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Manly Suburb Report

Manly Suburb Report October 2023

Based on a CoreLogic suburb report for Manly commissioned by Shane Spence Real Estate (see link to the full report below) as of 10 October 2023:

Sales Market

House Prices: Manly house prices have rebounded from their recent low in December quarter 2022.  Prices for the June quarter 2023 achieved a median value of $4,301,014.  Which demonstrates the resilience of this consistently high performing suburb.  This latest result is just shy of the record of $4,450,000 set in the December quarter 2021. This recovery can be attributed to lower than normal stock levels, indicating that vendors are hesitant to list their properties for sale during a period of economic uncertainty.  Prices have increased steadily since the initial pause in interest rate increases in April 2023, which signalled to the market that the RBA was nearing the end of its policy of monetary policy restraint.

Unit Prices: The unit market in Manly has also recovered.  Median prices reached $$1,788,838 as at the June quarter 2023. However, this is still below the highest median value of $2,000,000 achieved at the peak of the market in the December quarter 2021.

Rental Market

House Rents: Median house rents in Manly have temporarily stabilized at $1,525 per week.  This is slightly down from the peak of $1,550 per week established in December quarter 2022. Gross rental yields for houses have however managed to increase to 2.5%PA from the lows of June 2022 2.0%PA.
Unit Rents: Median unit rents have reached a new high of $800 per week, indicating an upward trend in unit rental prices since December 2022. To provide some perspective, median unit rents in Manly in 2018 were $750 per week, falling during Covid and only reaching back to $750 at the end of 2022.  A neutral result over that 4-year period.  Since the beginning of 2023, rents in this prestige beachside suburb have increase on average by $50PW.  This represents a 6.6% increase in 5 years, equating to a 1.3% per annum increase in rents over that period. Over the same period, Gross Rental Yields have decreased from 3.3%PA to 2.8%PA.
The current rate of inflation in the June Quarter of 2023 is reported as 6.0% per annum.

Please note that these figures and trends are based on the data available as of 10 October 2023, and the real estate market can be subject to various factors that may influence these numbers in the future.

Disclaimer

The views expressed in this report are the opinion of a licensed real estate agent.  This opinion is not a valuation, should not be construed to be a valuation and should not be relied upon for any purpose.  Interested parties should make their own independent enquiries.  These views do not relate to any particular property and do not constitute financial or investment advice. Interested parties should seek the advice of independent and qualified financial and investment advisers and make their own enquiries.

Mondegreen a misunderstood word or phrase from misinterpreting something said or written.  If there is something you are not quite sure of, please feel welcome to call me for an explanation.

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