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The PROPERTY DOCTORS, Sydney Australia Novak Properties
NOVAK NEWS - TOP PERFORMING NORTHERN BEACHES SUBURBS OF 2024 & OUR TOP SUBURB PREDICTIONS FOR 2025
Is the northern beaches real estate market poised to redefine luxury living in 2025? This week on Monday Night's Novak News, join your hosts, Thomas Sims and Jonathan Vescio, as we unravel the secrets behind the extraordinary growth of Seaforth and Palm Beach. With sales like the $26.25 million transaction at 83 Pacific Road, Palm Beach is not just setting records but also setting the stage for 2025’s top contenders. We'll dissect the latest statistics from last year’s sales, offering you a peek into the properties that have dominated in value and allure.
As we turn our gaze to the broader market trends, Palm Beach emerges with a staggering 16.9% growth, with Manly following at 9.9%. What keeps these areas in the limelight, and what can investors expect next? Whether you're an investor eyeing the next big opportunity or simply fascinated by the market's ebb and flow, Jonathan shares expert predictions and insightful analysis that could shape your perspective on the northern beaches' future. Get ready to explore the dynamics of a market that never ceases to captivate and speculate on what 2025 holds in store.
Good evening, everybody, and welcome to Monday Night's NOVAC News. Tonight, your hosts are Thomas Sims, myself and Jonathan Vescio, to my right Now. Tonight we are looking at the top performing northern beaches suburbs of 2024 and our top suburb predictions for 2025. So let's get straight to it. Well, jonathan, how are you? How was your day? Yeah, good, good Not too bad.
Speaker 2:How was yours? It was good. I feel like we weren't here too long ago. It was a couple of weeks ago. We were on the mic here, so good to be back.
Speaker 1:Yeah, here we go again. So it's another Monday night here at Novak in Dewy and tonight we wanted to break down the top performing suburbs in the northern beaches of 2024 and then give a little prediction of some top performing suburbs in the northern beaches for this year. So I'm going to hand it over to Jonathan to just let you guys know of some stats and facts from last year's sales.
Speaker 2:Yeah, so I've popped together just the top five sales of 2024. I feel like not a lot of people know kind of what the top four sales or top five sales are in that 12-month period. So I thought it would be quite interesting, you know, just to touch on that for a little bit and just kind of see what properties were getting those big prices and what suburbs they were in. So we've got 41 Battle Boulevard in Seaforth, so that came in at number five. That sold 15.7 million. So that was a good sale in Seaforth. That's the only one we saw in Seaforth over the top five, which was interesting because I kind of thought that we'd see it a bit more in Seaforth. Next one is 1005 Barron Jerry Road in Palm Beach, so that one sold for $16 million. That was a good sale, good price, obviously standing property being in Palm Beach, one of the more expensive suburbs in the northern beaches. Number three was 106 Iluka Road in Palm Beach as well, so that one sold for $18 million. So as you can see, palm Beach is obviously taking the ropes a little bit there in terms of the higher end market in the Northern Beaches.
Speaker 2:In number two, 35 North Stain in Manly, we did definitely have to get a Manly one in there. It wouldn't be the Northern Beaches without a Manly sale in the top five. So that one sold for $25.3. So definitely a very big price and I think the year before that we saw Bower Street around that $34 mil. So Manly's definitely always up there in the top five. It would have been very weird to see it not in there. And topping it off is 83 Pacific Road in Palm Beach, a massive $26.25 mil. That one sold just a massive price. Really nice property, um, but that one took the cake this year at 26 mil. So a very, very big price there, yeah, lots of big sales.
Speaker 2:I feel like this year yeah, I feel like two very, very big sales across the whole northern beaches. Interesting to see not too many manlies in there. I thought there might have been one or two extra manlies in there, um, but in saying that, I think palm beach looks like to me has taken the cake on the um the most expensive suburb of the northern beaches this year, um.
Speaker 2:So then, moving forward, we're just going to be talking about the top performing suburbs, um. So, top performing suburbs for houses surprise, surprise, palm beach is at the top um, with a 16.9 growth since 2023. So it's definitely gone up and that would definitely have something to do with the top three of the top five sales, being from Palm.
Speaker 1:Beach.
Speaker 2:And then the median value for a house in Palm Beach at the moment is 5.2, whereas in 2023 it was at 4.45 mil. So it's definitely come up. I think those three big sales have got something to say about it and I think it's only on its way up from here as well. And then number two surprise again is Manly. So Manly is a 9.9% growth since 2023. So it's still doing well, manly. It's always done well and I think it's just going to continue to grow. So in 2023, the median value of a house in Manly was $4 million, and then now we're seeing it towards the end of 2024, beginning of 2025 at $4.54. So definitely some growth there. I'm not too sure if it's going to grow as quickly as Palm Beach. However, it's definitely still growing.
Speaker 1:I wonder if Palm Beach will continue to grow as well, coming into this year.
Speaker 2:I think so too. I think it definitely will, Just being on the fact that even if you go for a drive down to Palm Beach, you'll see a lot being built which is most likely going to be sold, and in those higher end suburbs you're seeing big prices now, which is going to set the market for there. So I think it's definitely going to pick up.
Speaker 1:Yeah, I think that sense of seclusion up in that area too is make is a big factor to people these days. Um, there's a lot, there's a lot of space to build on. Yes, so you can build like your dream house and I think a lot of people are wanting to get into that as we get into 2025. Um, but, as john said, man Manly had featured one of the top five biggest sales last year in 2024. And it is one of the highest growing suburbs from 2024 as well. That's for houses and we've also seen that it's become it's last year 10% of an increase in units too. So that was the median value you'd see in 2024 at about $1.62 million, and we've seen recently it's hit about $1.78 million. $1.78 million. So while it's not featuring as heavily as Palm Beach in the top five biggest sales, it's definitely still having a lot of capital growth throughout 2024. So still could be a really good place to buy coming into 2025.
Speaker 1:And a surprising, a surprising suburb that's come in has been Balgala. So we've seen an 18% growth rate from 2023 coming to 2024 and now hitting 2025. The median value for a unit in Balgala was about $1.29 million. It's now sitting at about $1.52 million. So that's been a huge rise in the last year and a little bit as well um. So if you're looking for you know entry-level units, balgala is definitely a up-and-coming suburb, um. There's also been a lot of duplexes being built there too, one of which we're actually selling um, which is still being built for completion in April. That's 10 Lower Beach Street in Balgala. So I think Balgala as a whole is a very, very good suburb to invest in and buy in coming into 2025.
Speaker 2:Yeah, I think so too. I think it's interesting to see Manly on there as units as well. They've done well with 10% growth again, so Manly is definitely one of the more luxurious properties sorry suburbs to be buying property in. If you were buying over the past five to 10 years or so, you're definitely still making money on your property, so I would definitely be holding onto those for a little bit longer. But if you are looking to buy in Manly apartments or houses, it's definitely still a good time because it's still on the way up, and interesting to see Balgala for the units. I didn't think we were going to see an 18% growth in Balgala on apartments, but no, it's very interesting to see.
Speaker 1:Yeah, there's lots happening in Balgala. It's good to see it's quite a growing suburb. A lot of people I've found looking specifically in Balgala when they come through an open home. One of the things they say is that they're looking in Balgala and that's surprising. You can look back five or so years. People are looking definitely closer to the beach. But Balgala's kind of snuck in and got its place. It's earned its spot.
Speaker 1:It'll be interesting to see what it does over the next 12 months as well. Yeah, 100%. So if you're interested in our opinion for properties and suburbs to look for in 2025, we'll start with units and myself I think Fairlight. It's close to Manly. I think Fairlight's on the rise, it's got its own kind of secluded beaches, um, and the apartments that have been built there are actually really luxurious and well renovated. So I think, coming into 2025, um, keep an eye out on fairlight apartments. I think they're, I think they're really good value at the moment. So if people jump on the trend, I think they'll really have a lot of capital growth in the next year.
Speaker 2:Yeah, awesome and for me, units I'm thinking Queenscliff, uh, reason being obviously similar to what um Thomas has just said so quite close to Manly, on the back of Manly, so Manly's really good in terms of growth, but people look to span out from those areas. Um, so I think, yeah, units, queenscliff. So we see units on the market at the moment.
Speaker 2:You know one-bedroom apartments in Queenscliff going for $600,000, $700,000 in a suburb that close to Manly, that close to the beach, is very hard to find, and I mean that's something that I think is going to be on the rise in 2025. I'd love to buy in Queenscliff.
Speaker 1:I think it's really good. Good spot, one bedroom in Queenscliff is incredible yeah.
Speaker 2:I definitely think you just really can't go wrong there, and I think your capital growth in 2025 and the years moving forward is always going to go really well for you, which you can't really go wrong with buying next to the beach, I think. And then, in terms of houses, I think and I've been saying this for quite some time now is Curl Curl, north Curl Curl area. I don't know what it is about kelkville, but I've just um, it's got a bit of soft spot in my heart and um, I just see it on the rise. So I think the manly queenscliff, that kind of market for houses, um freshwater house market, is um quite high at the moment and I think that kelkville hasn't really caught up to it yet, but it's the next suburb across um, so I see that over the next five years or so.
Speaker 2:the Kelkel market's going to go quite well and I think that the market's going to pick up quite quickly. In Kelkel we saw a sale that almost made it into the top five for this year in around the $12 million mark. I think it was for Kelkel. So you're starting to see some big prices come along there. It hasn't quite caught up, but I think over the next couple of years or so it's definitely going to start hitting those record prices as well as Manly and Freshwater.
Speaker 2:So yeah, it'd be interesting to see what happens there. I completely agree.
Speaker 1:North Kolkoa is a great part of the Northern Beaches. I could see you living there 100%. You'd want to live there For myself. I think a really hot growing suburb for houses is Narra Weina. We've sold a couple of properties in um, very close to where jonathan lives, actually, um, so he knows the area really well um. But I think now arena is a really good opportunity. There's lots. There's really big blocks um in our arena, so you have an opportunity to build um up high.
Speaker 1:You can reach ocean views from now arena and it's very centralized in the northern beaches. It's not too far from anywhere. It's close to dy if you want transport. It's close to the beach if you want to go to the beach. What else are you here for? But in terms of getting places close to shops, close to schools, it's really centralised there. So I think now Arena will be a very up-and-coming suburb in 2025, I think the capital growth will increase quite significantly, potentially more than we've seen for Manly alone. It could reach that Palm Beach levels percentage-wise for capital growth this year if those types of buyers are out there looking to build their dream home and get really good value for their property I think you're onto something there.
Speaker 2:So even um, we sold one alfred street 1.875. We sold it. Um, it's an old little house on a nice size block. Um, if you were to knock that down, rebuild it, you'd probably resale for about four mil. Um, because it's got ocean views from where it is at the moment on the single level. If you put two, three levels on it, you know your resale price is quite good in terms of the markets also going up there. So even something like that, I think there's going to be a lot more of that happening, a lot more people buying to renovate, house flip that kind of thing, because the suburb is quite ideal in terms of you've got views and you're also really close to everything but views, and you're also really close to everything, but then again you're also quite secluded, so it's got a bit of everything there, so I think marijuana is definitely one to look out for.
Speaker 1:Yeah, well, that's our wrap, guys. Let us know what you think of our predictions. Um, we're always here to give you the stats and facts of properties. We get them from very reliable sources. Um, so let us know what you guys think the market will do in 2025 and what suburbs will rise. Um, but for now, we'll leave you guys to it. Have a good rest of your evening and we'll see you guys when we next see. Sounds. Good, thanks, guys. See you later. See ya. Outro Music.