EOFY 2023/24 market update Courtesy of Michael Dempsey, Ray White Upper North Shore
The Upper North Shore property market remains strong despite varying economic conditions. As the leading real estate agency in the area, we are dedicated to keeping homeowners informed about trends affecting their properties. In recent months, sellers have been eager to take advantage of market momentum, bringing more supply to the market. A steady flow of new listings has surpassed both last year’s numbers and the five-year average. In fact, it was the highest volume of new listings for the month of May since 2021, testing the depth of buyer demand. As a result, the total number of homes for sale has risen annually, indicating that stock is starting to build and offering more options for buyers — a consistent trend throughout 2024. Market Dynamics The NAB Residential Property Index continued its growth in June, driven by a supply-demand imbalance that supports property price growth, despite high interest rates and economic pressures. Economic and Population Trends Australia’s population grew by 2.5% to 26.97 million last year, largely due to overseas migration, boosting housing demand across Greater Sydney. Although economic growth is expected to slow and unemployment may rise this year, the RBA is anticipated to ease interest rates from November, potentially lowering the cash rate to around 3% by late 2025. Property Market Performance Sydney’s housing market has increased in value for sixteen consecutive months, with the Upper North Shore maintaining high demand due to its desirable living conditions. We continue to see exceptionally strong auction clearance rates with no signs of the market slowing throughout the traditionally quieter winter months. Council’s Legal Action Against Housing Policy Ku-ring-gai Council is suing the Minns Government over its plans to build high-density apartment blocks near train stations. The government’s policy aims to address the housing crisis by increasing the supply of well-located homes across Sydney. Mayor Sam Ngai acknowledges the need for more housing but believes a slower, more considered approach is necessary to address character and heritage concerns and ensure existing infrastructure can cope. The council argues these changes could harm heritage conservation, environmental sustainability, and infrastructure capacity. This legal battle underscores the tension between state-driven housing initiatives and local community concerns. We will be watching this closely as it unfolds. If you’re thinking of selling, please get in touch so my team and I can show you how we will maximise the value of your property. I look forward to discussing your real estate goals. Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE
FAST FACTS Source: Pricefinder 2024 WAHROONGA 63% WARRAWEE 58% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) 1. HOUSES FY 2024 FY 2023 WAHROONGA 216 230 WARRAWEE 28 42 NUMBER OF SALES HOUSES FY 2024 FY 2023 WAHROONGA $12,000,000 $14,500,000 WARRAWEE $12,200,000 $20,500,000 4. HIGHEST SALE PRICE HOUSES FY 2024 FY 2023 WAHROONGA $2,855,000 $2,700,000 WARRAWEE $3,932,500 $4,150,500 2. MEDIAN SALE PRICE HOUSES FY 2024 FY 2023 WAHROONGA $3,352,893 $3,317,869 WARRAWEE $4,846,464 $5,573,497 3. AVERAGE SALE PRICE
FY24 HIGHLIGHT SALES BY MICHAEL DEMPSEY 10 Boondah Place, Warrawee 43 The Broadway, Wahroonga 31 Roland Avenue, Wahroonga 24 Wongalee Avenue, Wahroonga 73 Billyard Avenue, Wahroonga 5 Edgecombe Avenue, Wahroonga 6 Tanderra Street, Wahroonga 44A Russell Avenue, Wahroonga SOLD $4,900,000 SOLD $2,170,000 SOLD $3,520,000 SOLD $2,195,000 SOLD $5,680,000 SOLD $2,855,000 SOLD $3,960,000 SOLD $2,280,000 4 2 1 5 2 1 5 3 4 - - - 5 2 1 5 3 3 5 2 2 5 3 3
WHY SELL WITH RAY WHITE UPPER NORTH SHORE? WHY SELL WITH RAY WHITE UPPER NORTH SHORE? Sales Volume Ray White Compeঞtor 1 Compeঞtor 2 Compeঞtor 3 Compeঞtor 4 0 200 400 600 800 Sales Value Ray White Compeঞtor 1 Compeঞtor 2 Compeঞtor 3 Compeঞtor 4 $0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 Source: CoreLogic Market Scorecard FY24 Ray White Upper North Shore sets the standard by selling more properties than any other agency across the Upper North Shore. This extensive track record enables us to connect with more potential purchasers than anyone else, ensuring unmatched exposure for your property. Our comprehensive marketing strategies are proven to give you an advantage when selling your home. VIEWS ENGAGEMENT ENQUIRIES SAVES & SHARES 1,348 1,016 906 675 18 13 54 36 RAY WHITE UPPER NORTH SHORE MARKET AVERAGE Source: Domain published listings FY24
Thorough and professional “Michael Dempsey helped to make our recent house sale as simple and comfortable as possible. From our initial conversations to the ultimate sale of our home, Michael provided a level of confidence and industry specific knowledge that helped us to achieve a successful outcome for this most important step in our family life. At all times we were kept up to date with our campaign. Michael was always on time for appointments and dealt with all matters and people in a very professional manner. In addition, we appreciated the fact that Michael contacted us from time to time when we were not expecting to hear from him. On these occasions Michael had important information to share with us or he needed to seek our opinion on a development regarding our sale. In summary, Michael Dempsey delivered what we thought was a very professional real estate package.” VENDOR - 71 KINTORE STREET WAHROONGA Excellent “Michael is very professional, he knows the market well. He listens to both buyers and vendors and communicates well and frequently. We were well informed of buyer movement throughout. He is most convincing that his strategy will work, and indeed it did. We trusted his skill in achieving a good outcome for us and true to form he surprised us with an outstanding result at auction. We could not have asked for more.” VENDOR - 10 BOONDAH PLACE, WARRAWEE 5 Star! “Excellent skill with communication and negotiation. Patient and efficient with a fantastic team behind and working with him.” VENDOR - 6 DALY AVENUE WAHROONGA A WORD FROM MY CLIENTS Roseville 39 Hill Street Wahroonga 18 Railway Avenue St Ives 237 Mona Vale Road Hornsby 45-47 Hunter Street Pennant Hills 1 Hillcrest Road Ray White Upper North Shore Head Office: 2 Turramurra Avenue, Turramurra raywhiteuppernorthshore.com.au Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com
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