Northern Beaches Defying Sydney Market Slowdown

Northern Beaches Defying Sydney Market Slowdown

Northern Beaches Defying Sydney Market Slowdown

Analysis of the latest Sydney auction clearance rates has found that the Northern Beaches is defying the market slowdown by continuing to record strong sales and price growth.

While Sydney's auction clearance sits at about 56 per cent – down from 67 per cent at the same time last year – the Northern Beaches posted an impressive rate of 71 per cent a few days before the spring selling season starts, according to STRAND Property Group.

In fact, the popular beachside locale has been recording improving average clearance rates since June with the numbers of auctions on the increase over the past month in particular. STRAND Property Group Director and Sydney buyer's agent Michael Ossitt said it appeared the Northern Beaches market was mostly oblivious to this year's slower market conditions.

"These results are testament to the fact that desirable locations retain their attractiveness regardless of the overall market conditions," Mr Ossitt said.

"The Northern Beaches has long been a location that many Sydneysiders aspire to live in and they're prepared to make their move on the local market whether the wider market is firing or not."

"What's even more extraordinary is that winter is traditionally a quieter month for the Sydney market generally, but that certainly is not the case on the Beaches this year." Mr Ossitt said he expected the Northern Beaches to continue to record solid results during spring due to a market which had strong demand as long as restrained supply continued.

The Northern Beaches is also not the only location to beat the Sydney auction clearance rate of late with the Lower North Shore and City and East also out in front.

"With clearance rates of 61.5 per cent and 64.1 per cent respectively, these inner Sydney areas are continually ahead courtesy of the robust demand from buyers and long-term investors to own real estate in these locations," Mr Ossitt said.

"It's at times like these that savvy buyers and investors are staking their claim on some of Sydney's most desirable precincts because of the reduced competition currently in play."

According to PriceFinder, the median house price in Manly has increased 9.17 per cent to $3.38 million in the 12 months to June this year, while in Fairlight it has grown 9.44 per cent to $2.33 million over the same period.

Photo by Alex King on Unsplash