- Number of properties for sale lower than the peak of the boom
- SQM shows only 565 properties were available in the region during January
- Represents a 11-year low figure for January
Statistics from SQM Research’s Total Property Listing Data shows that during January, a mere 565 properties were listed for sale on the Northern Beaches.
This is not just lower than during the peak of Sydney’s most recent boom – it is the lowest January supply figure for the region in more than 11 years.
Michael Ossit, Strand Property Group Director said the mix of low listings with the jump in buyer sentiment seen since Christmas has resulted in the supply-demand equation being ‘completely out of whack’ due to more buyers for fewer properties.
Mr Ossit believes the low number of properties available is in part caused by the Northern Beaches lockdown – which was only lifted a few weeks ago – which may have delayed the selling plans for some sellers. However, this has resulted in high house prices.
“It’s clear that one month on from the Northern Beaches lockdown, the market has strengthened even further with some sky-high prices being recorded,” Mr Ossitt said
The Strand Property Group Northern Beaches Market Update for January showed that the top five suburbs for average monthly visits based on per listing were Allambie Heights, North Manly, Collaroy Plateau, North Narrabeen and Curl Curl.
Mr Ossit also remarked that with the number of houses is so low, many are turning to buyers’ agents to assist with securing a property in the Northern Beaches.
“Buyers’ agents do have networks with local sales agents, which is beneficial because they know we only work with qualified purchasers who have loan pre-approvals,” he said.
“In strong market conditions like we are now experiencing, it’s also important that buyers don’t pay through the nose for a property that they ultimately can’t really afford because their emotions get in the way of their common sense.
“Strategic property purchases are part and parcel of what professional buyers’ agents provide to clients, including ensuring they are not over stretching themselves financially.”
He believes the record low-interest rates – which the RBA Governor said are likely to stay low for another three years or more – and the local lifestyle will result in strong market conditions for the Northern Beaches over the next few years.
“Lifestyle has become far more important to all of us over the past year which, when coupled with working from home, means that more people than ever are seeking their over own slice of the beaches real estate to call home,” he said.