Slowing price growth in Sydney and more listings meant the median was likely to hover around similar levels early this year, Owen said, but noted there was great variation across the city.
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“The high-interest rate environment is skewing demand towards the relatively more affordable housing markets … and more accessible pockets of higher end regions,” she said.
Ray White Nepean Group director Sid Elias said demand for houses in the area had grown as buyers sought better value. Growth in the region and large infrastructure projects have also been a drawcard.
“We had 13 rate rises, and it’s surprising that prices went up,” Elias said. “[Homes here have been] very popular, and I think the more rates and prices go up the more it’s going to be a gem for people, because of the affordability mark, but also people are starting to realize how nice it is out here.”
Properties were quick to sell as demand was still outstripping limited supply, Elias said, noting he recently sold a house in Colyton – which had a median of 18 days — to an investor within 12 hours.
It was owner occupiers though who were fueling the market, particularly upsizers moving further afield for a larger house. The unit market had less demand.
Raine & Horne Dee Why and Collaroy principal Aaron Raco said Allambie Heights was popular with families as it was among a handful of comparatively more affordable suburbs on the northern coast, and was the closest of them to the city.
“2023 was difficult because of all the rate rises, but days on market were so low in Allambie Heights because stock levels were so low and prices were still strong,” he said.
Meanwhile, higher density Dee Why was becoming more popular with downsizers, adding to demand from younger buyers and investors.
Raco expected to see more homes for sale in the coming months as vendor confidence improved off the back of higher prices and growing expectations for rate cuts.
Quick sale times are welcome news for Karey Payne who is preparing to sell her family’s Allambie Heights house, ahead of a move to New Zealand. They considered renting the home, but decided it was a good time to sell.
“We’re ready to just move and pass it on, it will be great for another family, or someone moving from an apartment like we did,” she said. “Allambie is lovely, the hardest thing will be leaving our neighbours.”
Homes in the area had recently fetched more than they did just a couple of years ago, Payne said, but still offered better value for money than nearby areas.
“It’s amazing [how fast homes are selling],” she said. “I think it must be really frightening for people coming into the market, but I think it’s still one of the areas that’s not as extreme [for prices on the northern beaches] and that is why homes probably still sell quickly,” Payne said.
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