Palm Beach Property Market Trends & Suburb Growth
December 20, 2024
Located on the northernmost part of the Northern Beaches, Palm Beach exudes luxury living. Palm Beach is bound on 3 sides by Pittwater Bay, Broken Bay, and the Pacific Ocean, offering world-class, stunning water views in almost every direction.
Palm Beach was once named the wealthiest suburb in Sydney before the global pandemic, with homes in Palm Beach ranging from beachfront weekenders to cliffside villas that reflect the style of living. With a median house price of over $5 million, residential properties in Palm Beach are not for the average home buyer.
As the leading buyer’s agents on the Northern Beaches, we know the real estate market of Palm Beach like the back of our hand. If you’re a buyer trying to navigate house prices in Palm Beach for the right opportunity, we can help. But first, let’s take a look at the past and current property trends in Palm Beach.
A Glimpse of Palm Beach’s Housing Market
Palm Beach’s housing market is more relaxed than the competitiveness of inner-city suburbs. 31 houses were sold in Palm Beach in 2024.
Mature working professionals and retirees between the ages of 45-74 make up 53% of the suburbs’s community. As of 2024,only 10% of its 1,592 residents live in rentals. The other 90% own and either live full time in Palm Beach, or use it as a second property – a weekender if you will.
In the past 12 months, the number of sales for houses was recorded at 31. Palm Beach homes spend an average of 84 days on the market.
Average House Prices in Manly
The median house price in Palm Beach is $5,280,000 — this price is a result of 18.7% growth over the last 12 months. Here’s a breakdown of how median house prices have changed over the last four years:
December 2024
Average price: $5,280,000
December 2023
Average price: $4,450,000
December 2022
Average price: $5,250,000
December 2021
Average price: $5,650,000
Average House Rental Prices in Manly
90% of Palm Beach residents are owner-occupiers – the rental population makes up just 10% of the suburb. The vacancy rate is 1.39%, and average weekly rent is $1,600 per week. The rental yield for homes in Palm Beach is 1.67%, with an average annual change of 1.49% in weekly rent.
December 2024
Average price: $1,600 per week
December 2023
Average price: $1,350 per week
December 2022
Average price: $1,675 per week
December 2021
Average price: $1,475 per week
Comparing Palm Beach to the rest of the Northern Beaches
Palm Beaches is at the most northern end of the Northern Beaches – less connected and further from the city than many of the suburbs in the area. 41 km from the Sydney CBD, Palm Beach lacks the ease of connectivity and proximity to the city that closer Northern Beaches suburbs like Manly have.
What Palm Beach lacks in proximity however, it makes up for in exclusivity — its unique position has created a private alcove that is favoured by those who can either work remotely or enjoy their property as a weekender.
Palm Beach has seen an 18.7% market growth rate – markedly slower than other areas in the Northern Beaches (like Newport for instance, with a 27.6% growth rate YOY). However, it is a vastly different suburb. The density in Palm Beach is lower and the suburb itself is very unique – you’re not ending up in Palm Beach by accident!
Should you buy property in Palm Beach in 2025?
Palm Beach’s reputation for scenic waterfront views and luxury living make it a popular choice for high-net-worth buyers, particularly as a second property or holiday home. The key to finding the right property in this market is to work with a local buyer’s agent who understands the true value and potential of a property and works to expand the search to include both on and off-market properties.
With Palm Beach attracting discerning buyers seeking a mix of prestige, lifestyle, and investment potential, NE Aspect can provide you with tailored advice to help you find the best opportunity for a home in Palm Beach, at the right price. Get in touch with our team today to find out how we can start the search for your ideal property in Palm Beach today.
