Who, I hear you ask, is Bobby McFerrin? Well, “Don’t worry, be happy” and you ooh ooh ooh-ooh, ooh-hoo-hoo-hoo ooh hoo-hoooh will remember swoon enough.
The cost of everything has gone up in the last 12 months, it’s true. Not the Tawny though, free as a bird, bless you Frogmouth. But, in the broader economic cosmos beyond local mag publishing, the inflation genie has been well and truly let out of the bottle, the highest it’s been in a generation. And with Central Bankers tightening the screws via prolific rate rising enforcing a world of hurt on mortgage holders, Vladimir Putin’s Ukraine invasion sending fuel prices skywards, and the cost of fresh food, groceries, and even schooners racing off the charts, we’re all feeling the pinch.
That said, we still in live in the greatest slice of the Emerald City. Covid lockdowns opened everyone’s eyes to just how lucky we are. “Trapped” in an LGA that stretches from Spit Bridge to Palmy, blessed with over 30kms and 20 beaches of immaculate coastline, beautiful national parks, thousands of cafes and enough shops to get lost in.
So, as your resident property guru, and with plenty of fear and trepidation in the markets given recent macroeconomic dynamics, here is my take on why we continue to live, and invest, on the Northern Beaches, and why Bobby McFerrin’s mantra rings truer now than ever.
Who doesn’t love the smell of salt water in the air, and the feel of sand between your toes as well as every other crevice those intrepid grains uncover? We don’t take ourselves too seriously here, unlike our “friends” to the East. We don’t care how much your watch, car or divorce cost. You can have your flashiness, we’re comfy in a pair of Okanuis (Northern Beaches born and bred), a Bonds t-shirt and a well-worn pair of double pluggers. The love affair we have for the Beaches explains why our average “hold” on a local property has risen to 11years. Why would anyone leave God’s country? As William Wallace knew, Hold!
Overall, Sydney house prices have pulled back, and Northern Beaches home values were one of the highest growth areas during lockdown. But land will always be scarce here. Strict limits of any further developments will remain in place. The unavoidable supply and demand forces ensure property ownership on the Northern Beaches, while potentially providing short-term windfalls for some during lockdown mania, will continue to prove a long-term asset as strong as can be.
Interest rates may move higher, inflation may take some time to return to the 2-3% optimal levels, but the Northern Beaches through it all will remain the cream of the crop for housing stock. There’s no upside in trying to pick the “bottom” of the market. As my colleague tells me, all you’ll end up with is a smelly finger. I bet you couldn’t say that in Bondi. We value community, local businesses, a relaxed vibe, and have our feet fair and squarely planted on the ground or, more likely, the sand, a thousand miles from care. This is where true value will always be.
Don’t worry, be happy, and if studying the Beaches property market, remember that short termism won’t get you far round here, we’re in for the long haul.
Paul is a property buyer’s agent specialising in search, negotiation, purchase and 80s music sensations. Email paul@oasisskeen.com.au call 0401 051 702, and learn more at oasisskeenproperty.com.au