How much is your Neutral Bay home worth?

2021 saw real estate values grow at record-breaking rates across Australia, and Neutral Bay was definitely on board for the ride. Things changed so quickly it was difficult to keep up, which has left many people wondering if Neutral Bay is a good place to invest and how much their home or apartment is currently worth. 

Average home values in Neutral Bay

2021 saw some steep increases. Here are a few statistics:

• The median house price in Neutral Bay was over $2.9 million, as of November 2021
• House prices rose by an average of 26% 
• Apartments rose in value by 12 percent between December 2020 and November 2021, going from an average of $1 million to $1,120,000

Even if prices increase far more slowly in 2022, the suburb’s popularity and proximity to the city mean this year is likely to be a great time to invest or sell. Experts say that there may be more stock on the market but while interest rates stay low, prices are expected to remain strong.

Finding the value of your home

Average prices are one thing but your Neutral Bay home’s current value will be based on its location, size, age and features. 

The first step to estimate the value of your home is to do a little research of your own. You can go online to see what similar properties in the area are being listed for and selling for. Websites such as www.domain.com.au, www.realestate.com.au and www.onthehouse.com.au let you filter home sale searches so you can see what places similar to yours have been selling for. 

While these can give you a ballpark idea, it does help to bring in the professionals, who have access to more specific and up to date information. 

Professional evaluations

There is a difference between appraisals and valuations. They may sound like the same thing but they can deliver quite different results.

An appraisal is carried out by a real estate agent, while valuation is handled by a bank or other financial agency. 

An agent, when appraising a property, looks to determine the price that motivated buyers would be willing to pay. 

A bank, when doing a valuation, wants to find the lowest value so it knows how much it could sell the home for if the owners were to default on their mortgage payments. This is done objectively and with lack of emotion. This is why you may have an agent say a property is worth $2 million, while the bank puts the value at around $1.8 million. 

At the end of the day, the selling price is determined by the vendor, agent, and buyer, or the people who bid at auction. It’s never possible to know exactly how much this will be, but an experienced agent will be able to give you a close estimate. 

Getting an appraisal

When you have an agent appraise your property it is important that you understand what they are looking for. A good appraiser will take a thorough look at your property and will back up their conclusions with data about the home, recent sales in the area, and current buyer demand. 

Request an appraisal from us

Sydney Lower North Shore house prices are healthy and while there may be some ‘settling’ in 2022, there are no current predictions that things will go backwards. It is an excellent time to request an appraisal so you can understand your home’s market value and prepare to sell or refinance. 

At HPA, we base our appraisals on facts and the most recent data possible. Contact us to find out more about your home’s value today and how we can help you achieve the best price.