End Of Year Sales Results

What I have seen over the last 12 months and in particular over the last 2 months is a greater number of properties for sale and buyers interest softening with many being constrained by the amount they can borrow (about 45% less than before the start of interest rate rises in 2022). This has seen prices for properties fall by 5% to 10% locally.

What is interesting is when you compare the raw data from 2023 and 2024 the median sale price over each year is higher in Manly and Seaforth and unchanged in Balgowlah Heights. This can be explained in that many of the sales this year have been for the middle to upper range homes in each suburb rather than the entry level properties which is still reasonably strong. The reason for more sales at this level is predominately pressure to downsize debt or owners alternatively selling to up size and take advantage of smaller price gap to buy a prestige home. As in a 10% drop in a $4,000,000 property is $400,000 and a 10% drop in a $6,000,000 home is $600,000 making it $200,000 better to be upgrading now.

The statistics from Pricefinder are below.