The stage is set with the stars in this year’s show, being any of us owning a piece of Northern Beaches pie. Domain’s Property Predictions for 2013 are solid gold for the Northern Beaches, with property set to rise by an estimated 3-5%. Stand outs in the crowd are forecasted for Dee Why, Freshie, Avalon, Curl Curl, Balgowlah Heights, Collaroy, Manly, Narrabeen & Seaforth, all set to increase by at least 5%.
It seems that baby boomers are bolstering the Northern Beaches property market, with a flurry of heightened activity from the over-55 age group where many people choose the upper Northern Beaches to retire.
Many baby boomers are snapping up new luxury apartments on golf courses & near the water. In many of the suburbs around Pittwater, the most active buyers are those aged over 55. Recently, a large number of over-55s apartments have been built to cater for this market & they seem to sell well at $1.5 to $2 million.
Property in & around the Dee Why area has remained strong with property prices remaining stable & properties selling up at a very fast pace. There’s a broad range of properties on the market & they have all been fetching higher than expected prices. Many new developments in the area has seen a large influx of first home buyers & investors as well.
In & around Manly, where the median house price jumped 16% in 2012, upgraders & downsizers are out in equal numbers. The baby boomers & divorcees are selling the $2 million family home & buying small houses & apartments, semis & duplexes, while the upsizers are moving from units into semis.
The sub-$1 million market remains very strong while at the low & middle sectors of the market, activity from investors is gradually picking up & yields improve.
A definite increase is expected on the previous year with the return of Mum & Dad investors who are moving away from the share market due to poor performance & using super funds to invest back into bricks & mortar.
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