is for sale with a $1.2 million price guide.
Dee Why tops the unit market with 159 apartments currently for sale, followed by Manly with 77 units and Warriewood with 51.
Tim Mumford, of Stone Real Estate, said colleagues in his offices up and down the northern have seen an influx of apartments recently come up for sale.
Investors are selling their apartments especially those which are changing from interest-only loan repayments to principal and interest, he said.
More than 50 apartments are for sale in Warriewood including this one at 4/25 Angophora Circuit with an asking price of $1.15 million to $1.25 million.
“We are noticing that yes, prices have come of slightly though still remain considerably high compared to values prior to 2015. However with minimal rental we are seeing that those holding these apartments in now what is a flattening marketing many sellers are predicting minimal growth over the next 24 months and are choosing this as a time to take advantage of still ‘fair prices’, Mr Mumford said.
“Minimising risk, understanding what you can afford and having secure lending is key, so there has been a greater abundance of sellers this quarter to be in a strong position for next year knowing what they can afford,” he said.
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Local agents observe that instead of interest rates driving the market, people’s buying patterns are being dictated by their ability to borrow — a fallout from the banking Royal Commission.
Toby Hutton, of Raine & Horne Manly, said this property cycle was different from years past and this was likely to remain for a while.
“People who don’t need to borrow are still spending, it is different from cycles gone by, it is not driven by interest rates,” he said.