Market update JULY – DECEMBER 2023 Courtesy of Stephanie Hearne Ray White Upper North Shore
What an interesting year 2023 was! Despite the challenges of rising interest rates and economic uncertainties, the market has showcased incredible resilience especially across the Upper North Shore. Contrary to many analysts’ expectations, property prices did not plummet even after 13 interest rate hikes by the Reserve Bank of Australia, which increased official rates by 4.25% over 18 months. In fact, property prices consistently rose from early 2023. Spring saw the usual influx of properties come to the market and there was some concern that with more listings available, there would be less urgency among buyers, yet auction clearance rates remained strong. In fact, across Ray White NSW on the last weekend of spring, there were 161 auctions scheduled with a clearance rate of 71% and 89% sold, including those that sold prior to their scheduled auction. These results continued to show increased momentum as we moved into summer and the year closed with incredible tail winds, having kept pace beat on the peak market in 2021 leaving our business in a strong position for 2024. So what can we expect from the property market in 2024? • With interest rates likely at or near their peak, a strong rental market, a lack of housing supply and strong population growth, the property market is poised for continued growth in 2024. • The big four banks are predicting no further significant interest rate hikes and possible rate cuts beginning in late 2024 or early 2025. They’re also predicting a rise in house prices of between 3% and 5% in 2024. • With the Australian economy’s overall strength, including employment rates and consumer confidence, it’s expected that the economy will maintain its resilience throughout 2024, further strengthening the growth of the property market. We are well prepared for whatever the market brings. My team and I are looking forward to assisting you with your property goals this year. As the highest selling team on the North Shore, we are poised to exceed your expectations. Give me a call anytime for a confidential chat about any of your real estate needs. Stephanie Hearne 0412 565 682 stephanie.hearne@raywhite.com WELCOME TO MY ROSEVILLE MARKET UPDATE
RECENT ROSEVILLE SALES Address Sale Price 44 Shirley Road $10,000,000 17 The Grove Undisclosed 65 Bancroft Avenue $7,000,000 11 Bancroft Avenue $6,800,000 11 Marjorie Street $5,700,000 18 Bancroft Avenue $5,600,000 11 Duntroon Avenue $5,500,000 43 Ashley Street $5,250,000 61 William Street $5,000,000 55 Roseville Avenue $5,000,000 8 Marjorie Street $4,950,000 21 Longford Street $4,800,000 71 Clanville Road $4,750,000 13 Paradise Avenue $4,490,000 18 Cranbrook Avenue $4,400,000 28 William Street $4,400,000 3 Waratah Street $4,128,000 6 Thomas Avenue $3,915,000 135 Ashley Street $3,908,888 80 Shirley Road Undisclosed 8 Alexander Parade $3,850,000 24 Glen Road $3,750,000 Address Sale Price 5 Barambah Road $3,660,000 29 Earl Street $3,650,000 3 Amarne Parade $3,580,000 54 Findlay Avenue $3,550,000 24 Park Avenue $3,550,000 21 Bromborough Road $3,470,000 13 Glen Road $3,450,000 14 Earl Street $3,392,500 1 Pockley Avenue $3,200,000 4 Paradise Avenue $3,010,000 4 Archbold Road $2,900,000 1A Margaret Street $2,800,000 157 Ashley Street $2,730,000 2 Scott Crescent $2,365,000 50 Abingdon Road $2,270,000 98 William Street $2,250,000 28 Spearman Street $2,200,000 28A Scott Crescent $2,188,000 41A Ashley Street $2,050,000 69 Archbold Road $1,960,000 15 Acacia Lane $1,840,000 Source: Pricefinder 2023 All care is taken to ensure that the information provided is reliable. However, we do not warrant the accuracy or completeness of this data.
Fantastic experience “Stephanie sold us a property ~7 years ago and we had a great experience. We asked for her support purchasing our dream home, along with selling two properties to be able to fund the new purchase. She advised us across the three properties and gave us complete confidence in the decisions we were making. Achieving record prices on both sale properties which was above our expectations. I can’t speak highly enough of Stephanie!” Craig & Elke H Extremely happy “We would like to thank Stephanie for her commitment and personal attention in securing the sale of our home. A quick and smooth sale within the price expectation set. We are extremely happy with the result.” Andrew & Lesley J Clarity and decisiveness “Stephanie was incredibly professional, with a huge amount of integrity and empathy. The clarity and timeliness of her communication were perfect for us. Her band of merry men and women who helped get the house ready were remarkably easy to deal with and knew exactly what they were doing. We wouldn’t hesitate to recommend Stephanie, it was a pleasure working with her.” Cathy L Stephanie went the extra mile “Stephanie was an absolute delight to work with. Her professionalism, local knowledge, network and motivation ensured we got our desired outcome. Highly recommend.” Eleanor & Charles K A WORD FROM MY CLIENTS Stephanie Hearne 0412 565 682 stephanie.hearne@raywhite.com Vivie Li Sales assistant to Stephanie Hearne 0433 671 592 vivie.li@raywhite.com 39 Hill Street Roseville 18 Railway Avenue Wahroonga 237 Mona Vale Road St Ives raywhiteuppernorthshore.com.au Ray White Upper North Shore Head Office: 2 Turramurra Avenue, Turramurra 45-47 Hunter Street Hornsby 1 Hillcrest Road Pennant Hills
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