What’s the real estate outlook for Neutral Bay?
If you’re one of the lucky people living in Neutral Bay or if you own an investment property here, you know what a great place it is to call home. With its stunning harbour views, convenient location and friendly community spirit, it’s no wonder this village-style suburb is so popular.
However, if you’re thinking about selling, for any reason, you’ll also want to know the real estate outlook in this area, especially as conditions have changed a lot since the start of the year.
Sydney real estate in 2022
To start with, yes, house prices in Sydney have started to fall this year. There was a slight drop in June of -0.40% in the Sydney real estate market .
However, to put it in perspective, in 2021, Sydney house prices rose by almost 30%. A fall of less than half a percent is more about prices ‘settling’ after a period of extraordinary growth, and is to be expected. When you compare a longer timeline rather than a single month or quarter, Sydney real estate is still buoyant, with the median house price sitting above $1 million.
What will this spring’s selling season look like?
We anticipate that prices will remain strong and the remainder of this year will be a good time to sell. The pandemic has actually put many Neutral Bay residents in a position to buy. Lockdowns and isolation have allowed many to get ahead with their mortgages or save a deposit. With this extra cash in their accounts, buyers are starting to emerge in high numbers.
In regards to the pandemic, things are still changing. If you’re planning to meet with agents and host an open home, stay in touch with the latest health and safety measures when it comes to COVID-19 safety. Quite a few people are wearing masks on again as a precaution so it’s worth having a discussion about your strategy around this.
The Neutral Bay property market will remain ‘hot’ for the rest of the year while buyers try to get in ahead of rising interest rates. The result of this is likely to be a more stable market over the coming months, which is good news for sellers and buyers.
What about prices?
Prices are now looking a little more reasonable. Last year was a seller’s market, with prices rising astronomically, but the challenge of selling for a high price was then also buying at a high price. This made upsizing particularly challenging. Over the rest of the year, if you want to sell then make a purchase, you should hopefully find you have a bit more breathing room as a buyer, financially speaking.
One demographic that has been emerging as a force in Neutral Bay has been downsizers. If you are selling a unit or apartment, you’re in luck. Downsizers are selling their larger homes and looking for smaller places where they can live with more convenience. Neutral Bay is very popular with retirees who want to be close to family and services in inner-city areas and enjoy a cosmopolitan lifestyle.
For a couple selling a large property to downsize, smaller properties in Neutral Bay are affordable and highly desirable. We are expecting plenty to be looking around this spring and have already had a number of prospective buyers get in touch.
Talk to us today if you’re thinking of selling
Spring is on the way and this is traditionally the hot time to sell property. After a long, cold and wet winter, buyers will start to emerge with a plan to make a purchase and move either before Christmas or during the summer holidays.
A stable market means the best of both worlds for sellers and buyers, and there is still time to prepare your property and catch interest from buyers before Christmas.
Feel free to contact us for all the best advice on getting the right price for your property.
