Market review JULY – SEPTEMBER 2023 Courtesy of David Beveridge Ray White Upper North Shore
As we head towards the end of the year, the Upper North Shore property market is showing signs of both resilience and change. Forecasts indicate that while home values are set to increase by an estimated 3% to 10% by the end of 2023, the growth trajectory is expected to shift in 2024, with a noticeable moderation of both house and unit prices. Unsurprisingly, several of the major banks recently revised their predictions in response to the evolving market conditions. The National Australia Bank (NAB) initially projected a 4% decrease in home values by the end of 2023, but their most recent update presents a more positive perspective, forecasting an expected increase of 4.7% in home values by year-end. This revision underscores the market’s continued strength and adaptability. WELCOME TO MY LATEST MARKET UPDATE Factors driving market dynamics Despite challenges such as rising living costs and ongoing uncertainty around interest rates, the Upper North Shore’s property market remains robust. Throughout spring we anticipate heightened market activity due to: Increased listings: sellers are gearing up with a ‘sell before Christmas’ mindset, leading to a surge in property listings. Growing demand: buyers, both locally and through international migration, are entering the market, further fueling demand. Faster sales: typically, warmer months see shorter ‘days on market’, implying that properties are selling faster. This puts pressure on investors and homebuyers to act swiftly to secure desirable properties. Auction surge: spring is renowned for its increased auction activity. Nicer weather draws spectators, creating an exciting atmosphere that can help drive higher prices. The property market is undergoing a dynamic transformation, with potential for growth and heightened activity in the months ahead. Investors and homebuyers should prepare to act swiftly to secure their desired properties. If you’re considering selling, I’d be delighted to discuss my team’s tailored marketing strategies and results that consistently surpass the expectations of our clients. I look forward to speaking with you. David Beveridge 0411 225 167 david.beveridge@raywhite.com
FAST FACTS Source: Pricefinder 2023 ST IVES 77% ST IVES CHASE 80% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) 1. NUMBER OF SALES HOUSE JUL - SEPT 23 JUL - SEPT 22 ST IVES 54 53 ST IVES CHASE 8 14 2. AVERAGE SALE PRICE HOUSE JUL - SEPT 23 JUL - SEPT 22 ST IVES $3,587,739 $2,875,281 ST IVES CHASE $3,323,236 $2,582,536 3. HIGHEST HOUSE SALE HOUSE JUL - SEPT 23 JUL - SEPT 22 ST IVES $6,350,000 $5,000,000 ST IVES CHASE $5,360,000 $3,800,000 4. LOWEST HOUSE SALE HOUSE JUL - SEPT 23 JUL - SEPT 22 ST IVES $1,930,000 $1,375,000 ST IVES CHASE $2,470,000 $1,810,000
HIGHLIGHT SALES BY DAVID BEVERIDGE 4 Moorhouse Ave, St Ives 67 Gould Avenue, St Ives 21 Mungarra Avenue, St Ives 27 Romney Road, St Ives 29 Warrimoo Avenue, St Ives 30 Banool Avenue, St Ives 1/9-15 Newhaven Place, St Ives 8 Coppins Close, St Ives SOLD $2,885,000 SOLD $2,470,000 SOLD Not Disclosed SOLD $2,485,000 SOLD $3,200,000 SOLD $3,138,000 SOLD $2,500,000 SOLD $4,400,000 3 2 4 5 3 2 3 4 5 3 2 2 2 2 4 2 2 4 3 2 2 5 3 2
Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 500 400 300 200 100 0 Sales Volume Sales Value $1.2B $800M $400M $0 Views 1934 1218 Engagement 1367 848 Enquiries 26 19 Saves & Shares 88 52 WHY CHOOSE TO SELL WITH RAY WHITE UPPER NORTH SHORE? Ray White Upper North Shore continues to lead the market; as the highest selling real estate agency on the Upper North Shore we meet more buyers than any other team. Ray White Upper North Shore’s comprehensive marketing strategies are proven to give you an advantage when selling your home. Ray White Upper North Shore Market Average Source: Domain published listings FY23 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 500 400 300 200 100 0 Sales Volume Sales Value $1.2B $800M $400M $0 Views 1934 1218 Engagement 1367 848 Enquiries 26 19 Saves & Shares 88 52 Source: CoreLogic Market Scorecard 1/1/23-29/09/23 Source: CoreLogic Market Scorecard 1/1/23-29/09/23 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 500 400 300 200 100 0 Sales Volume Sales Value $1.2B $800M $400M $0 Views 1934 1218 Engagement 1367 848 Enquiries 26 19 Saves & Shares 88 52
Authentic & professional “David is the perfect combination of authentic and professional. He’s the kind of guy you trust as soon as you meet him. This is reflected in his rapport with colleagues and tradesmen alike, all of whom hold him in high regard. He was open and transparent throughout the selling process, keeping us informed at every step. And we always had the sense that we were held by a ‘safe pair of hands’. We can’t thank him enough for easing us through the sale experience.” VENDOR - DEAN WAINER, 27 ROMNEY ROAD ST IVES Reliable & trustworthy “David has helped us sell and buy multiple properties in the same area in the last couple of years and we are very pleased and thankful for all of the deals. The latest case he helped us with was the home that we really loved. And during the process, he made our sale very stress free. He is such a reliable and trustworthy agent with comprehensive knowledge of the local market and can help both buyer and seller to have a better idea of the real value of the property. Highly recommended!” VENDOR - ZHENHUA YANG, 21 MUNGARRA AVENUE ST IVES Ultimate professional “David was the ultimate professional, with an excellent knowledge of the market. After buying our house from him 10 years ago, he was the obvious choice to sell it when we listed it last month! We appreciate all David’s hard work throughout the campaign, and everyone at Ray White Upper North Shore was fantastic to deal with.” VENDOR - MICHELE BIET, 29 WARRIMOO AVENUE 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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