This winter we have seen continued strength and good results for properties selling in the Upper Northern Beaches. In my Winter Report, I explain the reasons for this. One primary reason is there is an abundance of buyers coming from out of area, ready to buy locally.
Our open homes continue to see an influx of traffic and online enquiries are also pouring in. So what is causing this sudden spike of new buyers in the Peninsula? Below I look at why the increase in buyer activity, who these buyers are and what they are looking for in Avalon and Palm Beach properties.
WHY: Key reasons why buyers are looking further up the beaches
During these stressful times, people are re-evaluating their priorities and putting a new emphasis on lifestyle, whether that means self-improvement or family-friendly community. For most, the city represents a commitment to corporate work and access to large social and cultural events. With both the way we work and how we socialise changing, buyers are asking ‘why not buy further away and have a better lifestyle?’.
Work From Home & Flexible work hours
Pre COVID-19 one of the main deterrents for people moving ‘beyond the bends’ was that extra time it took commuting to the city and other regions of Sydney every day. Within the CBD we are seeing commercial office blocks shutting or downsizing, COVID-19 is accelerating the transformation of how and where we work. According to McCrindle Research of 1,004 Australians, the data showed more than a quarter of Australians (27%) worked from home during the COVID-19 restrictions. It also showed that far from being a temporary response to a global pandemic, 78% said that working from home will become the new normal.
Time for a change
Many people who have been in a transitional phase of life for a while or have been thinking of a change are now seizing this moment of disruption to make the move. I’m seeing down-sizers, up-sizers and professional couples moving into the area.
For some the pandemic has forced their hand, maybe because of finances or industry changes, for others, it has inspired a move.
Local holiday homes wanted
With international and state borders shut for the foreseeable future, the demand is growing as buyers want to secure a holiday home locally. Homeowners from the East or in the City, who are no longer able to holiday overseas are looking for local alternatives. The prestige market is growing in demand, as we locals already know – what better place to holiday than Avalon and Palm Beach? The most beautiful place in the world…
WHO: a profile of who’s buying
Many of the people contacting me and purchasing properties fall into the following categories –
- The Inner City dweller – trading their apartment for a house
- The Eastern suburbs family – upsizing & looking for more space and a better lifestyle
- The retiree – usually downsizing, wanting less upkeep and an accessible location
- Professional couples – pre-kids, upsizing with more flexible work and a future lifestyle in mind
- Holiday house buyers – looking for a weekender and family holiday home
- Flipper’s – looking for a property project to renovate and invest in
- Purchasing with Family – looking for dual dwelling or homes with granny flats
WHAT: what type of properties are selling?
There are some aspects of a property that are typically always desirable.
- flat blocks
- sunny aspect
- flat access
- garage/on-site parking
- location proximity to beach/village amenities
- dual living
- potential renovations/re-builds
- corner blocks
- larger blocks
- over 55 suitable
Palm Beach a new option
Noteworthy – buyers are now looking at property in Palm Beach to purchase for their main residence. Typically Palm Beach has been primarily held by holiday homeowners. There has been a higher proportion of holiday homeowners to full-time residents, but without the need to be in the city or the ability to travel overseas people are now looking at Palm beach to live. Take for example 12 Nabilla Road, Palm Beach, I sold for a 91 year old client last week, to a young family from the Eastern Suburbs who plan to renovate or rebuild as a family home.
It’s an interesting time and it’s also important to point out that while many people are looking to move into Newport, Avalon or Palm Beach, some locals are considering a move out of Sydney to more regional or rural property.