Local Property Report - June
It is a great time to sell in our local area. The number of listings has fallen, reducing competition for home sellers. There has been a drop in sales in our local market with 1,007 sales last year compared to 874 sales now. We have seen median house sales prices move within a range from 9.3% in Bilgola Plateau to 43.5% in Clareville and median unit sale prices range from 2.9% in Avalon Beach to 18.6% in Newport.
In houses, the best performing suburb currently is Clareville with the median sales price growing 43.5% over the past year. The median sales price of a home in Clareville is now $2,475,000. House sales prices in Bayview grew 16.3% with the median price at $2,000,000 and Mona Vale grew 14.9% across 110 individual sales with a median of $1,640,000.
The most traded suburb for houses in our area has been Avalon Beach with 165 homes sold while Mona Vale had the most unit sales with 101 transactions over the past year. Houses in Avalon Beach have performed strongly with growth of 11.2% and now have a median price of $1,575,000.
Over the past month, about $11.69m in units and $7,870,000 in houses has been sold in Avalon Beach with $57.38m and $258.62m respectively sold across the year.
Newport has demonstrated the strongest price growth for units with prices rising 18.6% over the past year. The median price for units in Newport is now $830,000 and with a median rent of $568 a week, they offer a reasonable rental yield of 4%.
The highest median housing rents in our area are $1,125 per week in Clareville and for units $620 per week in Mona Vale. Housing rental yields in Church Point are currently 3.2% which might be suitable for investors. The median time it takes to sell a house in our region ranges from 23 days in Bilgola Plateau to 46 days in Church Point and the shortest median time to sell a unit is 20 days in Newport.
Our thoughts on long term performance
Research shows that most peopleown a property for an average of seven years before they decide to sell. This means that while understanding growth over the past year is a good indicator of current performance and if a suburb is 'hot', the longer term performance of a suburb is often a more reliable indicator of the value of a property.
The best performing suburb in our area for long term growth is Mona Vale where houses have grown an average of 6.8% over the past 10 years. This figure is annualised, so it identifies that properties in the suburb have grown by this average amount each year.
This figure also compares to the median price change of 14.9% over the past 12 months. The median price of houses in Mona Vale is currently $1,640,000. The suburb has also performed very strongly over the past three years with a growth of 40.7%. Of course, past growth is not a guarantee of future performance but it does give you an insight into the fundamentals.
This months suburb profile: Avalon Beach
One of the most popular suburbs in our region is Avalon Beach where 168 houses were listed for sale over the past year. Houses in Avalon Beach have an average land size of 844 square metres. The suburb also has a small apartment market with 73 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 $1,688,826. This is higher than the median sales price which is currently $1,575,000. Over the past 12 months, buyer interest has eased with 165 houses sold this year compared to 210 sales last year.
Houses are typically selling within 33 days. Sales prices have grown by 11.2% over the past 12 months and vendors are typically discounting by -7.7% to secure a sale. All of this means it is now a great time to sell in Avalon Beach.