Upstate’s 2023 Northern Beaches Property Market Wrap & What’s to Come in 2024
2023 has been another huge year for Upstate and the Northern Beaches property market.
Despite everything going on in the background, such as rising interest rates, increased cost of living and a general sense of hesitation in the market, we’ve managed to build off the success of the past couple of years and enjoy continued growth throughout 2023.
So, before we get ready to celebrate the holiday season, we wanted to:
- provide you with a comprehensive update on the state of the Sydney Northern Beaches property market in 2023
- offer a deeper insight into what’s been happening here at Upstate, and what’s still to come in 2024.
We’ll even give you some key details on our new Summer Sell Out campaign that we’ve got lined up to help you get the best sale price for your home in early 2024.
Ready? Let’s get started.
An update on the Sydney Northern Beaches Property Market in 2023
Let’s kick things off by taking a look at a few key statistics from across the Northern Beaches region this year and comparing them to those same numbers from 2022 to see how the market has fared over the past 12 months.
Sales
The Average House Sale Price on the Northern Beaches has increased 12.35% on 2022’s prices.
While not rising as much as house prices, the Average Unit Sale Price has also increased by 1.9% in 2023.
As you can see, the total sales on the Northern Beaches have declined based on 2022’s numbers, however, given the market conditions in 2023, this is still a solid performance overall.
Current projections suggest that the decline in immigration we have experienced over the past few years will slow dramatically over 2024 and 2025, meaning we will still see plenty of overseas buyers entering the market over the coming years.
Development Applications (DAs)
2023: 2,917 per month on average
2022: 3,564 per month on average
While these numbers show that there were 20% fewer Development Applications in 2023 than the year before, what’s most notable here is that there were double the number of applications submitted following the interest rate hold earlier in 2023.
Renting
Average House Rental Price
- 2023: $1,260
- 2022: $1,150
Overall, this represents an increase of 9.2% in house rental prices in 2023.
Average Unit Rental Price
- 2023: $700
- 2022: $640
Similar to housing, units also saw an increase of 9% in rental prices for 2023.
- 2023: 1.1%
- 2022: 1.8%
As you can see, the Sydney Northern Beaches rental market has become significantly tighter across 2023. For more of this, check out our 2023 Northern Beaches Rental Market Wrap-Up.
Rental Yield
- 2023: 3.48%
- 2022: 2.73%
These numbers show that many landlords are now enjoying stronger returns on their investment properties in 2023 right across the Northern Beaches.
Upstate’s 2023 Results & Achievements
Now we’ve seen the numbers for the Northern Beaches, let’s check out how Upstate has performed in this area throughout 2023.
Properties SOLD
Upstate sold over 400 properties (including projects) in 2023. Of these, 254 were residential properties.
This saw our Average Sale Price rise from $1,615,547 in 2022 to $1,678,250 in 2023 – an increase of nearly 4%!
Properties LEASED
Here at Upstate, our team leased a total of 610 properties across the Northern Beaches – always ensuring both our landlords and tenants were happy with their results and customer service throughout.
Noteworthy Sales at Upstate
Throughout 2023, Upstate coordinated a total of 4 sales over $5,000,000! An amazing achievement that we are very proud of.
The highest sale price we saw in the past 12 months was $6,450,000 for 2 Beverley Place, Curl Curl. This sale was completed by Lachlan Yeates and his team.
The other 3 sales above $5,000,000 were:
- 24 Eurobin Avenue, Manly – $5,150,000
- 16 Pacific Parade, Dee Why – $5,300,000
- 5 Goodwin Street, Narrabeen – $5,375,000
Overall, the Average Sale Price for Residential Properties at Upstate in 2023 was $1,670,926.64!
Our New Developments & Projects
Right now, one of our feature projects here at Upstate is Casa Delmar in Dee Why. With 218 apartments available, Casa Delmar represents pure coastal elegance, offering modern convenience and lavish finishes for discerning buyers.
We also have several other projects available at this time, including:
- Bathers Collaroy – 34 Apartments
- The Chelton, Brookvale – 20 Apartments
- Arri, Warriewood – 18 House & Land Packages
- The Belrose Collection – 48 Apartments
- Forest Lodge, Warriewood – 66 Apartments & 14 Townhouses
- Dove Lane, Warriewood – Only 3 Villas remain!
- Bianco, Balgowlah – 13 Apartments
- Colindia, Neutral Bay – Only 1 Apartment remains!
We also have several projects available in Canberra and up on the Gold Coast.
Check out the Upstate Projects page to see our complete list of available projects right now.
Upcoming Upstate Projects in 2024
Here’s a sneak peek at what’s to come.
Keep an eye out for these exciting new projects coming to market with Upstate in 2024:
- Quartet Bayview – 4 Apartments
- New Dee Why project – 16 Apartments
- Coda, Manly Vale – 9 Apartments
What about the commercial property landscape?
We’ve observed several trends of changes in the commercial property space over the last 12 months. To learn more about Upstate Commercial’s notable achievements, and forecast future trends for 2024, Click here to read the in-depth Commercial Market Update
An update on Upstate’s Community Sponsorships
Here at Upstate, we take great pride in supporting and sponsoring several individuals and organisations across Sydney’s Northern Beaches area to help them achieve their goals.
As part of this, we sponsor many local rising talents in their various sports endeavours, and we’re proud to share their recent achievements with you.
Milla Brown
Milla Brown is currently ranked the Number 1 Surfer in Australia in the Under-18 Girls age group – a testament to her commitment to the sport and her willingness to keep pushing herself to become better at what she does.
Mateo Tapia
Mateo Tapia is a rising boxing superstar and 2 x Australian Champion who has recently made the move to the USA to grow and elevate his career as a professional fighter.
Rene Galloway
Rene Galloway, another young surfer from the Northern Beaches, has been selected for the Australian Surfing Rising Talent Program, where he joins 5 other surfers in the Under-16s age group from around Australia on the National Pathway Program. Through this program, he will attend several camps at various locations where World Surfing Tour competitions are held.
We’re extremely proud of the achievements of our sponsored talent, and we can’t wait to see what they will do in 2024.
What else happened at Upstate in 2023?
Throughout the year, we held several events to help support, develop and recognise our staff, as well as educate our clients on the current market and the opportunities available to them.
As part of this, we held our Upstate Investors Night, where we offered local investors in the Northern Beaches area the opportunity to learn about how we can help them grow their portfolios and achieve their goals.
For our staff, we held our 2023 Level Up Sales Conference to help prepare our agents with the unique skills, techniques and resources they need to succeed in the competitive real estate industry.
Finally, how could we forget our annual Upstate Awards Night? This was an amazing opportunity to recognise the hard work and achievements of our highly dedicated team throughout the year.
Of course, these are just some of the benefits that our growing team of 70+ staff enjoy here at Upstate regularly. Other benefits include:
- Regular support and training
- Weekly Pilates classes
- Gym subsidy
- Convenient and collaborative office location with an in-house auction room
- Team building days
- Social events (Melbourne Cup, Christmas Party, etc.)
If you think you’d enjoy working with us here at Upstate, you’re in luck! We’re currently looking to add to our amazing team.
Check out what roles are available here at Upstate today.
Our New Partnership Announcement
Recently, we announced the addition of three new Partners to the Upstate Management team:
- John Hall – Partner/New Business Manager
- Meschell Howarth – Partner/General Manager
- Paul Ferrari – Partner/Head of Projects
Here’s what Meschell had to say about this exciting news:
“A large team of committed, invested and experienced partners means you can always get a hold of someone who cares. Each of us knows the business very well and we know the community. Our individual experiences will support the continued growth of Upstate and deliver the best business we can for our clients.”
We’re extremely excited to take our total number of business partners here at Upstate to six, and we look forward to what this will bring to the Upstate brand and our valued clients in 2024.
So, what’s still to come at Upstate?
The Summer Sell Out campaign
At Upstate, we’re launching our Summer Sell Out campaign right now to help maximise the engagement of buyers who missed out on purchasing before Christmas, as well as reach a whole new pool of buyers entering the market in 2024.
We believe a coordinated launch will help to build more competition amongst buyers and support stronger results overall for vendors just like you.
So, why should you choose to list with Upstate during our Summer Sell Out campaign?
- Beat everyone to the market – more buyers combined with fewer auctions will equal more competition and help to boost your final sale price.
- Get the most attention from the market, as well as our best auctioneers working for you.
- Online buyer activity between Christmas and mid-January is strong – giving us a better opportunity to capture their attention.
Check out the video here to learn more.
Alternatively, you can download our Summer Sell Out brochure to discover how Upstate can help you earn the best results for your property sale today.
There’s still time to find yourself in a better place with Upstate in 2023
At Upstate, our Residential Sales team are committed to helping you sell your Northern Beaches home with confidence. That’s because we’re a big agency, with the heart and determination of a boutique one.
Right now, it’s not too late to list your property with Upstate and take advantage of the increase in buyer activity early in the new year.
So, if you’d like to kickstart your journey with us, speak to your local Upstate team today.
We’ll show you the possibilities that earn excellent results.
From all of us here at Upstate, we wish you an incredibly happy holiday season, and we look forward to chatting with you soon.
The Upstate team
