Local Market Report - April
Activity in the local property market has been strong. Listing numbers are lower with 680 listings compared to 826 for this time last year. There have been 882 sales this year compared to 1,028 sales last year. Median house price changes ranging from 4.3% in Bilgola Plateau to 41% in Clareville have been observed, while median unit price changes have ranged from 7.6% in Newport to 10.3% in Mona Vale.
In houses, the best performing suburb currently is Clareville with median prices growing 41% over the past 12 months. The median price of a home in Clareville is now $2.45m. Church Point has grown 16.7% with median prices at $2.1m and Bayview is growing 15.9% with a median of $2m. The most traded suburb for houses in our area has been Avalon Beach with 177 homes sold while Mona Vale had the most unit sales at 100 units sold over the past 12 months. Over the past month, about $2.74m in units and $14.36m in houses has been sold in Avalon Beach with $43.84m and $14.36m respectively sold across the year.
Mona Vale has demonstrated the strongest price growth for units with prices rising 10.3% over the past 12 months. The median price for units in Mona Vale is now $876,500 and with a median asking rent of $620 a week, they offer a reasonable rental yield of 3.9%.
The highest median housing rents in our area are $1,000 per week in Clareville. Housing rental yields in Bilgola Plateau are currently 3.3% which might be suitable for investors. The time it takes to sell a house in our region ranges from 23 days in Bilgola Plateau to 84 days in Clareville and the shortest median time to sell a unit is 18 days in Newport.
Our thoughts on investing
For housing investors, the best buying in our area can be found in Bilgola Plateau where houses are returning a 3.3% yield, while units in Avalon Beach are returning a 4.3% yield - making it a good place for savvy investors to look for inflation-beating returns.
The median price of a house in Bilgola Plateau currently is $1.43m and average rents are $895 per week whereas median unit prices are $715,000 in Avalon Beach with rents of $590 per week.
Unit prices in Avalon Beach have jumped by 9.9% over the past year, meaning investors who bought a year ago have seen good gains and good rental returns. Newport is the second best yielding unit suburb in our area with units that cost around the median price of $758,500 returning 4.1% with median asking rents of $570 per week, while Mona Vale also is worth watching with returns of 3.9% based on a median price of $876,500 and rents of $620 per week.
For those interested in investing in houses, also consider Clareville where prices have moved strongly by 41% while yields are 3.2% - although this would most likely require a negative gearing investment strategy.
This month's suburb profile: Clareville
Clareville is one of the Pittwater area's more expensive suburbs that is currently experiencing good price growth and falling buyer demand for houses. The median price of houses in Clareville is $2.45m showing growth of 41% over the year. There have been 20 houses sold over the past year in Clareville equalling $49.8m in transactions and there are currently 15 house listings on the market.
Rents in Clareville for houses are currently $1,000 per week, which offers a yield of 3.2%. This means there are opportunities for negative gearing investments.
This Local Market Update is produced each month to provide you with the most up to date information on real estate in your immediate area.
At LJ Hooker Newport, we have a team of true professionals who live and breathe the Northern Beaches. The key to our success is our strong local market knowledge and the ability to understand the needs and goals of our clients.
Our team consistently strive for the best possible outcome. If you need any assistance with your property or any other real estate needs, please contact our office on 02 9979 1111 or email firstname.lastname@example.org . Our team are here to help.
Data for this report is provided by CoreLogic RP Data. In compiling this publication, CoreLogic has relied upon information supplied by a number of external sources. CoreLogic does not warrant its accuracy or completeness and to the full extent allowed by law excludes liability in contract, tort or otherwise, for any loss or damage sustained by subscribers, or by any other person or body corporate arising from or in connection with the supply or use of the whole or any part of the information in this publication through any cause whatsoever and limits any liability it may have to the amount paid to CoreLogic for the supply of such information. This data is provided as general information only and is not intended as financial advice. For our complete terms and conditions of use, go to www.corelogic.com.au