Northern Beaches Market Update 1 st H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q1 2024 Northern Beaches* (which in this report includes: Dolphin Head Rural View, Bucasia, Eimeo, Blacks Beach, Nindaroo, Slade Point, Richmond and Andergrove) recorded a median house price of $495,000 and a median unit price of $360,000. This represents annual (Q1 2023 – Q1 2024) price growth of 10.0% for houses and 10.3% for units. During this time total sales grew by 17.1% for houses and by 16.7% for units. Thus, high demand for both property types has created a buffer against cash rate hikes, making now an ideal time for owners to transact. With very little new supply planned, now is the time for buyers to enter the market.
CHANGE FROM LAST
YEAR
Mackay Local Council will see approx. $339.4M worth of new projects commencing in the 1st half of 2024. Residential Mixed-Use
$7.8M
Projects
$14.0M
HALF YEAR
Commercial
$31.0M
HOUSE SALE S HOUS E ME D IAN PRICE
Industrial
$3.0M
Infrastructure
$283.6M
HOUS E RE NTAL PRICE
UNIT S AL E S A main infrastructure project in the 1st half of 2024 is the Mackay Base Hospital Expansion ($250.0M). This will deliver an additional 128 beds for paediatric, medical & surgical wards, including Women’s Health & Child and Adolescent Unit. This improves health services for residents.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
$
There are a number of infrastructure and commercial projects planned, which will create more jobs and draw people to live in the area.
MARKET CONDITIONS MEDIAN PRICE Q1 2024
$495K
$360K
MEDIAN PRICE Q1 2024
$590K
SALES
AVERAGE DAYS ON MARKET Q1 2024
31
78
HOUSE
U N I T
RENTALS
$450K
AVERAGE DAYS ON MARKET Q1 2024
19
22
HOUSE
U N I T
Key residential projects planned for construction in the 1st half 2024 are: •
Richmond Hills Estate Residential Subdivision Stages 8 (106 Lots)
•
14 James Street Units (6 Units)
These projects will supply units and lots only, there is no ready-to-sell stand-alone dwellings. With a high demand for houses evident, there is an undersupply issue in the future. This suggests higher house prices.
6 Units/ Apartments
106 Lots