02 August 2024
Winter on the Northern Beaches has historically been a quieter period for property sales, and July was no exception. However, despite the seasonal slowdown, the market has shown remarkable resilience. Accurate price guides and exceptional property presentation have proven crucial in securing great results for sellers again during July.
Overall, the winter housing market remains reasonably active on the beaches with a consistent number of listings and some stellar auction results. Here at Cunninghams we have sold just over a property a day throughout July, with 32 sales and a value of over $60,720,000. We continue to be recognised as the No. 1 residential agency on the beaches for sold listing volume (REA Group, 2024), with Cunninghams properties accounting for 10.11% of all sold property up and down the peninsula. Our days on market is looking efficient at 22 days when compared to the market average of 26 days and our median sold price for houses sits above the Northern Beaches average, currently at $2,850,000.
Our leasing team has also had a successful July, with 50 properties leased over the month, an extraordinary achievement given the seasonal slowdown. The average leasing days on market for July were around 10 days, showcasing market strength compared to the 14-15 days from this time last year. Despite the quieter period in our beachside area, we continue to achieve excellent results for our owners and look forward to a busy and thriving end to 2024.
Looking ahead, August is set to see a notable increase in property listings, with 25 new properties coming to market this week alone. Many property owners are eager to get a head start on the typically competitive Spring market. This anticipated bump in stock provides a fantastic opportunity for buyers to explore a wider range of property options and for sellers to benefit from increased buyer activity.
This balanced market, as we call it, is an ideal time to make that buy/sell move. Conditions are more stable, making market dynamics easier to read and understand.
While higher interest rates and rising inflation pose challenges to growth rates this year, the national economy remains robust with low jobless rates and significant jobs growth driving wage increases. High levels of migration are contributing to chronic housing undersupply, leading to higher rents and record-low vacancy rates in capital city rental markets, so we will watch these areas with interest.
Overall, while Winter may traditionally be slower, the Northern Beaches market continues to demonstrate its strength and appeal, setting the stage for a vibrant and active Spring season ahead.
