Market review JANUARY - JUNE 2023 Courtesy of David Beveridge Ray White Upper North Shore
WHAT’S HAPPENING IN YOUR MARKET The Upper North Shore property market, known for its dynamic nature, broad appeal and investment potential, is rebounding after a period of uncertainty. This resurgence is bringing optimism to both sellers and buyers. What can you expect from the property market for the rest of 2023? Limited Stock: The scarcity of available properties has been a significant challenge across the Upper North Shore, with new listings in Sydney down 17% compared to the same period last year. While buyers are increasingly frustrated by the lack of options, sellers can benefit from this situation. The limited stock has resulted in intense competition for each property, as seen through a high number of registered bidders and the highest auction clearance rate since early 2021. Price Growth: The recovery of Sydney’s property market has been led by the premium segment, which encompasses the majority of the Upper North Shore. Data from CoreLogic reveals that the most expensive houses in the top quarter of the market are experiencing the fastest recovery. In the past three months, values in this segment have surged by 5.6%, outpacing the 2.6% increase in more affordable segments. Strong demand and limited supply have contributed to this upward trajectory. Upward Trend: Despite various challenges, including the aftermath of the COVID-19 pandemic, multiple interest rate hikes, low consumer confidence, negative media coverage, and stricter lending regulations, the property market has demonstrated remarkable resilience and is now in a positive phase. Contrary to predictions of significant price declines, the market has shown strength. Given the current supply-demand dynamics, the upward trend will likely continue until supply catches up with demand. This all presents an opportune time to sell. As the highest-selling real estate agency on the Upper North Shore, we meet more buyers than anyone else, providing a significant advantage in selling your property. If you are considering selling, I would be delighted to discuss how I can help you secure the highest price in the current market. David Beveridge 0411 225 167 david.beveridge@raywhite.com
FAST FACTS Source: Pricefinder 2023 1. HOUSE UNIT 2023 2022 2023 2022 ST IVES 96 105 83 73 ST IVES CHASE 24 27 1 1 NUMBER OF SALES ST IVES 78% ST IVES CHASE 69% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) 1 January -30 June HOUSE UNIT 2023 2022 2023 2022 ST IVES $2,952,298 $3,014,605 $1,196,265 $1,327,930 ST IVES CHASE $2,843,620 $2,795,996 $1,465,000 $1,425,000 2. AVERAGE SALE PRICE 1 January -30 June HOUSE UNIT 2023 2022 2023 2022 ST IVES $1,600,000 $1,915,000 $605,000 $630,000 ST IVES CHASE $1,750,000 $2,010,000 $1,465,000 $1,425,000 4. LOWEST SALE PRICE 1 January -30 June HOUSE UNIT 2023 2022 2023 2022 ST IVES $7,850,000 $6,200,000 $3,600,000 $4,000,000 ST IVES CHASE $6,020,000 $3,800,000 $1,465,000 $1,425,000 3. HIGHEST SALE PRICE 1 January -30 June
HIGHLIGHT SALES BY DAVID BEVERIDGE 7B Kanoona Avenue, St Ives 39 Milburn Place, St Ives 5 Priory Close, St Ives 144 Warrimoo Avenue, St Ives 4 Massey Place, St Ives 12 Elizabethan Place, St Ives 31 Waipori Street, St Ives 5 Trevalgan Place, St Ives SOLD $2,575,000 SOLD $2,780,000 SOLD $3,380,000 SOLD $3,320,000 SOLD $3,600,000 SOLD $3,410,000 SOLD $2,920,000 SOLD $2,501,000 3 2 2 3 2 4 1.5 2 4 5 3.5 2 5 3 2 5 3 2 3 2 4 2 2 4
Sales Volume RAY WHITE UPPER NORTH SHORE CONSISTENTLY SELLS MORE PROPERTIES THAN ANY OTHER REAL ESTATE AGENCY ON THE UPPER NORTH SHORE Ray White Compe tor 1 Compe tor 2 Compe tor 3 Compe tor 4 Ray White Compe tor 1 Compe tor 2 Compe tor 3 Compe tor 4 Sales Value Source: CoreLogic Market Scorecard FY23. Upper North Shore defined as 2067-2082 (exc 2078), 2120, 2125, 2126. 600 400 200 0 $2,000,000,000 $1,500,000,000 $1,000,000,000 $500,000,000 $0
Exceeded expectations “David Beveridge came highly recommended to us and he certainly didn’t disappoint. From the outset David listened, was honest and straightforward, always very pragmatic and gently guided the way to approach the sale of our beloved 40 year + family home. Throughout the campaign David kept us informed, never over promised and helped us stay agile and responsive as we got closer to auction date. The auction outcome exceeded everything we could have wished for.” VENDOR - TANYA DEANS, 5 PRIORY CLOSE, ST IVES Outstanding agent “When we decided to downsize and place our long-term family home on the market for quick sale, it was our good fortune to choose David Beveridge to guide us through every step of the way. His identification with our needs, coupled with his knowledge of the local market and focus on detail were exceptional, culminating in a successful outcome that exceeded expectations. David is an outstanding agent who we would unreservedly recommend to anyone considering selling in this area.” VENDOR - JOHN & LYNNE HUGHES, 4 MASSEY PLACE, ST IVES Upfront and genuine “David and his team (Felicity & Daniel) were brilliant throughout the entire campaign. They were extremely professional, keeping us informed and guiding us every step of the way. David was upfront and genuine. We would not hesitate in recommending David to anyone who is looking to sell their property in the north shore area!” VENDOR - UMAIR AZIZ, 31 WAIPORI STREET, ST IVES 39 Hill Street Roseville NSW 2069 18 Railway Avenue Wahroonga NSW 2076 Shop 2, 237 Mona Vale Road St Ives NSW 2075 raywhiteuppernorthshore.com.au Ray White Upper North Shore | St Ives Office: 9646 2075 Head Office: 2 Turramurra Avenue, Turramurra NSW 2074 45-47 Hunter Street Hornsby NSW 2077 A WORD FROM MY CLIENTS David Beveridge 0411 225 167 david.beveridge@raywhite.com
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