Quarterly market review JULY – SEPTEMBER 2023 Courtesy of David Walker 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 Walker 0414 184 911 david.walker@raywhite.com
FAST FACTS Source: Pricefinder 2023 1. HOUSE UNIT Q3 2023 Q3 2022 Q3 2023 Q3 2022 WAHROONGA 48 63 25 19 WARRAWEE 11 7 8 8 TURRAMURRA 36 44 46 28 NUMBER OF SALES WAHROONGA WARRAWEE TURRAMURRA 74% 94% 68% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) HOUSE UNIT Q3 2023 Q3 2022 Q3 2023 Q3 2022 WAHROONGA $9,500,000 $14,500,000 $2,320,000 $3,555,000 WARRAWEE $5,350,000 $16,300,000 $2,072,500 $1,510,000 TURRAMURRA $7,501,000 $11,200,000 $2,750,000 $2,495,000 4. HIGHEST SALE PRICE HOUSE UNIT Q3 2023 Q3 2022 Q3 2023 Q3 2022 WAHROONGA $2,867,500 $2,550,000 $957,500 $1,050,000 WARRAWEE $3,667,500 $4,121,000 $1,025,000 $1,122,500 TURRAMURRA $3,330,000 $2,700,000 $930,000 $982,500 2. MEDIAN SALE PRICE HOUSE UNIT Q3 2023 Q3 2022 Q3 2023 Q3 2022 WAHROONGA $3,148,396 $3,353,417 $1,075,617 $1,368,842 WARRAWEE $3,596,000 $5,533,000 $1,274,143 $1,113,562 TURRAMURRA $3,592,838 $3,566,186 $1,182,937 $1,177,393 3. AVERAGE SALE PRICE
HIGHLIGHT SALES BY THE DAVID WALKER TEAM 5 Hampden Avenue, Wahroonga 61A Boundary Road, Wahroonga 42 Boundary Road, Wahroonga 16 Braeside Street, Wahroonga 4 Hillcrest Street, Wahroonga 1 Ross Place, Wahroonga 14 Water Street, Wahroonga 27 Kintore Street, Wahroonga 29 Finlay Road, Warrawee 27 Warrawee Avenue, Warrawee 5 Lister Street, Wahroonga 111 Pentecost Avenue, Turramurra SOLD $3,505,000 SOLD $3,700,000 SOLD $4,200,000 SOLD $9,500,000 SOLD Undisclosed SOLD $3,580,000 SOLD Undisclosed SOLD Undisclosed SOLD $3,525,000 SOLD $5,350,000 SOLD $3,350,000 SOLD $4,020,000
PROUDLY SPONSORING THE WAHROONGA FOOD & WINE FESTIVAL We’re proudly sponsoring the upcoming 9th annual Wahroonga Food and Wine Festival. This year promises to deliver a sensational culinary experience amidst the picturesque setting of Wahroonga Park. SAVE THE DATE NOW! Sunday 29th October, 11am to 5pm and it’s free for all to attend. Get ready to meet the passionate winemakers and indulge in tasting and purchasing their premium and award-winning wines. With over 130 wines from 30 wineries to sample, your taste buds are in for a treat. And that’s not all – complementing the wines, you’ll find a diverse selection of gourmet food stalls offering delectable cuisines from around the world and local produce to savour. The event is family-friendly and all ages, including furry friends on a leash, are welcome. Enjoy live music performances all day on the rotunda stage, featuring talented local school bands, contemporary musicians and entertainers. Don’t forget to drop by and meet our team at the Ray White Upper North Shore stand where we will have incredible giveaways and an exciting prize on offer!
★★★★★ A very professional team “We chose David and Ada to sell our home because their results speak for themselves. They consistently sell high calibre properties in our area and have happy vendors time and time again (just read the reviews!). Working with them was easy, they are a well oiled machine. Both David and Ada were always available to take our calls with any questions we had and most importantly, they are genuinely nice people. We wouldn’t hesitate to use them again and highly recommend them.” SHANE AND REBECCA – VENDORS, 27 WARRAWEE AVENUE WARRAWEE ★★★★★ David and his team are magic “We decided to list our home with David because he really has a great reputation in our local area and his results speak for themselves. We could not have been happier with the outcome. Our home sold before auction within only 11 days and three open homes. During the short time we were on the market, David and his team kept us updated with the campaign. Thanks guys, can’t ask better than that.” STEPHEN AND STEPHANIE – VENDORS, 5 LISTER STREET WAHROONGA ★★★★★ Personal and helpful “We’re very happy with the smooth execution of our sale and with the price achieved. We found David Walker and all the staff at Ray White extremely professional and very pleasant and helpful. We appreciated David’s understanding and personal approach throughout the sale process.” PATRICK AND MARGARET – VENDORS, 27 KINTORE STREET WAHROONGA David Walker Director 0414 184 911 david.walker@raywhite.com 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 | 9489 7474 Head Office: 2 Turramurra Avenue, Turramurra NSW 2074 45-47 Hunter Street Hornsby NSW 2077 A WORD FROM MY CLIENTS CHAIRMAN’S PERFORMER 22-23
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