‘Phenomenal’ property interest surges in Sydney’s Northern Beaches
Many are lining up to take advantage of a spate of high-end properties opening up along coveted coastal suburbs of Sydney.
Long regarded as one of Sydney’s most aspirational lifestyle destinations, the Northern Beaches is presenting prestige buyers with a rare window of opportunity.
Longer days on market, more realistic pricing and a seasonal lift in listings have created favourable conditions, particularly for those targeting prized beachfront properties or who are shopping in the $10m-plus range.
The recent $12.2m sale of 9 Surfview Rd, Mona Vale, speaks volumes about both current market dynamics and enduring demand.
The property was sold by Christie’s International Real Estate’s Shane Clinton, with the campaign attracting significant interest and taking nine months to close.
Set on 809sq m, the Daniel Raymond architect-designed residence features five bedrooms, multiple living areas and a Carrara marble kitchen, with its indoor-outdoor flow leading directly to a level lawn, just metres from the sand.
Despite the longer time frame, Clinton describes the interest as “phenomenal”.
“The previous high in the street is under $9m and there’s only one other sale in Narrabeen and Mona Vale that’s higher,” he says.
“It’s one of those areas people didn’t know about. It’s beachfront and a bit closer to the city. We were inundated and received a lot of offers during the campaign.’’
The home ultimately sold to a family upgrading from the Upper North Shore, with several other serious buyers missing out as they were still in the process of selling their existing properties, says Clinton.
“It’s a softer market on the Northern Beaches and we initially thought there would be a bit of difficulty, but we had plenty of offers. The vendor was happy and it was a strong result in the current market, particularly as there’s not been a lot of sales of $10m or more.”
The post-pandemic period has seen the Northern Beaches shift from a seller’s frenzy to a more balanced market, with house values in tightly held Manly, for example, dropping 10.7 per cent in the past 12 months, according to CoreLogic data.
“Buyers are discerning and if a property is priced badly it won’t sell,” says Clinton. “If a listing is quirky or there’s something not quite right, it won’t sell.
“Unless they’re trophy properties or a once-in-a-generation opportunity, buyers are very particular and are much slower to make decisions.”
Belle Property Northern Beaches principal Brendan Pomponio says while the broader market has softened, the area’s long-term value continues to be underpinned by limited land and strong demand from local and interstate buyers.
“There is exceptional value in the current market, driven by lingering uncertainty in sentiment, but conditions are shifting,” Pomponio says.
“Buyers can secure their ideal property ahead of the spring surge, which typically brings heightened competition and rising prices.
“We’re seeing a steady increase in both stock levels and buyer activity locally and from abroad, fuelled by forecasts of cheaper and more accessible money.”
Palm Beach, Avalon, and Manly remain the most in-demand suburbs, Pomponio says, with a limited supply of land ensuring long-term price resilience.
Across Belle Property’s eight Northern Beaches offices, more than 25 properties are listed at $10m or more, both on and off market.
Among them is a prized absolute waterfront apartment at 2/3 Oyama Ave, Manly – listed with a guide of $12m ahead of its June 26 auction – which last sold in 2015 for $4.35m and has since undergone a full renovation.
Also on the market is 12 Harley Rd, Avalon Beach, a luxury five-bedroom residence with an $11m price guide.
Belle Property Dee Why agent Veronica Allen, who is managing the sale, says prestige buyers remain active when the right property presents itself.
“While there was a brief moment of hesitation following the announcement of US tariffs and the resulting stock market dip, buyer confidence has since rebounded,” she says.
“We’re now seeing renewed activity, particularly from foreign buyers and the Lower North Shore region.”
This story is from the June issue of Mansion magazine. Inside The Australian this Friday, June 27.
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