Northern Beaches Average House Prices 2024

The Northern Beaches have long been one of the most sought-after parts of Sydney, and it’s not hard to see why — the pristine beaches coupled with a laid-back and family-friendly atmosphere make it an idyllic slice of paradise.

This demand is reflected most clearly in the rising prices of homes in the area. Historically, house prices in the Northern Beaches have done relatively well, in part due to the limited supply of housing as well as the appeal of the local lifestyle.

 

What is the median house price on the Northern Beaches in 2024?

As of July 2024, the median house price on the Northern Beaches is $2,500,000. Northern Beaches house prices vary wildly from suburb to suburb however, and beachside prices can reach over $10M.

 

Northern Beaches average house price trend from 2021-2023

To provide more context for the current median house prices, we’ve provided a brief outline of the trend for Northern Beaches house market from 2021 to 2023.

 

2021-2022

The Northern Beaches real estate market saw significant growth during this period, driven by record low interest rates and pandemic-driven demand for larger living spaces. House prices on the Northern Beaches soared by more than 30% in just 12 months.

 

Early 2023

House prices continued to climb into the start of 2023 but would eventually start to slow to an annual growth rate of 10-20%. This growth would peak close to the middle of 2023 as rising interest rates and big-ticket prices began to impact buyer sentiment.

 

Late 2023

In the latter half of 2023, multiple interest rate hikes by the Reserve Bank of Australia (RBA) continued to drive down buyer enthusiasm and affordability, leading to a stabilising and later on, slight declines of about -1% to -5% in some suburbs.

 

Current house prices and forecast for the Northern Beaches in 2024

The slow decline of the Northern Beaches market has carried over into the start of 2024, but there are signs of recovery and positive growth. 

Forecasts for Northern Beaches house prices for the rest of 2024 are split – some suburbs have bounced back and are showing substantial growth while others are still stuck in a downward trend. This makes it all the more important for buyers and investors to consult a Northern Beaches buyer’s agent with an intimate understanding of the opportunities present in the region.

 

Northern Beaches areas showing substantial house price growth in 2024

The Northern Beaches spans the entrance of Sydney’s Harbour, Middle Harbour, and the entrance to Broken Bay. It’s widely accepted that it encompasses everything between Manly to Palm Beach.

Below are some of the areas reported to have experienced growth. Obviously, this is not the main cross section of the beaches, but for those who are thinking of moving to the area, it’s worthwhile being aware of changes to the housing market.

 

Warringah

Warringah is not necessarily a ‘suburb’, but a core area of the Northern Beaches. It was recently listed at rank 7 in top 10 capital city SA3’s with highest 12-month value growth — houses in the region are showing a double-digit growth of 12.2% and a median house price of $2,075,617 according to CoreLogic’s Hedonic Home Value Index released in May 2024.

 

Manly

The beloved beachside suburb of Manly continues to be a hotspot for home buyers, featuring a median house price of $4,575,000 and a healthy price growth rate of 8.9% since July 2023. (Real Estate, 2024)

 

Balgowlah

Balgowah is yet another Northern Beaches suburb that has defied the downward trend in the area. While the current median house price of $3,350,000 is still below its peak in May 2022, it’s hasn’t fallen by much and has shown a resilient growth rate of 6.3% over the past 12 months. (Real Estate, 2024)

 

Some other notable house price changes in Northern Beaches suburbs

 

Newport

House prices in Newport on the Northern Beaches fell by 7.3 per cent in value, slashing $207,474 from the median to $2.62 million. This may present opportunities for buyers that were previously priced out of the suburb during previous years. (CoreLogic, Feb 2024)

 

Clontarf

Clontarf saw median house price growths of over $2,000,000 back in early 2022, but has since cooled down considerably to an average price of $4,719,000, and a decline of 9.3% since July 2023. Likewise, this could be a buying opportunity for those looking to take advantage of the lowered prices for future returns. (Real Estate, 2024)

 

Supply and Demand

New data shows that the Northern Beaches is one of the tightest housing markets in the country, with only about 0.3 per cent of the total number of homes available for buyers.

With Curl Curl, Killarney Heights and Brookvale being among the tightest suburbs for buyers (SQM Research). 

With limited options for buyers, overall on the Northern Beaches prices are likely to continue to rise.