The pandemic saw phenomenal jumps in house prices throughout 2020 and 2021, as prices increased on Sydney’s ever-popular Northern Beaches.
After growth of over 20 per cent, the Sydney property market, in general, has cooled for the first time in 18 months. This has some home sellers (who are preparing to put their home up for sale in 2022) somewhat nervous. However, there is good news for those of us in the 2101 postcode, because the market remains strong.
Property prices remain steady
Over the first quarter of 2022, we’ve watched the property market settle down. We’re now experiencing a more normalised level of buyer interest and expect house and apartment asking prices on Sydney’s Northern Beaches to flatten off and remain at their 2021 peaks for the next few months.
The good news for home sellers in North Narrabeen, Elanora Heights and Ingleside is that the number of homes for sale in the area remains limited. It seems the people who live here want to stay, so there isn’t a huge amount of competition if you’re planning to sell in 2022.
With median property prices for Elanora Heights and North Narrabeen sitting at around $2.3 million for houses and $1.375 million for apartments, you can rest assured your home sits in a highly desirable part of Sydney. With supply low and demand high, we’re expecting the market to remain a sellers market throughout the 2022 winter months.
Homebuyer interest increasing for postcode 2101
The other interesting thing about our particular part of Sydney’s Northern Beaches is that we tend to fly ‘under the radar’. But with so many people being priced out of Manly, Newport and Curl Curl, interest is now focused on the suburbs in between.
The the pandemic has made the Northern Beaches even more appealing. As we continue to work from home a few days a week, properties with space to accommodate a home office, with multiple access routes to the city (such as Mona Vale road and Wakehurst Parkway) continue to attract the attention of home buyers.
Realestate.com.au’s neighbourhood reports show a great deal of online searches for homes in Narrabeen, North Narrabeen, Elanora Heights and Ingleside. In fact, there are twice as many people checking out our neighbourhoods than the Sydney suburb average. This is helping to push up prices up further.
There are so many positives for home buyers searching the 2101 and 2102 postcodes. There is a decent mix of new townhouses and apartments (mostly up the road in Warriewood), plus solid freestanding family-sized homes. We have great number of schools for young families that tend to be ‘first house buyers’, as well as large homes with swimming pools, and teenager or parent retreats, for those looking to upsize.
Retirees who are selling their homes seem keen to remain living in the 2101 area. We often help downsizers find a smaller home or apartment within the community or a nearby retirement village that’s lower maintenance, yet conveniently placed close to shops and medical facilities, so they can remain not far from the estuary, beach or lake.
Potential threats to property prices
Economists are predicting that prices may decline throughout 2022. So if you are thinking of selling this year, you’d be wise to put your home on the market sooner rather than later.
The truth is that you never know the exact day the property has ‘peaked’ until the peak is in the past but it will highly likely that you’ll have not achieved equity growth in your property if it’s in the 2101 area this year.
A jump in interest rates may put an end to the steady upwards curve of property prices but it is important to remember that the average North Narrabeen homeowner added around $900,000 without lifting a finger between 2019 and 2021. Even if the price of your home drops somewhat between now and Christmas, you’ll no doubt have still made a tidy profit.
Now is the time to start preparing your home for sale if you want to achieve a great home sale price before the end of 2022. To extract the maximum value from your property, you’ll need to ensure your home is looking fresh, and well-presented with gardens that are beautifully manicured. It’s the picture-perfect, ready to move in, homes that buyers will fall in love and compete for, to make their own.
If you’re a 2101 homeowner who’s thinking of selling in 2022 reach out to our experienced team of home sales negotiators. Our team at Hunter Estate Agents attract the best buyers and help draw out great offers that you can’t refuse. Contact us today.