Manly and Fairlight Real Estate: A 2024 Snapshot
Hello everyone! There has been some subtle changes in the real estate market over the past 12 months with the cessation of the majority of “cheap” fixed rate home loans and borrowers now accepting reductions in interest rates may not be forthcoming until 2025. Recent bank statistics show a growing trend to a reduction in the average level of savings by consumers which we can assume may be occurring to help home owners fund growing mortgage or rental payments and support the general rise in cost of living expenses. An important fact to report is that the real estate market locally has not gone into any serious decline despite current economic influences and we can expect the general upward trend in property prices to continue in our opinion. Let’s take a closer look at what’s happening in our vibrant real estate community this past 12 months.
Manly: A Closer Look
Rising Property Values: Manly’s real estate market has been on a measured if not steady rise. Currently, the median house price over the past 12 months has increased nearly 16% and now sits at around $4.4 million with harbourfront, beachfront and those properties in prime locations, fetching even higher prices. Apartments in Manly remain in demand, however, with a median price of around $1.75 million this represents a decline of nearly 3% over the past year. Rents have been steadily rising with the average rent for a 3 bedroom house climbing 13% to $1,800 per week and a two bedroom apartment at $960 per week is a 14% increase on the median from last year.
Fairlight: A Closer Look
Steady Property Values: The Fairlight market appears relatively stable in terms of the median prices for houses and apartments with an increase in the range of 1.5% for houses to a value of $3,550,000. A slight decline of 0.9% for apartments brought the median value to $1,650,000. Median value increases for the rental received on properties were broadly in line with those evidenced for the Manly area at around 12% bringing houses to $1,450 per week and units to $900 per week.
If you are an investor you can expect rental yields to remain at current levels in the near term, with an approximate 2.4% net yield on houses and 3% on apartments. This may vary depending upon the price point of your current investment.
Final Thoughts
As we move through 2024, the real estate market in our local areas continues to thrive. Whether you’re looking to buy your dream home or make a smart investment, this part of Sydney offers plenty of opportunities. The key is to stay informed and work with local experts who understand the market dynamics.
If you have any questions or need more information, feel free to reach out. We look forward to speaking with you soon.
