Local Property Report - August
What’s happening in our local property market
At LJ Hooker Newport our goal is to provide you with the information you need to make confident decisions about property - whether you are buying, selling, investing or renting. We have created this report which details local market conditions and how property is performing in your area which at times can be very different to the combined performance of the capital cities. Let us help you stay on top of changes in your local property market every month.
Across our local market, we have seen 842 properties listed for sale, over the past 12 months, which is lower than the same time last year. This has impacted sales with 977 taking place over the past 12 months. Looking at the house market, the best performing suburb, over the past 12 months, has been Bilgola Plateau which has seen its median sales price grow by 17.1%. The median sales price of a home in Bilgola Plateau is now $1,590,500. Clareville saw its median house sales price grow by 15.2% with the median price now sitting at $2,382,500 and Bayview grew 14.8% across 61 individual sales with a median of $2,077,500.
The most traded suburb for houses in our area has been Avalon Beach with 169 homes sold over the past 12 months while Mona Vale had the most unit sales with 101 transactions. House prices in Avalon Beach have performed strongly with growth of 11.8% and now have a median price of $1,610,000. Over the past month, about $2,850,000 in units and $20.27m in houses has been sold in Avalon Beach with $59.42m and $272.82m respectively sold over the past 12 months.
Newport has demonstrated the strongest price growth for units with prices rising 18.7% over the past 12 months. The median sales price for units in Newport is now $850,000 and with a median rent of $575 a week, they offer a rental yield of 3.9%. The highest median housing rents in our area are $1,200 per week in Clareville and for units $605 per week in Mona Vale. Housing rental yields in Avalon Beach are currently 3.1% which might be suitable for investors. The time it takes to sell a house in our region ranges from 24 days in Bilgola Plateau to 67 days in Clareville, and the shortest median time to sell a unit is 19 days in Newport.
This month it’s all about Avalon Beach
- One of the most popular suburbs in our region is Avalon Beach where 169 houses were listed for sale over the past year. Houses in Avalon Beach have an average land size of 855 square metres.
- The suburb also has a small apartment market with 74 units listed for sale over the past year
- The suburb is tightly held with residents typically holding their house for 11 years
- The median value of houses in Avalon Beach is $1,707,863. This is higher than the median sales price which is currently $1,610,000.
- Over the past 12 months, buyer interest has eased with 169 houses sold this year compared to 205 sales last year
- Houses are typically selling within 28 days
- Sales prices have grown by 11.8% over the past 12 months and vendors are typically discounting by -5.7% to secure a sale.
- All of this means it is now a great time to sell in Avalon Beach.
Our local area expertise – investing
For housing investors, the best buying in our area can be found in Avalon Beach where houses are returning a 3.1% yield, while units in Avalon Beach are returning a 4.1% yield - making it a good place for savvy investors to look for inflation-beating returns.
The median price of a house in Avalon Beach currently is $1,610,000 and average rents are $950 per week whereas median unit prices are $747,500 in Avalon Beach with rents of $580 per week. Unit prices in Avalon Beach have jumped by 14.1% over the past year, meaning investors who bought a year ago have seen good gains and good rental returns.
Mona Vale is the second best yielding unit suburb in our area with units that cost around the median price of $912,500 returning 3.9% with median asking rents of $605 per week, while Newport also is worth watching with returns of 3.9% based on a median price of $850,000 and rents of $575 per week. For those interested in investing in houses, also consider Mona Vale where prices have moved strongly by 14.3% while yields are 3% - although this would most likely require a negative gearing investment strategy.