Hitting The Heights
An unusually busy time has seen record sales in Manly and surrounds leaving buyers, sellers and real estate agents wondering just what will happen next.
Adam Reeves, from Ray White Manly, gives his views on the current state of play in the Northern Beaches’ housing market.
Multi-million dollar houses are selling and units have been recording sales 10 to 20 per cent above the guide price through Winter.
“It’s incredibly unseasonable and very unusual,” explains Adam. “Some very high end properties have been moving and that is rare in Winter,” he adds.
Adam says it is interesting to note that from June 1 to August 21 this year, Manly had 65 auction properties compared to only 35 for the same period the year before. This is coming off the back of a very strong Autumn market this year.
“Our current auction clearance rate is 68 per cent which is very strong for Winter.
We have seen some slowing in the house market in the $2.5 to $3.5million range however, both the higher and lower end markets, in relation to these numbers, have still remained very strong.
“Many of our clients are looking forward to a seemingly less saturated market in Spring this year due to the previous Winter sales. For sellers, this would mean less competition which in turn we hope will continue stronger prices locally,” Adam explains.
The median house price in Manly is now $3,025,000 compared to $2,600,000 in May last year.
Adam says there has been a steady level of interest in buying properties from expats in areas like Balgowlah Heights and North Balgowlah where a $3.8million record was recently set.
“At the moment the premium properties are selling well and the properties in the mid range around the $2million mark have slowed down,” he adds.
Meanwhile, the Ray White Manly office has two to three large developments gearing up for Spring and is looking forward to a great second half to 2017.
“It’s hard to predict where exactly we are heading into Spring. Usually the market gears up and we are seeing a slow early influx of people trying to get in early for the busy market.
“I am aware that agents have been called off holidays early to get their properties on the market because of the activity that is taking place. It’s a really interesting time in the market and it’s completely unpredictable,” Adam explains.
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Ray White Manly
Adam Reeves - 0408 101 525
45 Sydney Rd, Manly 2095
Phone: (02) 9977 4899 Mobile: 0408 101 525