Property Prices

Our Coveris Blown

AS PROPERTY PRICES ON THE NORTHERN BEACHES CONTINUE TO SKYROCKET, (DID YOU HEAR ABOUT THE $11M HOME IN FRESHWATER?) IT’S CLEAR TO SEE WHY EVERYONE WANTS A PIECE OF OUR BEAUTIFUL BEACHES LIFESTYLE. ACCORDING TO UPSTATE DIRECTOR, LACHLAN YATES, THERE IS STILL MORE GROWTH TO COME.

What we’ve known about the Northern Beaches for years has now leaked to the mainstream property market - lifestyle is our number one priority.

And the once city exclusive, to those comfortable dropping $5 million+ to secure property in the Eastern Suburbs, we now see tremendous value in a house near the beach for $3 million, especially in a work-from-home lifestyle. “At Upstate, we’ve seen up to 80% growth for some homes, and 35-55% growth in apartments in a 12-month period, particularly since Covid,” says Lachlan Yates, Director at Upstate.

It started with a little leak last year, and has surmounted into the explosion of property values and record sales we’re experiencing now. Yep, our cover is blown on our little piece of paradise and everybody wants in. And they’re willing to pay for it.

“The market was moving quicker than we’ve seen and it was hard to price. We can read it better now and there’s still growth to come,” adds Lachlan.

“There was also a 30% jump in rents. People still want to live here even though they can’t afford to buy here.”

MEDIAN HOUSE PRICE INCREASE OVER THE LAST 12 MONTHS; CORELOGIC DATA.

NEWPORT – 71% $1.74m – $3m

AVALON – 68% $1.8m – $3m

BILGOLA PLATEAU – 59% $1.7m – $2.7m

BAYVIEW – 57% $1.97m – $3.1m

FRESHWATER – 53% $2.3m – $3.5m

MANLY – 58% $2.7m – $4.35m

FAIRLIGHT – 58% $2.4m – $3.8m

BALGOWLAH – 60% $2m– $3.2m