28 February 2024
By Hannah Wilcox
North Sydney has been rated only the 18th best area for real estate agents in Sydney according to a new study, apparently because there are too many of them.
Off market property platform Abodely released the data on Monday, revealing Sydney’s top spots for real estate agents in 2024.
The index rated Strathfield the best area for agents, with moderate agent density, the fastest supply growth over five years, and above-average median house prices.
Parramatta and The Hills Shire followed closely behind, with fewer agents per capita. However, slightly lower median house prices kept them from the top spot.
Agents in affluent areas like the City of Sydney, North Sydney, and Woollahra should rethink their strategies. High house prices attract agents in droves. Founder Tom Coe advises, “Agents looking to establish themselves need to think beyond just high property values. It’s about understanding the market dynamics and thinking about how to gain an edge.”
North Sydney currently has 10 agents per 1000 people – the second highest in Sydney – whilst the neighbouring LGA of Willoughby was found to have 8 agents per 1000 people on the agent opportunity index. Mosman has 9 agents per 1000 people, with the study suggesting that although the area ranks well it offers a different opportunity for strategic agents.
Already well-established with higher housing prices, those looking to specialise in premium properties can find their niche within communities like Mosman.
According to Property Value, the median price for houses in North Sydney currently stands at $2,800,000 – up 1.8% in the last year.
It takes on average 25 days to sell.
There are 18 agents for every 1,000 dwellings in North Sydney.