Quarterly market review JANUARY - MARCH 2023 Courtesy of David Beveridge Ray White Upper North Shore
It’s been an incredibly interesting start to the year for the property market. With record low levels of stock and notably high levels of buyers across the Upper North Shore, a competitive environment has encouraged renewed confidence in the market despite negative media speculation. Higher levels of buyer activity is evidenced by our auction bidder numbers; in November nationally there were 2.2 active bidders and 3.6 registered bidders per auction, which increased to 2.8 active and 4.9 registered in February. This rise in buyer traffic has contrasted with a decline in new listings, almost 30% down on previous years. The strong activity is clear yet many potential vendors seem reluctant to come to market and take advantage of these ideal conditions. This is the news many locals may have been waiting for, according to NEOVAL; house prices bottomed out in December 2022 and have increased by 2.7% since then. It appears that the worst of the downturn is over. Prices have stabilised and with this competitive environment we may see further gains. Some sellers have a perception that selling in spring or autumn can be advantageous due to weather and gardening conditions, but in reality, there’s no ‘wrong’ time to buy or sell property. The factors that trigger buying or selling a home typically have nothing to do with the seasons but are driven by much larger factors such as changes in work or family dynamics. While interest rate rises will no doubt continue to restrict buyers’ borrowing capacity, migration and international investment continue to put pressure on housing availability. This combined with the increasing level of qualified buyers is creating a market ripe for competition. The agent who will drive the most competition to your property, is the agent who will deliver you the best price. Evidence of this competitive market includes a string of on and off market land sales that have sold for well over $3,000,000. This includes a recent sale of ours at 8 Banool Avenue, St Ives with 17 registered bidders that sold for $3,260,000 at a competitive auction. Ray White Upper North Shore continues to lead the area as the highest selling agency and was recently awarded Agency of the Year in eight suburbs by RateMyAgent; the only awards based on customer satisfaction. If you’re considering selling, please get in touch with me. My award-winning team and I would be delighted to support you on your property journey. David Beveridge 0411 225 167 david.beveridge@raywhite.com WHAT’S HAPPENING IN YOUR MARKET
FAST FACTS Source: Pricefinder 1 Jan - 31 March 2022 & 1 Jan - 31 March 2023, *realestate.com.au ST IVES ST IVES CHASE 71.6% 77.8% 4. AUCTION CLEARANCE RATE (LAST 6 MONTHS) 1. NUMBER OF SALES HOUSE Q1 2023 Q1 2022 ST IVES 45* 50 ST IVES CHASE 8 14 2. MEDIAN SALE PRICE HOUSE Q1 2023 Q1 2022 ST IVES $2,970,000* $3,165,900 ST IVES CHASE $2,755,000 $2,910,000 3. HIGHEST HOUSE SALE HOUSE Q1 2023 Q1 2022 ST IVES $6,950,000 $6,000,000 ST IVES CHASE $3,200,000 $3,700,000
HIGHLIGHT SALES FROM DAVID BEVERIDGE & RAY WHITE UPPER NORTH SHORE 21 Whitehaven Street, St Ives 195 Warrimoo Avenue, St Ives 9 Richard Road, St Ives 8 Banool Avenue, St Ives 9 Derby Street, St Ives 23 Greenvalley Avenue, St Ives 27 Warrimoo Avenue, St Ives 26 Waipori Street, St Ives SOLD $3,400,000 SOLD $2,750,000 SOLD $6,950,000 SOLD $3,260,000 SOLD Not disclosed SOLD Not disclosed SOLD $2,960,000 SOLD $2,760,000 5 3 2 4 2 5 5 3 2 5 2 2 2 2 4 3 1 3 3 1 1 2 2 4
What attracted you to open in St Ives Chase? We look for areas that are under-served, somewhere we can add something to the local community. We saw there was a massive gap on the map for the offering we can bring; specialty coffee, and a simple but fancy breakfast lunch and dinner spot with a touch of romance and warmth. Do you live locally? Bas, our general manager and one of our partners, grew up in the area, but now we’re spread out across Sydney. Have you previously opened a cafe in other suburbs? We have 2 other little cafes, Applegum in Rouse Hill and Little West in Haberfield. What has the response been like? We’ve been so warmly welcomed, it’s been fantastic. Everyone has been super enthusiastic, understanding, and appreciative of what we do, so thank you! I hear dinner and a liquor licence is coming, is this true? Absolutely. We’re licensed now, and working over the next 2 weeks to put together a menu, a wine list, cocktail recipes and a team to pull it off. We’re planning to be open for reservations from mid to late April, and of course we’ll be announcing it in the community Facebook group. What’s the most popular item on the menu? Just like any good local cafe across Australia - the Somewhere North bacon and egg roll, of course! We make two different sauces in house, so ours has a little twist to make it memorable and an indispensable part of your daily routine. Any message for our readers? It’s really important to us that locals feel a sense of ownership of our space, that they are proud we’re a part of their neighbourhood’s amenity, so we’re eagerly listening to all the early feedback and tuning our offering to suit. Please feel free to let us know when you’re in what you loved, what you missed, or any thoughts you have for improvement. SOMEWHERE NORTH ST IVES’ NEWEST CAFÉ HOTSPOT
Flawless campaign “The way David ran the campaign was flawless. His recommendations were spot-on, based on his unparalleled knowledge of the local market. Everybody involved did a fantastic job, and the whole process was carried out with such smooth efficiency that, by auction day, I was actually feeling quite relaxed about the whole thing! The auction was a great success, and the sale price was well above our expectations. All-in-all, a great result. Thanks David, Felicity and Daniel for your great work!” VENDOR - CRAIG & SUE MAXWELL, 8 BANOOL AVENUE, ST IVES An absolute pleasure “We can’t speak highly enough of David Beveridge. His professionalism and honesty was evident from our first meeting and we felt sure that he had our best interests at heart and was working hard to secure us the best possible price. His wealth of knowledge of the local area, easy going but confident demeanour and professionalism throughout the entire process made him an absolute pleasure to deal with. We have recommended him to all of our family and friends.” VENDOR – CAROLYN VAN BALKOM, 50 TIMBARRA ROAD, ST IVES Exceeded expectations “David and his team were exceptional during the sale of our property. David came up with some creative ideas to assist with the campaign, provided advice where needed and offered considered, realistic price guidance to us, and the buyers. He operates in a quiet, ethical manner and kept us fully informed throughout the campaign. We have no doubt that his handling of the final offers resulted in the best possible outcome that exceeded our expectations.” VENDOR – PETER & JILLIAN WILLIAMS, 5 TREVALGAN PLACE, 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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