Well, that little respite from the rain was a relief. Although the forecasts indicate that it’s not all over yet, so don’t put your raincoats and boots away just yet. And make sure to check that you are insured against floods. Flood mitigation is an issue that we will continue to monitor.
There’s still some uncertainty out there. COVID’s lingers on, the war in the Ukraine casts a long shadow, and markets, commodities, currencies and confidence are all volatile.
All of this is undoubtedly leaving buyers wary, and, after the madness of 2021, more than a little exhausted. Prospective buyers are fatigued, and whilst prices show no weakness, the sense is that the sellers’ market is less so.
Critically, so far, the RBA has stuck by its guns and kept rates low, and on hold. The expectation is of increases to come; but so far, mooted interest rises seem to be modest and measured.
Many of the criteria that have driven the market remain. Buyers might be going back to the office, but many are doing so later in the day, and less often. Proper ‘working from home’ space is still in demand, as is outside space, lifestyle options (proximity to beaches and parks, walks and pools…) and a general shift towards greater work/life balance. And as restrictions relax, the appeal of cultural and social access is returning.
Let’s be honest, our beach side villages tick a lot of boxes! Granted, you might have to drive, or get the ‘B’ Line to galleries and arts performances, but generally, we’re pretty well set.
And amid a reported exodus from Sydney’s inner city – where according to the Australian Bureau of Statistics there was a significant decline among Millennials (aged 25-44) in 2020. Many of them to our area, because it’s a good lifestyle alternative, but not as radical as some regional areas.
And if your love the lifestyle, here’s an interesting one: Northern Beaches coming out well in expanding tree canopy!
https://www.smh.com.au/national/most-sydney-councils-losing-urban-forest-cover-how-green-is-your-neighbourhood-20220316-p5a55h.html
Certainly, property ownership has been a good investment to date, as this article from January flags…
https://www.smh.com.au/property/news/sydney-house-prices-surge-almost-1100-a-day-but-the-market-may-have-peaked-20220125-p59r5p.html
What’s interesting in this article is that units have, as we’ve flagged many times, been lagging behind houses. For obvious reasons, given that people have been chasing space, and gardens and pools. But there’s definitely an opportunity there, so if you can’t find, or afford, a house, don’t rule out an apartment.
https://www.smh.com.au/property/news/where-you-can-buy-a-home-in-sydney-for-less-than-2016-prices-20220318-p5a5uj.html
Aside. Greater Sydney house prices rose 33.1% last year. And prices rose across EVERY suburb (granted, Warriewood and Palm Beach were both in the top 5) Petrol prices rose by 32%! So at least your house rise offsets the fuel bill, and perhaps makes the case for staying at home…
https://www.smh.com.au/property/news/house-prices-in-every-sydney-suburb-have-risen-one-by-more-than-50-per-cent-20220127-p59roj.html
Locally…the trial closure of the laneway by Leonardo’s (Simmonds Lane) in Avalon is underway and has worked very well. Time to reclaim these areas? We know how vibrant laneways CAN be (think Melbourne) so let’s grab them all!
Also. We were privileged to be invited to a memorial celebration of a dear friend at the upstairs bar in the Avalon SLSC during the week. A lovely occasion. But also, a stunning venue. And hugely under-utilized. With the council’s tenant of the cafe (upstairs and down) having thrown the towel in…! Shouldn’t we be lobbying for a local replacement? An operator that understands what the Northern Beaches want? Let’s lobby, it’s too good to ignore!
Also new. Local fave Rukus are now running the former (and wonderful!) Harvest in Newport. Renamed Sir Duncan, it’s getting rave reviews…what about AV SLSC, boys?
https://www.sirduncanwinebar.com/
One last thing…Earth Hour, another fab Australian creation, is on us again. Turn your lights off for an hour at 8.30 tomorrow night!
https://www.earthhour.org.au/
And for now, scroll down…
Rain Rain Go Away…
