Sydney's Northern Beaches is witnessing renewed interest from property investors and buyers, with five suburbs showing hefty gains in median prices since the start of the year.
A recent study by STRAND Property Group showed the median house price in the Northern Beaches region has been rising by $10,000 weekly so far this year.
In fact, over the first half of the year, the median price of houses in the region have increased by $290,000, representing a 15.1% increase to $2.21m.
STRAND Property Group director Michael Ossitt said the demand for houses in the Northern Beaches has come at a quite "unbelievable" time.
“Even with the current lockdown in Sydney, demand is still extremely elevated, but available stock has all but dried up, which will probably mean even more price growth in coming months," Mr Ossitt said.
Five suburbs have driven the overall uptrend in the Northern Beaches, which include Allambie Heights, Curl Curl, Collaroy Plateau, North Manly, and North Balgowlah.
Of the best-performing suburbs, Curl Curl hit the highest growth in median prices over the first half of the year at 24.7% to $3.28m.
“Curl Curl’s median house price has soared by nearly 25 per cent, or a staggering $650,000, over the period, which is equivalent to about $25,000 every week this year," Mr Ossitt said.
The regions’ more affordable suburbs are also becoming popular among interested buyers.
However, Mr Ossitt said affordability remains relative in this region given that it’s one of the most desirable locations to live in Sydney.
"However, demand from buyers to purchase in Allambie Heights remains extremely high, as it does in Collaroy Plateau, North Manly and North Balgowlah.
“These locations offer very similar attributes to some of the region’s more well-known suburbs, but with lower buy-in prices—for now at any rate.”