Sydney’s real estate market has become more attractive for buyers in recent times with property prices softening a little over the year. However, there are some Sydney suburbs which are still witnessing handsome growth in prices of property backed by increasing demand. Manly is one of these fast growing suburbs where home prices have already increased by 4.1% in the quarter ending in May and unit prices have increased by close to 1% according to several reports.
The 5-year price growth figure of 108.9% is really attractive for investors and market experts who predict that the trend could continue in the future. Manly now has median home prices touching $3, 337, 500 as per reports. Rentals have already increased to $1490 a week from $1398 observed last year. The northern beaches have median home prices at $1, 805, 000 which is lower than $1, 830, 000 seen last month in comparison.
The famous beachside location of Manly is one factor propelling demand and prices are remaining stable as a result. This is a highly coveted and aspirational zone to live in as far as buyers from Sydney are concerned. Other developments spurring growth in the belt include the proposed Beaches Link tunnel which will decongest the Spit Bridge and the Government in New South Wales (NSW) has already unveiled its blueprint for this underground motorway project. Construction could start from 2020 onwards and the project could be completed in 2026. This will be a major boost for real estate in Manly and surrounding regions. As it is, the supply levels are limited in the desirable neighbourhood and this has given rise to skyrocketing demand over time.
