By Rich Harvey, CEO & Founder, propertybuyer.com.au
When buyers try to analyse property markets, they often draw on the generalist data presented in the media. Median house prices and weekly rents, vacancy rates, and rental yields as applied to cities, states and regions will be the go-to number sets.
Now – there absolutely is a place for data, no doubt about it. However, when the rubber meets the road, all these digits will deliver very little success to a buyer who doesn’t have the experience, networks and skills to back them up.
Matt Corbett is our buyer's agent specialist on the Northern Beaches. When I want to know valuable market information about this region, there is no one better placed than Matt to deliver some knowledge.
Matt recently shared with me some valuable insights on how buyers can acquire great property with excellent potential on the Northern Beaches.
The region defined
For those who don’t know, the Northern Beaches describes an area bounded by Palm Beach to the north, Manly to the south and Forestville to the west. It’s a geographically thin region on the map, but it packs a powerful punch in the property stakes.
The Northern Beaches region is dominated by detached homes on good-sized allotments with an attractive mix of beach and bush lifestyle. It’s the ideal choice for those who want a more laid-back existence while still making the occasional commute to the CBD.
Buyers across all demographics will find a property to suit their needs, however the most active purchaser groups are families and retirees.
Countercyclical shift
COVID highlighted the region’s ability to bridge the gap between CBD convenience and regional appeal.
During the pandemic, people realised the value here in comparison to the North Shore and Eastern Suburbs. It caught many Northern Beaches locals a little off guard as folks from some of the city’s most affluent enclaves decided to shift to the area. These new arrivals could work from home and enjoy a little more outdoor freedom.
In the post-COVID world, the Northern Beaches has proved to be a countercyclical market. As interest rates rose in 2022 and many other areas saw their price growth stall, Northern Beaches real estate flourished. The region saw close to 40 per cent increase in property values throughout the 2021/2022 period. In fact, the slowdown in value growth didn’t come until around very late 2022 and into 2023. House prices dropped 10 to 20 per cent as stock came back onto the market.
It's stayed quiet for some time, but Matt’s keen eye as a Northern Beaches buyers’ advocate has spotted an uptick in sales during August that could be the inkling of a new wave of activity.
The key thing is that the regional fundamentals remain solid. Buyers – particularly families – can see the joy of living here and the impressive bang-for-buck that local property delivers.
Suburbs of interest
I asked Matt about some of the suburbs he has on his radar, and there were quite a few which have the potential to deliver excellent long term value growth. As you’ll see, quality property requires a budget above $2 million, but in comparison to other Sydney suburbs, what that secures in terms of property scale is impressive.
Belrose and Davidson have been great performers already with their profiles growing leaps and bounds among buyers over the past five to 10 years. These areas are well serviced by retail facilities and amenities, while property is reasonably priced for the location. Large four-bedroom contemporary homes on good-sized allotments are fetching from $2.1 million to $2.5 million, and you certainly get plenty of space for raising a family.
Elanora Heights is another area where Matt sees good value. Positioned just 2.5 kilometres from the shoreline and with easy road access, Elanora Heights’ homes are priced from approximately $2 million to $2.5 million. For family buyers willing to compromise on a house’s age, there are some comprehensive properties available in this growth zone.
Forestville and Killarney Heights are well known as highly desirable residential addresses. Families adore living there with their leafy lifestyle and comprehensive amenities throughout, and a budget of $2.5 million to $3 million will give you plenty of options.
Mona Vale and Newport are also on Matt’s list. Talk about enjoying all the delights of a waterside lifestyle! Newport is surrounded on two sides by water with a beach and marina among the charms on offer. There is a reasonable array of housing here, but generally you’ll need a bit more than $2.5 million to get something that ticks all boxes.
Should I buy in the Northern Beaches?
The Northern Beaches has the hallmarks of a growth region. It allows remote workers to avoid city congestion and overcrowding, while still being within a reasonable commute of the CBD. It offers a coastal lifestyle and relatively affordable housing by Sydney standards. As the city’s population continues to grow, particularly with overseas arrivals fueling demand for quality housing, the Northern Beaches region is a destination that will attract attention.
The key to a successful purchase is asset selection, and the best way to maximise the chance of securing a great home is with the expertise of a talented local Northern Beaches buyers’ advocate. Matt has the connections and know-how to stay miles ahead of the competition. If you have an interest in exploring the area, then you’d be crazy not to give Matt a call.
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