Northern Beaches Buyer’s Agent, Suzi Buckley, is seeing more off-market properties come to her attention, particularly in Palm Beach and Whale Beach.
“We are seeing a higher-than-normal number of off-market properties in Sydney’s upper Northern Beaches area where vendors are testing the market to obtain a price that meets their expectations, prior to listing it.”
Suzi points out that many well-established families are feeling the added pressure of holding on to properties in Palm Beach and Whale Beach, combined with a shift in sentiment towards reinvesting in overseas travel.
“During the COVID pandemic it made sense to buy holiday homes in places like Palm Beach, however having to justify a land tax bill for a holiday home plus $100,000 on a luxury family holiday to Europe, now feels excessive and no longer feasible. As a result, we are seeing some very interesting opportunities to secure unique properties located in tightly held pockets.”
Local Sellers Agent’s Advice
BJ Edwards from LJ Hooker Northern Beaches shares his view about these changes, “agreed, the current market dynamics in the upper Northern Beaches, particularly in areas like Palm Beach and Whale Beach, present intriguing opportunities for buyers.”
“While the holiday homes tax changes have introduced challenges for property owners in the Northern Beaches, there are strategic opportunities for buyers to navigate this evolving market. Holiday letting remains a viable strategy to offset increased taxes, and there’s optimism that unimproved capital value assessments may adjust downwards as market dynamics normalise.”
Increased Buying Opportunities in Manly
Manly and some surrounding areas are also presenting great opportunities. Across Sydney we are seeing more properties being readvertised as private treaty, a number that is higher than those sold at auction, as seen in the graph below by SQM Research. This Sydney wide trend is evident even more so in areas like Manly as Suzi has personally seen more properties convert to private treaty in the last few weeks.
Suzi added “this infers vendors are having a challenging time meeting their reserve while selling their property at auction. The knock-on effect is that they are being conditioned down on price expectations. As a Buyers Agent, re-advertised private treaty sales are something that I tap into quickly and well before any other buyers, in order to secure properties for the lowest possible price for our clients.”
Looking to buy in the Northern Beaches?
Navigating the Northern Beaches property market can be challenging because of the high volume of off-market transactions but having Suzi Buckley from Cohen Handler on your side will make all the difference. Our goal is to help you find the perfect property that meets your needs and exceeds your expectations.
We’d love to assist you on your property journey.
Get in touch with Suzi Buckely today to start exploring the stunning properties available in this beautiful region.