It’s been another outstanding financial year for the Upstate team, marked by our strongest Q1 on record. Over the last twelve months, we’ve had over half a million visits to our website, underscoring sustained confidence in the property market and competition in the Northern Beaches. Let’s take a closer look at our team’s exceptional results over the last financial year, and explore what lies ahead for FY25.
Our biggest achievements
Throughout the year, our team sold 390 properties:
- 263 residential
- 39 commercial
- 88 developments
In total, these transactions amounted to an impressive $648,257,081 in sales.
Residential Property Sales
The residential sales market maintained strong performance throughout the year with the Upstate team recording a solid 9.4% YoY growth despite a slight softening in Q4. The average residential sales price our team achieved ($1,750,000) reflects 7% YoY growth, significantly outpacing the broader market’s 2% growth rate.
In May 2024 we achieved a record $6,500,000 for this oceanfront sanctuary in Monash Parade Dee Why – matching the highest sales record for the suburb in the last 12 months. Our auction clearance rate currently stands at 74%, surpassing the market’s 70% clearance rate and significantly exceeding last year’s 60%. There’s still a profound fear of missing out among buyers, evidenced by 69 properties selling prior to auction, leaving 354 hopeful buyers disappointed.
In the last 12 months, our residential sales team listed 321 properties, conducted 13,315 inspections, and hosted 118 auctions for 472 registered bidders. Properties averaged just 13 days on market, compared to an average of 15 days. These impressive figures reflect both consistently strong demand in the Northern Beaches and our team’s unfaltering commitment to securing the best outcomes for vendors.
Residential Leasing
With a 15% market share on the Northern Beaches, we’re thrilled to retain the title of number one leasing agency in the area. The Upstate team leased 487 residential properties over the financial year – 54% of which were leased after just one open home. The average weekly rental price for houses on the Northern Beaches has risen by 24% YoY, reaching a new high of $1,565. Apartments have also seen an increase – up by 11.7% to $782 per week from $700 at the end of FY24. Average rental yields are slightly higher at 3.5%, compared to 3.48% at the end of the previous financial year.
According to SQM research, the current vacancy rate on the Northern Beaches is 1.5%, up slightly on the 1.1% at the close of the 2023 financial year. This reflects a seasonal softening as tenant competition eases during the cooler months, with expectations of renewed activity when we head into spring.
Commercial
There is an ongoing feeling of confidence in the commercial real estate market, in particular in the retail space. We’re continuing to see strong transactions despite weakened economic conditions.
The Upsate team maintained a 50% market share on the Northern Beaches, listing 70 commercial properties, selling 39, and leasing 206. With over four decades of experience, our team has a deep knowledge of the Northern Beaches commercial property landscape. It’s this expertise coupled with a commitment to innovation that ensures our team is able to support the ongoing success of both existing and new clients.
Projects
When it comes to project developments, Upstate remains the clear leader in the area with a 75% market share – our stronghold on the local market as prevalent as ever. We’ve seen an 80% increase in the number of transactions and had some great stock come to market across the whole of the Northern Beaches and beyond. Our projects team had an extremely successful FY24, selling 88 properties, and are in a position to meet buyer demand with over 1,000 properties currently available between Sydney, Canberra, and the Gold Coast.
Project Enquiries With Upstate
Between January and June, we had 5,244 enquires across all project portals.
A Purpose Built CRM
Our new CRM, Property Shell, allows our team to communicate with leads with confidence and 100% visibility. The platform allows us to generate, track, and manage leads and drive sales outcomes with ease making the partnership between our team and our developers more seamless than ever.
New Projects
Casa Delmar captures the essence of Dee Why and epitomises convenient, coastal living. At the gateway to Dee Why’s growing town centre and just a short stroll to the beach, Delmar’s 1, 2, and 3-bedroom luxury apartments are now selling.
This boutique architectural magnet comprises of five luxury apartments, which embrace sophisticated design elements and luscious gardens. From bespoke arched doorways to skylight-flooded interiors and unobstructed ocean views – Le Onde brings European coastal vibes to Sydney’s prestigious Northern Beaches.
The stunning collection of luxury apartments and villas are in an architecturally designed low rise development, nestled into the topography to perfectly match the subtle scale of Church Point hills. Completely unencumbered by surrounding structures. Omaroo offers sublime views of the tranquil waters of Pittwater.
Available Projects
Spanning from the Northern Beaches coast to the North Shore, and all the way to Canberra and the Gold Coast, our team currently has 197 apartments, townhouses, and villas for sale.
| Development | Sold | Available |
| Bathers Collaroy | 20 | 14 |
| The Chelton Brookvale | 20 | 0 |
| The Belrose Collection | 22 | 26 |
| Forest Lodge Warriewood | 27 | 53 |
| Dove Lane Warriewood | 29 | 4 |
| Bianco Balgowlah | 9 | 4 |
| Colindia Neutral Bay | 0 | 1 |
| Dommar | 2 | 14 |
| Havana | 80 | 19 |
| Hamptons | 112 | 10 |
| QUBE | 15 | 2 |
Coming To Market
Looking ahead, the team is set to deliver 13 apartments across two premium projects in the next twelve months:
- Quartet Bayview
- 4 apartments
- Coda Manly Vale
- 9 apartments
An Innovative New Direction
In a huge win for both our business and our clients, we were thrilled to appoint three new partners from our senior management team. In October 2023 the team added Meschell Howarth (General Manager), Paul Ferrari (Head of Project Sales), and John Hall (Senior Business Development Manager), bringing Upstate’s total count of business partners to six. The strategic integration of specialised expertise across all functions of real estate ensures a prosperous future for our business, and more importantly, helps our team to consistently deliver the best outcomes and results for our clients.
Concierge
Through our bespoke concierge service, we completed 420 jobs throughout the year to create a seamless, stress-free property experience for our clients. Whether it was preparing properties for sale to maximise market value or readying them to hit the rental market, our dedicated concierge team was on hand to deliver everything from full renovations to property styling, cleaning, repairs, maintenance, and everything in between.
Investing In Our Team
At Upstate, our commitment to our clients begins with an investment in our team. Across the last 12 months, our calendar has been marked by high-performance coaching sessions, conferences, and awards nights aimed at both upskilling and rewarding our team to help them learn, grow, and achieve their best both personally and professionally. If you’ve been thinking about a career in real estate or you’re already in real estate and looking to advance your professional trajectory, join our growing team of over 70 staff. You can find a full list of available roles here.
A look ahead to FY25
House prices are expected to continue their upward trend in FY25, albeit at a slower pace compared to FY24. Economists predict growth of 6% to 8%, a trajectory that would push Sydney house prices to a new record high between $1.73 and $1.76 million by June 2025, according to Domain data. The anticipated growth will be fuelled once again by a combination of constrained supply, soaring construction costs, and a growing population. Moreover, stage 3 tax cuts from July 1 are poised to deliver more money to Australian households. These tax cuts will undoubtedly have a ripple effect on the property market: additional household funds will likely translate to increased borrowing capacity, and therefore buying power across the country. Prospective buyers stand to benefit significantly should these tax cuts align with the much-anticipated rate reductions.
Exciting Sales initiatives
After proving to be a huge success last year, we’re looking forward to relaunching our September and Summer Sell Out campaigns. The sales initiatives enable our clients to outpace competitors to market, leverage heightened online buyer activity, and expand their reach to new buyer demographics. To capture maximum market attention and buyer engagement before the traditional peak selling season kicks off in September, contact our sales team today.
Find Yourself In A Better Place
If you’re thinking of buying, selling, or leasing your property, now is the perfect time to speak to our team so that you can take advantage of increased activity in the property market once spring arrives.
