Market update OCTOBER – DECEMBER 2023 Courtesy of Jessica Cao 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 move into summer. WELCOME TO MY LATEST MARKET UPDATE 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. I look forward to assisting you with your property goals this year. Give me a call anytime for a confidential chat about your real estate needs. Jessica Cao 0466 877 260 jessica.cao@raywhite.com
FAST FACTS East Killara & East Lindfield Source: Pricefinder 1. HOUSES OCTOBER - DECEMBER 2023 OCTOBER - DECEMBER 2022 EAST KILLARA 6 9 EAST LINDFIELD 9 9 NUMBER OF SALES EAST LINDFIELD 79% EAST KILLARA 60% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) HOUSES OCTOBER - DECEMBER 2023 OCTOBER - DECEMBER 2022 EAST KILLARA $3,189,000 $3,260,000 EAST LINDFIELD $3,411,250 $2,838,000 2. MEDIAN SALE PRICE 4. HIGHEST SALE PRICE HOUSES OCTOBER - DECEMBER 2023 OCTOBER - DECEMBER 2022 EAST KILLARA $5,200,000 $4,800,000 EAST LINDFIELD $4,350,000 $6,950,000 HOUSES OCTOBER - DECEMBER 2023 OCTOBER - DECEMBER 2022 EAST KILLARA $3,453,000 $3,545,556 EAST LINDFIELD $3,366,050 $3,283,876 3. AVERAGE SALE PRICE
Sale Date Address Area sqm Bed Bath Car Sale Price EAST KILLARA 18/11/23 12 Murrumba Place 835 5 3 2 $3,220,000 30/10/23 16 Larchmont Avenue 885 4 2 2 $3,188,000 26/10/23 106 Springdale Road 866 6 4 3 $5,200,000 26/10/23 49 Kimberley Street 1,163 6 3 2 $2,810,000 07/10/23 4 Stella Close 866 5 3 3 $3,190,000 04/10/23 26 Wentworth Avenue 854 7 5 2 $3,110,000 EAST LINDFIELD 15/12/23 79 Archbold Road 836 5 4 2 $3,850,000 02/12/23 41 Robinson Street 826 4 2 2 $3,218,000 11/11/23 38 Melbourne Road 696 4 3 1 $3,517,500 09/11/23 29 Woodlands Road 1,005 4 1 2 $4,300,000 04/11/23 31 Adelaide Avenue 969 5 3 1 $4,350,000 04/11/23 9 Johore Place 1,151 4 2 4 $3,220,000 03/11/23 63 Robinson Street 955 4 3 2 $2,330,000 30/10/23 17 Sylvan Avenue 1,789 4 3 4 $1,850,000 27/10/23 15 Sydney Road 821 4 1 2 $3,305,000 24/10/23 5 Johore Place 1,005 5 3 2 $3,720,000 EAST KILLARA & EAST LINDFIELD SALES October - December 2023
HIGHLIGHT SALES BY JESSICA CAO STREET RECORD STREET RECORD BLOCK RECORD $4,015,000 $3,350,000 $3,720,000 $975,000 $1,620,000 $3,850,000 6 3 2 5 3 2 2 2 1 3 2 1 2 2 1 5 4 2 10 Park Crescent, Pymble 79 Archbold Road, East Lindfield 44 Grosvenor Road East Lindfield 5 Johore Place, East Lindfield 312/8 Shout Ridge, Lindfield 13/8 Buckingham Road, Killara
We would like to treat you to a Friday morning coffee in your favourite local cafe. Please come and say hello! Totally OK if you don’t feel like a chat too. East Lindfield Dukes Green Cafe Friday, 2 February 2024 | 9:00am - 11:00am East Killara KillaBrew Coffee, Killara Bakery and Groceries Friday, 23 February 2024 | 9:00am - 11:00am Roseville Chase Echo on the Marina Roseville Friday 22 March 2024 | 9:00am - 11:00am COME HAVE A COFFEE ON US
We are thrilled to announce that we are running an exciting competition for the next six months where one of our customers could win a $15,000 Coco Republic voucher. The voucher can be used to purchase stunning homewares and there is no obligation to list or sell your home. To qualify, we simply need to make time for me to come around and give you an updated market appraisal, which is completely free of charge. I’ll take a picture of your dining table as the competition entry and as a bonus I will update you about what’s happening in your local real estate market. Just for participating in this face to face appointment, I would also love to offer you a Coco Republic 20% discount voucher! TO BOOK IN YOUR APPRAISAL SCAN THE QR CODE OR CALL/ TEXT ME ON 0466 877 260 Jessica Cao jessica.cao@raywhite.com WIN A $15,000 VOUCHER TO COCO REPUBLIC
A WORD FROM MY CLIENTS Jessica Cao 0466 877 260 jessica.cao@raywhite.com Outstanding service I am extremely pleased with the outstanding service provided by Jessica. Her communication throughout the entire selling process was exceptionally smooth, keeping me well-informed at every step. Her professionalism and attention to detail exceeded my expectations. I highly recommend Jessica for anyone looking for a dedicated and skilled real estate professional. A 5-star performance. VENDOR - 312/8 SHOUT RIDGE, LINDFIELD Hard working Jessica came highly recommended by one of our friends as a reliable and reputable real estate professional in Sydney’s north shore area. We are based overseas so Jessica and her team took care of all the pre-campaign preparations and reported to us regularly. Throughout the whole campaign, Jessica and her team communicated with us daily so we knew the progress as if we lived in Sydney. The house was sold for a great price at the auction and we are very happy with Jessica’s hard work and dedication. VENDOR - 58 WELLINGTON ROAD, EAST LINDFIELD Impressive experience We chose Jessica and her team as our agent after attending the open house for another property they were marketing. Their marketing and presentation of this property greatly impressed us. Then, at follow up meetings with Jessica and her colleague Lyndon, their sense of commitment, integrity and professional approach was very apparent. We could not have had a better experience across the whole process from start to end. We would not hesitate to recommend them to any prospective vendor. VENDOR - 13/8 BUCKINGHAM ROAD, KILLARA 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 | (02) 9449 9066 Head Office: 2 Turramurra Avenue, Turramurra NSW 2074 45-47 Hunter Street Hornsby NSW 2077 1 Hillcrest Road Pennant Hills NSW 2120
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