Manly Real Estate Prices Hold Firm
Despite the best efforts of the Reserve Bank to dampen inflation and with it the housing market, the local Manly (NSW 2095) market has proven its resilience by refusing to buckle under the weight of interest rates rises.
Looking at the local suburbs of Manly, Freshwater, Fairlight and Balgowlah prices in the six month period after interest rates started to rise (April to August) have levelled off. Both house and unit prices have stopped increasing. But interestingly, neither the local house or unit market have fallen significantly, if at all. The small turn over of stock in the local market, means that any small variation in prices from month to month may be no more than a statistical blimp. These variations easily attributable to the differences in quality or location of properties on offer from time to time.
Because many local agents do not disclose their sale results, it is difficult to get a clear picture of what has happened in September – October. The few sales results which have been published would tend to indicate that the local market remains strong. This may be a fool’s assumption, which might be proved incorrect once the official figures are released.
It has long been the case in this area that if vendors do not believe they will achieve their prices, they simply do not put their properties to market. This results in a stock shortage which in turn holds up prices. This would appear to be the case with a 20% decline in the number of properties being listed in the 12-months to August (Houses 60) from the peak in February 2022 (Houses 75).
Recent Median Sale Prices (houses)
| Suburb | March | April | May | June | July | August |
| Manly | $4,615,000 | $4,607,500 | $4,616,000 | $4,525,000 | $4,450,000 | $4,450,000 |
| Fairlight | $3,800,000 | $3,800,000 | $3,850,000 | $3,800,000 | $3,610,000 | $3,490,000 |
| Freshwater | $3,810,000 | $3,832,500 | $3,865,000 | $3,855,000 | $3,832,500 | $3,887,500 |
| Balgowlah | $3,300,000 | $3,405,000 | $3,410,000 | $3,430,000 | $3,430,000 | $3,405,000 |
Recent Median Sale Prices (units)
| Suburb | March | April | May | June | July | August |
| Manly | $1,872,000 | $1,915,000 | $1,950,000 | $1,945,000 | $1,880,000 | $1,900,000 |
| Fairlight | $1,685,000 | $1,710,000 | $1,650,000 | $1,655,000 | $1,710,000 | $1,695,000 |
| Freshwater | $1,140,000 | $1,144,000 | $1,125,000 | $1,130,000 | $1,122,000 | $1,118,000 |
| Balgowlah | $1,550,000 | $1,560,000 | $1,500,000 | $1,500,000 | $1,382,000 | $1,310,000 |
Statistics are calculated over a rolling 12-month period
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