Manly Median House Price Grows By 16% As Buyers Seek the Sea Amidst Lockdown Lifestyle Changes

Photo Credit: Larry Griffiths/Google Maps

The median house price for the 12-month period ending June 2021 shows Manly just under the million-dollar mark, as double-digit growth in the bayside suburb is fuelled by the Brisbane property boom, a favourable investment climate, and a shift in buyer preferences.

From July 2020 to June 2021, Manly’s property values grew by 16.01 percent, setting the median price at $980,000 compared to $844,750 in the previous year, per data from Property Market Updates. Some 97 properties were sold during this 12-month period with the most expensive property going for $2,550,000. 

The said house on Gordon Parade encompasses a 270-degree view of the bayside enclave with five oversized bedrooms, its own cinema and gym, and flowing indoor-outdoor living space. More buyers are keen on paying a premium on lifestyle assets or homes with a view of the natural beauty around the property, something that Manly could deliver. 

Photo Credit: Property Market Updates

The suburb’s relaxing and quiet seaside vibes with its quaint village-style shops have been very attractive for families and downsizers as everything the residents need is within a block of each other. 

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Distinct sea-change and tree-change trends have been observed, particularly in regional and coastal Queensland, as buyers seek lifestyle changes and move interstate, escape the city, or come back to Australia. 

“A coastal lifestyle has become extremely important. There‚Äôs been a significant uplift in some coastal towns. We’ve seen those lifestyle properties really kick up in value,” JPM Valuers director Jason Matigian said.

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Unit Price Growth

Most affluent property owners would love a lifestyle apartment in idyllic Manly despite the shortage of stocks. From July 2020 to June 2021, Manly units took an average of 88 days to sell with 37 unit properties sold, pushing the median price by 0.55 percent at $550,000. 

Photo Credit: Property Market Updates

Three years ago, Manly’s unit median price was at $800,000 amidst a buying frenzy for waterfront properties from investors who want to take advantage of high rental yields.  

Meanwhile, neighbouring Manly West is currently among 11 Brisbane suburbs with the tightest rental vacancy markets, according to the Real Estate Institute of Queensland (REIQ). 

According to REIQ CEO Antonia Marcorella, whilst low vacancy rates would be positive for landlords and investors, demand for housing from tenants could spur a crisis, leading to homelessness, that the Queensland housing system should address.