Local Property Report - July

By Fiona Berkman on Jul 03 2017

Market Overview

Activity in the local property market is easing. Listing numbers are lower with 716 listings compared to 778 for this time last year and there have been 880 sales this year compared to 1,005 sales last year. Median house price changes ranging from 12.8% in Avalon Beach to 29.5% in Clareville have been observed, while median unit price changes have ranged from 2.9% in Avalon Beach to 27.9% in Newport.

In houses, the best performing suburb currently is Clareville with median prices growing 29.5% over the past 12 months. The median price of a home in Clareville is now $2,500,000. Church Point has grown 18.5% with median prices at $2,251,250 and Bayview is growing 16.6% with a median of $2,037,500. The most traded suburb for houses in our area has been Avalon Beach with 167 homes sold while Mona Vale had the most unit sales at 101 units sold over the past 12 months.

Over the past month, about $6,118,100 in units and $39.45m in houses has been sold in Avalon Beach with $62.18m and $269.72m respectively sold across the year. Newport has demonstrated the strongest price growth for units with prices rising 27.9% over the past 12 months. The median price for units in Newport is now $895,000 and with a median asking rent of $575 a week, they offer a reasonable rental yield of 4%.

The highest median housing rents in our area are $1,150 per week in Clareville. Housing rental yields in Bilgola Plateau are currently 3.2% 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 67 days in Clareville and the shortest median time to sell a unit is 17 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 3.2% yield, while units in Avalon Beach are returning a 4.1% yield - making it a good place for savvy investors to look for inlation-beating returns. The median price of a house in Bilgola Plateau currently is $1,580,500 and average rents are $900 per week whereas median unit prices are $710,000 in Avalon Beach with rents of $588 per week.

Unit prices in Avalon Beach have done well, growing 2.9% over the past year, meaning rental returns are supported by reasonable capital growth. Newport is the second best yielding unit suburb in our area with units that cost around the median price of $895,000 returning 4% with median asking rents of $575 per week, while Mona Vale also is worth watching with returns of 3.9% based on a median price of $890,000 and rents of $620 per week. For those interested in investing in houses, also consider Mona Vale where prices have moved strongly by 16.4% while yields are 3.2% - although this would most likely require a negative gearing investment.

This month's suburb profile: Clareville

Clareville is one of the Pittwater area's most affordable suburbs that is currently experiencing good price growth and growing buyer demand for houses. The median price of houses in Clareville is $2,500,000 showing growth of 29.5% over the year. There have been 18 houses sold over the past year in Clareville equalling $51.61m in transactions and there are currently 22 house listings on the market. Rents in Clareville for houses are currently $1,150 per week, which offers a yield of 2.5%. This means there are opportunities for negative gearing investments.