2023 is already shaping up to be another big year for Real Estate on the Northern Beaches. Here at Upstate, we’re excited for what’s to come in 2023 – not only for our team, but for you, our valued clients.
Check out our first Market Wrap for 2023 for the Northern Beaches straight from our Director, Peter Mosedale.
The Northern Beaches property market continues to hold strong
Right now, the Northern Beaches auction clearance rate is hovering around 74%, which is still considered quite strong.
Between Boxing Day and New Year’s Eve, we launched several properties live to market, which helped get the jump on that traditional boost in supply that comes around Australia Day and this generated a huge amount of enquiry and interest early on.
“We’ve seen enquiry across the Sydney Metro market down about 28%, however on the Northern Beaches, we’re only down about 3%, once again showing the resilience of our market,” says Peter Mosedale – Upstate Director.
Market shift for popular suburb Dee Why
Dee Why is one of the most up and coming suburbs of Sydney’s Northern Beaches. The coastal suburb deemed “not so desirable” just less than 10 years ago, is now in high demand.
Local residents have watched Dee Why undergo a massive transformation with the Dee Why master plan take place in phases over the last 10 years, giving the suburb a massive facelift that has attracted Developers and professional executives to see Dee Why as the CBD of the Northern Beaches. The transformation includes the B-Line rapid transit system, $300m Meriton Group Lighthouse Precinct, Walter Gors Park, Redman Road Plaza, PCYC, Pocket Park and the upgrade of the streetscapes and parks.
The uplift has had an flow on effect in the businesses we’ve seen come to Dee Why. From office suites and banks to gyms, a childcare centre and eateries that contribute to Dee Why truly being the central CBD of the Northern Beaches. But it doesn’t stop there, restaurants host a buzzing night light life that is unrecognisable from the Dee Why that once was.
This facelift has seen multiple top end developers see Dee Why as the place to invest. As we take a look around the up and coming suburb, we see this being brought to life in developments such as the new “Hamptons by Rose Group” community, which consists of 126 brand new apartments and penthouses. The development has already set a record sale prices and is set to contribute to changing the face of Dee Why, following in the footsteps of the Meriton Group Dee Why precinct.
Vacancy rates across the country are at near-record lows of 1.1% and mostly were stagnant or barely improved in the December quarter, which has led to long lines at open inspections and some tenants submitting dozens of applications. According to Realestate.com.au, there are 2,403 serious buyers looking for rental units in Dee Why over the past month. With only 140 rental unit listings available in Dee Why, this shows us there is a massive stock shortage and a gap in the market investors should be looking into now.
Stats for Dee Why units
- Gross rental yield – 3.5%
- 1-bedroom average rent – $530
- 2-bedroom average rent – $625
- 3-bedroom average rent- $925
- Leased past 12 months – 1,411
- Median rental price growth past 12 months – 2.6%
*source Realestate.com.au
If you’re looking to invest, talk to one of our portfolio advisors today to see why there’s never been a better time to invest in Dee Why.
It’s still a great time to enter the Sydney real estate market
Here at Upstate, we’ve got property stock across all sectors and property types.
As it stands, we’ve currently got more than 76 properties on the market between our residential and commercial divisions. We’ve also got 610 properties being sold off the plan across 18 projects spread between Canberra and the Gold Coast.
“We’ve put these real estate initiatives in place to help more people get into the market and build their wealth,” says Peter. “So, if you are thinking about entering the property market at what is ultimately a great stage to buy, then come and talk to us. We’ve got a property for you.”
Annual Upstate Conference
In early February, we held our 2023 Upstate Sales Conference, and it was another enormous success.
We had over 40 of our staff kick off the day with personal training, before sitting down to listen to several key speakers to keep them informed, get them engaged and train them in the best techniques to help our clients maximise their real estate results.
It was another inspiring day for our team at Upstate and a fantastic way to begin another stellar year ahead in 2023.
So, what does the future hold for Upstate?
Recently, our entire team sat down with a prominent market economist to gain a better understanding of the real data in the Sydney property space right now and keep up-to-date with what’s going on around us.
We were told that the majority of the Australian real estate adjustment has already taken place, and there may only be a little more to go at the worst.
This would explain why we continue to see huge volumes of enquiries about our open homes.
“Last week, we had 76 groups through a single property, and on average, we’re seeing 22 groups through every open home inspection. This indicates it’s still a strong market,” Peter tells us.
Of course, where the market is going to go from here, no one truly knows. What we do believe, however, is that interest rate rises are slowing. This is helping to bring confidence and optimism back into the market and tells us that there are blue skies ahead.
Upstate in 2023
At Upstate, we’re keeping a strong focus on our growth mentality while bringing several key digital initiatives to market this year, and we’ve got more staff joining our team every day. This means that we’re excited for a very positive 2023.
“We’re looking forward to a strong year of sales and some great opportunities, especially for those people either entering the market or looking to upgrade,” says Peter.
As always, if there’s anything we can do for you concerning Sydney residential real estate, Norther Beaches commercial real estate or any of our Upstate property projects, we’d love to hear from you.
We look forward to seeing you out and about.
Find yourself in a better place
At Upstate, our real estate specialists can make your property goals come true. That’s because we’re a big agency, with the heart and determination of a boutique one.
If you are thinking of selling or want an updated appraisal on your property, speak to your local Upstate team today. We’ll show you the possibilities that earn excellent results. We look forward to chatting with you soon.
The Upstate Team
