2024 in Review
December 9, 2024
Northern Beaches Property Market 2024: Insights from a Buyer’s Agent
Sydney’s Northern Beaches continue to be a magnet for homebuyers and investors seeking the perfect blend of lifestyle, community, and long-term capital growth. From the perspective of a buyer’s agent, 2024 was a year of opportunity, challenge and careful strategy in this unique market. As we look forward to 2025, there’s a lot for potential buyers to consider.
2024 in Review: Buyer’s Market or Seller’s Market?
For much of 2024, the Northern Beaches operated as a balanced market with occasional swings favouring buyers or sellers depending on the suburb, property type, and price bracket. Here are the key trends we observed at NE Aspect-Buyers Agent Northern Beaches:
- Increased Competition for Lifestyle Homes
Coastal properties continued to dominate buyer wish lists, especially those offering features such as outdoor entertaining areas, home offices, views and proximity to beaches. Suburbs like Manly, Freshwater, Curl Curl and Avalon were highly competitive, with well-presented homes often selling quickly and above guide prices. - Value in Emerging Suburbs
While premium beachside suburbs remained tightly held, we helped buyers uncover value in less spotlighted areas like Elanora Heights, Bilgola, Belrose and Cromer. These suburbs offered a balance of lifestyle, accessibility, and relative affordability. - Navigating Limited Supply
One of the biggest challenges was low stock levels. Many sellers hesitated to list properties due to market uncertainty, which required buyers to act decisively when the right property came along. Our role was crucial in ensuring clients were well-positioned to compete, often securing off-market opportunities. - Focus on Long-Term Value
Savvy buyers shifted their focus to properties with strong long-term potential, such as those with larger blocks of land and proximity to a town centre. Homes requiring minor renovations also presented opportunities for value creation. - Challenging Affordability
Rising costs of living and tight mortgage criteria created barriers for first-time buyers and upgraders. However, by leveraging market insights, we guided clients toward achievable solutions, which included homes in need of some renovations, off-market properties where older vendors had not presented their properties as market ready, along with exploring smaller, older apartment blocks that have been well maintained. - Economic and Policy Influences
The Reserve Bank of Australia kept interest rates relatively stable in 2024, which eased concerns for many borrowers. However, broader economic uncertainty, including inflation and cost-of-living pressures, tempered overly ambitious price growth.
2025 Market Expectations: Strategic Buying Opportunities
Looking ahead to 2025, the Northern Beaches market presents both opportunities and challenges. Here’s what we at NE Aspect-Buyers Agent Northern Beaches, anticipate:
- Steady Price Growth, But Not Exponential
While 2024 saw a modest recovery, we expect 2025 to maintain a steady 4-6% price increase, driven by sustained demand. Buyers will need to move quickly, particularly in high-demand areas. - Off-Market Opportunities Will Grow
With supply constraints continuing, off-market properties will remain a key avenue for securing high-quality homes. As buyer’s agents, we’ll leverage our networks to access these hidden opportunities for clients. - Investors Returning
Improved rental yields are expected to attract more investors. Buyers competing in the sub $2.5 million range should be prepared for increased competition from investor clients. - Connectivity Driving Demand
With more people returning to work in the city, access to fast public transport options will influence buyer decisions. Areas set to benefit from improved access to the CBD, such as Frenchs Forest and Belrose, are likely to see rising interest. - Lifestyle Properties Will Command Premiums
The work-from-home business trend and a focus on wellness mean properties with outdoor spaces, ocean views, and eco-friendly features will continue to be highly sought after. Buyers seeking these homes should be ready to stretch budgets and act decisively.
Advice for Buyers in 2025
- Plan for the Long Term: The Northern Beaches market is resilient, making it ideal for long-term investments. Look beyond short-term fluctuations and prioritise properties in high-demand areas or with growth potential.
- Be Prepared to Act: In a competitive market, preparation is key. Securing finance pre-approval, defining clear goals, and engaging a buyer’s agent can significantly improve your chances.
- Consider Off-Market Opportunities: Many of the best deals are never publicly listed. Partnering with a buyer’s agent with a robust network will give you a critical edge.
- Focus on Value Creation: Properties with renovation potential or located near upcoming infrastructure offer the chance to build equity.
- Understand the Market: Each suburb has its nuances. For example, Manly attracts young professionals and offers high rental yields, while Avalon Beach appeals to families seeking a laid-back lifestyle.
Hot Suburbs to Watch in 2025
- Manly: Always in demand, its café culture and ferry access to the CBD make it a perennial favourite.
- Avalon Beach: The bohemian vibe and proximity to the beach and village attract those seeking a laid-back family friendly lifestyle.
- Frenchs Forest: Proximity to the new hospital and growing infrastructure improvements continue to elevate its appeal.
- North Narrabeen: An affordable alternative for coastal living with strong future growth potential.
- Elanora Heights: Perfect for buyers seeking lifestyle homes with larger land sizes.
Conclusion
The Northern Beaches property market in 2024 showcased resilience and robust demand, setting the stage for a strong 2025. For buyers, the key to success will be preparation, strategy, and market knowledge. As buyer’s agents, we’re here to help navigate the complexities, ensuring clients secure the best properties for their needs and goals in this highly competitive market.
