It’s no secret that Australia has just wrapped up an unprecedented period of growth, the strongest our Director-in-charge Lach has seen in his 22 years in the real estate industry.
If we look back over the last two years it would be easy to think that things might be finally slowing down, with the medium and entry points of both houses and apartments dropping by 15%. But after a bumper few months, houses in the low and medium price points have again gained ground with a 10% increase, with apartments slowly following the trend at around 5% so far.
With so much interest and incredibly low vacancy, there’s no doubt opportunity for investors and first home buyers alike to benefit from this growing marketplace. So what’s driving this continued growth for the Australian market, and what can we expect to see from property in the Northern Beaches with the new year just around the corner?
Kicking off the new year with a bang
Given the steady increase in property value and the continued demand for the Northern Beaches, Upstate is predicting that real estate will take the lion’s share of investment moving into the new year. And thanks to some promising first home buyer funding schemes due to be released by the Government in January 2020, some of the red tape that was preventing new buyers from entering the market will be lifted, driving further growth from the next generation of homeowners.
But it’s not just buyers in for a treat in the new year. With some of the lowest vacancy rates we’ve seen nationwide for years, existing landlords are in a great position to benefit from the families and singles alike looking to make the Northern Beaches their home – and on their own terms.
The Northern Beaches are booming
Our brand new HQ is based at the heart of Dee Why, and we can happily say that it’s the best decision we’ve made in years. What was once a very local suburb, Dee Why is quickly evolving into the destination on the Northern Beaches – with out of area inquiries at an all-time high. While it would be easy to assume that locals would find the added pressure of a growing population a burden, we are in fact loving to see all upgrades to local culinary and retail scenes, as well as infrastructure that has turned Dee Why into a true glamour destination of the Northern Coast.
The blue-chip heart of Collaroy is booming with the added interest in the Northern Beaches, with plenty of top retail development bringing a world of local possibilities for the years to come. With a huge focus on future proofing the town in support of the planning requirements and added demand for its bright future, it’s very much a ‘watch this space’ point of interest as 2020 comes knocking.
Over the last few years, locals haven’t seen terribly much progress in Narrabeen, with council planning being much more fixed on the short-term gains, as opposed to preparing for the opportunities of the long term. But now, thanks to the Northern Beaches council alignment on the development of Narrabeen into a bonafide hot spot, the area is being better managed than ever before. The retail sector is booming, along with the North Narrabeen-Mexicano, Oceans, Moonlight and Zubi setting the town alight.
There’s so much opportunity to come for locals and newcomers alike along the Northern Beaches, with added demand being met with unprecedented growth and investment into bringing out the best in the new destination in Sydney.
For the team here at Upstate, our experience in the Northern Beaches extends back almost 22 years – and we can safely say that this is the most exciting time for the region yet. With the biggest team across Residential, Asset Management, Commercial Sales and Leasing on the Northern Coast, the majority of our clients come from referrals and repeats from locals who know just how far we’ll go to champion the Northern Beaches into this exciting new chapter.
And we can’t wait to see just what 2020 brings!
Thanks for reading.