Early next year is, according to many real estate commentators, likely to be the time that interest rates finally start to fall, which will create some renewed activity in the market. We can expect a little more stock on the market with expectations of stable or rising prices. In fact, according to the Domain Forecast Report, the median Sydney house price will have passed $1.7 million by the end of the 2025 financial year.
What may continue to stem growth is affordability. As people continue to struggle with the cost of living, many may well have reached the maximum of what they can afford on their mortgage. Having said that, ongoing housing shortages will keep property prices steady.
Here on the Northern Beaches, we will always have buyers keen to secure a home. The lifestyle and proximity to both ocean and city will always attract people who can afford to buy here.
How did the Northern Beaches perform in 2024?
Mona Vale prices rose a healthy 4.6% across 2024, with a median price of $2.525 million. With new, high-quality developments being built, some buyers are taking the opportunity to downsize, while families are looking to move into the area for the excellent schools.
Warriewood prices are up 5.9% with an average price of $2.33 million.
Bayview prices are down 16.9%, but this is partly due to lower stock and higher prices creating more noticeable fluctuations in median prices; across the year there were just 35 house sales.
Scotland Island: The median price here is $1.615 million, with just eight sales in the last year. Read more about the Scotland Island real estate market and lifestyle in our recent blog.
Elanora Heights: This suburb is up an impressive 17.3% with the average house price now sitting at $2.58 million. We covered Elanora Heights in a recent blog.
North Narrabeen is up 11.1%, with the average price now $2.2 million.
Terrey Hills is up 13.5% with the average price now at $2.45 million.
Church Point house prices are up 44.5%, with an average house price of $4.4 million, although as with Bayview, prices are skewed due to this figure being based on just 13 sales. We delved into Church Point in this blog.
So in short, it’s looking like a great year for sellers, and for buyers who will have more spending power once interest rates fall. But as always, it is essential to focus on your home and your plans for the next stage of your life along with the wider market.
Are you thinking of selling? Talk to us first
What we do know is that property here on the Northern Beaches will always find a buyer.
More importantly for sellers is ensuring that their sales and marketing campaign will target those buyers, and that everything that needs to be done to the house prior to the sales campaign is completed to ensure that no money is left on the table or spent on unnecessary changes.
What you do in the run-up to a sale is just as important as your final selling price. Where some sellers lose money is in overcapitalising on unnecessary work. It’s here that, as local agents, we can advise you on preparing your home strategically by only doing what needs to be done so that you can walk away confident that you have achieved a great sale.
Three things to do now if you are selling in the new year
A fresh coat of paint is often the best investment you can make when preparing your home.
Start decluttering early, particularly if you are planning to downsize. Letting go of things you don’t need for the next chapter of your life is part of the process of moving on to a new home, and ideally isn’t something you rush.
Finally, give us a call for a no-obligation chat. We will always work with our sellers in this pre-sales preparation and answer every question you might have. We’re here to help.
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