A MESSAGE FROM ADRIAN VENTURI
Since our last McGrath Report 12 months ago, we have seen some significant changes to our local property market. As 2022 draws to a close, the heat in the market that was still prevalent in the first quarter of this year, has pulled back considerably. So where are we now?
As predicted earlier in the year by analysts, with interest rates continuing to rise at a rapid rate,
we are seeing a considerable market correction. Inflation in the US, Europe, Australia and throughout the world is at uncomfortable levels and further rate rises are predicted by analysts.
Prices are without doubt declining in all suburbs of the Upper Northern Beaches, but we do need to put some perspective on this. For example, the Avalon Beach market is down approximately 20% since its peak in November 2021, however, it is still up an impressive 60.5% over the last 3 years.
Welcome to our 2022 McGrath Report.
As another example, Palm Beach is down 18% but over the past 3 years is actually up 43.4% overall.
In relative terms, the results we have been achieving so far this year have been equivalent to the March/April results of 2021, which at that time were unprecedented. When prices are declining, it’s important to put this in context and look back on the long term success story of your local market.
Over the past year our team and agency have had many strong campaigns that have defied the market gloom and proven that experienced agents and strategic advice really make a huge difference in tougher times.
Since June alone, our recent sales include a further 6 street records. An example In Avalon Beach was 27 Careel Bay Crescent which sold under the hammer in September for $4.595m - with two buyers strongly competing for the property. In Bilgola Plateau, 30 Bilwara Avenue sold for a record $4.1m in June – an exceptional result for an off-market campaign.
If you are thinking of selling, now is a great time to sell as prices in your suburbs are likely to be 60-80% higher than they were 3 years ago. We are still finding strong demand for properties as long as vendors expectations are meeting the market. Buyers can now feel confident to sell before buying with so many more properties
available and less fear of being priced out of the market while they wait to find their next home.
If you are thinking of buying, you will be paying 15% to 20% less than last year, you have more choice and most importantly, you have more time to make sure you find the right home for you and your family.
It is also good news for renters who late last year were faced with a shortage of options with so many flocking to the northern beaches during the pandemic. This has since corrected with reduced rents and an increase in stock.
Supporting our local Community continues to be a priority for us. We are thrilled to announce that the much loved community Avalon Surf Club event is back this year with the McGrath Pittwater Carols at the Beach running on Saturday 10th December. Furthermore, we have an exciting fund raising event for One Eighty planned for March 2023.
Yours Sincerely, ADRIAN VENTURI 0425 205 181 adrianventuri@mcgrath.com.au
6 BILWARA AVENUE, BILGOLA PLATEAU - SOLD $2,825,000
