What lies ahead for Northern Districts real estate?

Back in December, many commentators were remarking that the national housing market was losing steam after an incredible 22 months of consecutive growth. Here in the Northern Districts, we saw some well-located properties and well-priced ones selling while others hung around for longer. What can we expect from 2025? 

A return to a more stable market

Recent modelling of property price growth by Prop Track stated that in 2029, Thornleigh homes will have risen by 86% if the trends seen over the past five years continue. 

And yes, that’s a very big if. 

There’s no doubt that the last five years have seen extraordinary price growth due to Covid, record low interest rates and people choosing to move to lifestyle locations. This modelling, which was not a forecast but a reflection of how high prices have soared, showed Thornleigh homes rising from a median price of $1.8 million to $3.34 million.

But while there are always going to be agents out there promising you a sky-high price for your home, personally I am seeing a more subdued market. This isn’t necessarily a bad thing if you are also buying. 

Although there is lots of talk about interest rates coming down in 2025, they haven’t yet, and if you’re selling this year, my advice is to manage your expectations. If your home is priced correctly, it should sell, and you can move onto a new chapter and a new home. 

How have Northern Districts suburbs performed in the last 12 months?

Last spring there was a slight lift in housing stock, around 10% higher in Sydney than it had been since 2018, indicating that many sellers had decided the time was right. 

Looking more locally, Northern Districts suburbs have largely shown modest growth and no price drops over the last year. 

Here are the figures for Page&Co’s core suburbs to December of last year: 

Thornleigh         Median price of $1,905,000, up 5.6% in the last 12 months. 

Normanhurst     $2,062,500, up 8%

Hornsby             $1,787,500, up 5.1%

Turramurra        $3,302,500, up 1.6%

Westleigh          $1,980,000, up 6.2%

Pennant Hills    $2,225,000, up 13.5%

Wahroonga       $2,865,000, up 6.1%

Cherrybrook     $2,350,000, up 4.9%

What factors will impact house prices in the year ahead? 

Interest rates – Obviously everyone is waiting to see if interest rates will come down. When and if this happens, we can expect to see a few more buyers out and about with slightly more buying power. 

Election year – housing is set to be a key talking point for this election, and afterwards we can also expect a rise in listings as people start to plan their next move. 

Ongoing demand for housing – as we are all too aware, there is an ongoing shortage of housing in Australia due to a range of factors including rising building costs, immigration and a lack of suitable housing for those wishing to downsize. 

What does this mean for sellers?

We will continue to see people move to the Northern Districts, some from the inner suburbs looking to find larger homes close to schools and green spaces. However, presentation and pricing are both critical in order to secure buyers, particularly at the upper end of the market. And timing is also essential. The spring selling season tends to be big here because homes look lovely, but an autumn or winter sale can also work if your home is particularly lovely in those months as there are fewer buyers but they tend to be more serious.

As an experienced local agent, I can give you a realistic price guide for your home, which will make it easier for you to plan your move with confidence. I can also advise you on presenting your home to market at the right time to ensure that it stands out and attracts interest. 

Feel free to reach out to Page&Co today with any questions. We look forward to speaking with you.