Market review OCTOBER – DECEMBER 2023 Courtesy of David Beveridge Ray White Upper North Shore
What a year 2023 was! Despite the challenges of rising interest rates and economic uncertainties the market 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 have been consistently rising since early 2023. Spring saw the usual influx of properties coming 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 continue to show increased momentum as we move through summer. 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. My team and I approached the end of the year on a high, having achieved a number of exceptional sales throughout the year. As with every home, there can only be one buyer and we still have purchasers looking to purchase. If you’re thinking of selling your property in 2024, as the highest selling team on the Upper North Shore and also St Ives, please contact me at your earliest convenience. I look forward to discussing your property goals with you. David Beveridge 0411 225 167 david.beveridge@raywhite.com WELCOME TO MY LATEST MARKET UPDATE
FAST FACTS Source: Pricefinder 2023 ST IVES 66% ST IVES CHASE 72% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) 1. NUMBER OF SALES HOUSE OCT - DEC 23 OCT - DEC 22 ST IVES 66 59 ST IVES CHASE 8 9 2. AVERAGE SALE PRICE HOUSE OCT - DEC 23 OCT - DEC 22 ST IVES $3,231,955 $3,142,492 ST IVES CHASE $3,172,500 $2,953,500 3. HIGHEST HOUSE SALE HOUSE OCT - DEC 23 OCT - DEC 22 ST IVES $7,100,000 $7,000,000 ST IVES CHASE $6,250,000 $6,619,000 4. LOWEST HOUSE SALE HOUSE OCT - DEC 23 OCT - DEC 22 ST IVES $1,820,000 $1,670,000 ST IVES CHASE $2,150,000 $1,895,000
RECENT SALES BY DAVID BEVERIDGE 1 Wallis Place, St Ives 19 Kanoona Avenue, St Ives 60 Richmond Avenue, St Ives 29 Collins Road, St Ives 37 Killeaton Street, St Ives 30 Banool Avenue, St Ives 5 Waterhouse Avenue, St Ives 11 Wembury Road, St Ives SOLD $2,750,000 SOLD $2,540,000 SOLD $1,820,000 SOLD $4,160,000 SOLD $2,735,000 SOLD $3,150,000 SOLD $3,010,000 SOLD $3,150,000 4 2 1 4 3 2 4 2 2 5 4 2 3 3 2 5 4 2 3 2 2 4 3 2
$0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 Ray White Competitor 1 Competitor 2 Sales Value Competitor 3 Competitor 4 0 100 200 300 400 500 600 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Sales Volume WE'RE PROUD TO BE THE HIGHEST SELLING AGENCY ACROSS THE 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 agency. Source: CoreLogic Market Scorecard 1/1/2023-27/11/2023
I would highly recommend David “David Beveridge was simply a joy to work with. We were immediately impressed from the moment we met him. David took the time to really get to know us and we really appreciated the way he took us through the type of marketing he could bring to sell our property. We were kept updated after each house inspection and he made the final negotiations quite stress-free! I would highly recommend David.” ANTHONY MILLER - 37 KILLEATON STREET, ST IVES A delight to work with “We chose David Beveridge from Ray White to manage the sale of our home in St Ives. David and Felicity are a great team, and made the sale of our home a very smooth transaction. They are a delight to work with, and everything that was promised was delivered professionally and efficiently. The home was sold within a week of going to market and achieved a price that met our expectations. David kept us well informed during negotiations, and we would have no hesitation in recommending David.” ROD LAYCOCK - 11 WEMBURY ROAD, ST IVES Integrity & knowledge “We had gotten to know David over a number of years as we considered selling our family home and were very impressed with David’s knowledge and willingness to help throughout the process with contacts for trades, and anything else we needed in readiness for sale. He works hard to get the result however he’s not too pushy and his style very much suited us as busy people with a busy family. I’d recommend David and his team if you’re looking for an agent with integrity and great market knowledge.” MICHAEL SMITH - 4 MOORHOUSE AVENUE, ST IVES A WORD FROM MY CLIENTS David Beveridge 0411 225 167 david.beveridge@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 | St Ives Office: 9646 2075 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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