Auction clearance rates throughout Australia have gone from strength to strength, but there’s one particular suburb where property sells like hotcakes.
Properties headed to auction in Sydney’s Northern beaches take just 22 days to sell, new CoreLogic results show, and it’s not hard to see why.
Also read: Auction clearances rocket to two-year high
“It’s a beautiful part of the world,” REA Group’s chief economist Nerida Conisbee told Yahoo Finance.
“We see very high views [per listing] in places like Manly, which makes sense as it’s a very popular suburb, but there’s also a lot of activity in cheaper suburbs like Allambie,” Conisbee said.
“The Northern Beaches has the beach, but it’s cheaper than the eastern suburbs, so it brings in a lot of activity.”
And a lot of that activity is coming from Sydney’s inner-west, Conisbee said.
“I think people love the inner-west when they’re young and having fun,” Conisbee said, “But when they want a bigger home, many people look to the Northern Beaches as a potential place to raise a family.”
Bigger homes like this five-bedder in Balgowlah, which sold for a whopping $2.9 million on Sunday.
But domestic buyers aren’t the only ones interested in Sydney’s Northern Beaches, Conisbee said.
“We see a lot of activity from offshore as well, particularly from UK property investors. Places like this have a global appeal and recognition, so it drives the level of search.”
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