The supply of homes in Sydney's Northern Beaches has reached a "critical low", boosting the competition among potential buyers, according to STRAND Property Group.
There were only 565 properties that were available for sale on the Northern Beaches in January, the latest figures from SQM Research show. Michael Ossit, director at STRAND Property Group, said the supply-demand equation in the region is "out of whack".
"It’s clear that one month on from the Northern Beaches lockdown, the market has strengthened even further with some sky-high prices being recorded," he said.
Some of the most popular suburbs in the region include Allambie Heights, North Manly, Collaroy Plateau, North Narrabeen, and Curl Curl.
Ossitt said the low level of listings in the region seems to reflect that the lockdown had no adverse impact on the local property market.
"Rather it may have delayed some people’s selling plans, which has dragged available listings down to critically low levels," he said.
Given the situation in the region, potential homeowners are now reaching out to buyers' agents to help them secure a good deal amid the competitive market conditions.
"Strategic property purchases are part and parcel of what professional buyers’ agents provide to clients, including ensuring they are not over stretching themselves financially," Ossit said.
Ossit expects the conditions to remain tight in the region, especially as interest rates stay at historical lows.
“Lifestyle has become far more important to all of us over the past year which, when coupled with working from home, means that more people than ever are seeking their over own slice of the beaches real estate to call home," he said.
