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The Sydney suburbs becoming a buyers’ market

clock icon May 31, 2018

The Northern Beaches property market has dramatically cooled with more choice, a lower clearance rate at auction and fewer keen buyers. It looks like these suburbs are heading into a buyers’ market.

While not ideal for those looking to sell, it’s finally flipped in favour of the buyer – especially those looking to purchase their first home.

Last week there were 1177 properties for sale on the northern beaches compared to around 800 this time last year.

In addition, last weeks’ figures from CoreLogic RP Data show that the median house price on the northern beaches has dropped, from $1.88 million to $1.855 million.

Successful Ways Buyer’s Agent Steven Poller said this was the quickest transition from sellers to buyers’ market he had ever seen.

“I’ve seen a drops of around 5% and sellers lower their expectations up to $100,000 in some areas.”

“Last week I was able to secure two northern beaches properties for my clients $25,000 and $75,000 under the reserve price”, said Steven.

“Banks’ lending criteria has tightened up and agents are finding prospective purchasers are not able to borrow as much money from the bank as they could 12 months ago.”

Meanwhile, first-home buyers are finding opportunities in the northern beaches apartment market, where ­demand has dropped 40.8 per cent and prices moderated by 2.8 per cent.

“There are bargains to be had if you know what to look for on the northern beaches,” said Steven.

If you’re looking to buy your first home or invest in Sydney’s northern beaches, contact our team today.

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