Real Estate

Northern beaches suburbs post double digit growth in cool market

Written by The ReReport
As seen in the Source link, written by on 2019-01-12 00:31:21

A handful of northern beaches suburbs are defying the Sydney property downturn, a new report has revealed.

Collaroy, Queenscliff, and Whale Beach have all recorded median house price growth of more than 20 per cent in the 12 months to October, 2018, CoreLogic reported.

They have backed this up with impressive five-year price growth rates.

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The data, part of the monthly CoreLogic Market Trends report, showed Collaroy’s median house price grew 21 per cent in the 12 months to October 2018, to $2,817,500, based on 67 sales.

This represents a five-year growth of 103 per cent.

Queenscliff’s median house price grew by 61 per cent in the same period, to $4,142,500, based on 15 sales. This represents a five-year growth of 212 per cent.

This whopping increase was no doubt boosted by the sale of 3 Pavilion St, an oceanfront trophy home that sold for $12 million in September, smashing the previous suburb sales record by almost $2 million.

Whale Beach’s median grew by 53 per cent to $4,710,000, based on 13 sales, a 96 per cent growth over five years. Manly’s median house price grew by 4.5 per cent to $3,275,000, based on 67 sales, a five-year growth of 91 per cent.

Avalon Beach’s median house price grew by 7.6 per cent to $1,830,000, based on 178 sales, a 69 oer cent growth over five years. Palm Beach also held its ground, growing by 6.2 per cent in 12 months to a median house price of $3,000,000, based on 62 sales.


This represents a five-year price growth of 39 per cent.

The northern beaches median house sale price fell by $10,000 this month from the previous month, to $1,760,000, while the median unit price also fell, by $5000, to $885,000.

A number of northern beaches suburbs have seen house prices drop in the past 12 months, including Dee Why (14 per cent), but many have maintained healthy five-year price growth rates.

Dee Why’s five-year house price growth rate is 70 per cent.

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The REA Group’s chief economist, Nerida Conisbee, said the drop in house prices in Dee Why was surprising.

“It may have a bit to do with the high level of new apartment development impacting amenity in the area or it may just be a one off for the year, particularly given the five-year price growth is still quite strong,” she said.

“Dee Why continues to be a popular suburb on”

Ms Conisbee said the results for the northern beaches showed that while prices had gone down in some parts of Sydney, there were still areas that were performing well.

“We are not seeing prices go down in every suburb,” she said.

“Many of the suburbs on the northern beaches are seeing not only good price growth but also very high views per listings.

“This suggests that the price growth in many of the most popular suburbs will continue.”