What a brilliant start to the year!
Over the past four weeks while most real estate agencies were closed (and doing zero sales), team Novak sold 52 properties! and leased 71!. That means we found a new home for a person EVERY 1.5 hours over those 4 weeks!
A sign of very busy times and a strong Northern Beaches property market.
Everyone is asking us, what the property market has in store for this year? My answer to this is……
(For this exercise, let’s focus on the suburb of Dee Why – on the Northern Beaches, Sydney to consider the answer).
The following statistics apply to Units in DEE WHY (Based on Suburb Scorecard updated monthly. Statistics based on Jul 2016.)
- Change in Median Price (5yrs) is 44.5%
- Annual Change in Median Price (10yrs) is 6.1%
- Median Asking Rent for DEE WHY is $530 per week
- Average Days on Market is 30 days
Pretty much from 2003 – 2011 not a whole lot of capital growth was achieved over those 8 years. And, as displayed 44.5% in the last five years.
Over 50 years the Northern beaches doubles in prices every 7 – 10years.
Cumulating all these facts, my personal opinion is that the market has another 30-40% growth over the next 2-4years until it levels off for maybe 3-5 years. Let’s face it, real estate is not short term, you are buying for a 10-20-30 year hold so buy aaaaaaannnnnyyyytime!!!
A very happy new year to all who celebrate Chinese New Year….