Over forty units sold across the northern beaches last week in a return of confidence as we head into the next round of elections, this time at the federal level. Buyers were a mixture of downsizers in Manly, first-home buyers in Dee Why and investors capitalising on softer prices across the northern beaches.
Speculation of a change in government, which would likely bring in rule changes around negative gearing, had investors taking advantage and getting in before the potential rule change in January 2020.
Properties in Manly were selling from $900,000 up to $2,750,000 across this past weekend.
A two-bedroom unit in Dee Why sold for $45,000 over its guide. As unit prices have come back and rents have stayed the same, property investors are looking around for rental yields that suit their portfolios.
There are 116 units for sale in Dee Why this week, according to CoreLogic. The median unit price in Dee Why for the past year, based on 575 sales is $765,000 which is down 5.6 per cent.
With the correction in unit prices, investors are seeing real value.
Regardless of the federal election result, value is value when it comes to property investing which we are starting to see more and more now across the greater Sydney area, not just the northern beaches.