Quarterly market review JANUARY - MARCH 2024 Courtesy of David Walker Ray White Upper North Shore
Our local property market is experiencing significant momentum, with projections indicating Sydney house prices could rise over 10% this year, outpacing last year’s growth. The past 12 months have seen house prices across Sydney surge by 9.7%, with unit prices also showing robust growth at 7.4%. Several fundamental drivers are underpinning this upward trajectory: Population Growth vs Housing Supply Last year’s strong population growth wasn’t matched by sufficient new home construction, exacerbating the housing shortfall. Despite the need for 250,000 new homes, only 175,000 were built in 2023, with approvals for even fewer in the pipeline. Interest Rate Outlook With inflation moderating, there’s growing anticipation of interest rate cuts, which will further stimulate the market. Construction Costs and Affordability Rising construction costs are making new homes more expensive, pushing more buyers towards the established market, where it’s currently more cost-effective to purchase than build. The Upper North Shore is always in high demand with elite schools, leafy surrounds and a multitude of urban amenities catering to both families and professionals. If you’re thinking of selling, the current market conditions certainly present a compelling opportunity. As we move into autumn and winter, preparing your home for sale is crucial for standing out in our competitive market. Ensure your home is well-lit, both naturally and with warm, ambient lighting. Accentuate features that appeal during cooler months, such as fireplaces or underfloor heating. As the highest selling real estate agency on the Upper North Shore, selling 736 properties totaling over $1.9 billion in 2023, our team offers unmatched expertise to enhance your property’s value. I look forward to discussing your real estate goals. David Walker 0414 184 911 david.walker@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE
FAST FACTS Source: Pricefinder 2024 1. HOUSES UNITS Q1 2024 Q1 2023 Q1 2024 Q1 2023 WAHROONGA 42 48 23 22 WARRAWEE 4 11 8 6 NUMBER OF SALES WAHROONGA 62% WARRAWEE 65% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) HOUSES UNITS Q1 2024 Q1 2023 Q1 2024 Q1 2023 WAHROONGA $8,500,000 $13,588,000 $2,900,000 $1,750,000 WARRAWEE $7,300,000 $14,200,000 $1,260,000 $2,260,000 4. HIGHEST SALE PRICE HOUSES UNITS Q1 2024 Q1 2023 Q1 2024 Q1 2023 WAHROONGA $2,950,000 $2,620,000 $1,097,944 $1,032,375 WARRAWEE $4,030,000 $5,700,000 $827,500 $1,350,000 2. MEDIAN SALE PRICE HOUSES UNITS Q1 2024 Q1 2023 Q1 2024 Q1 2023 WAHROONGA $3,255,415 $3,564,932 $1,217,324 $1,025,261 WARRAWEE $4,510,000 $6,418,081 $870,875 $1,480,417 3. AVERAGE SALE PRICE
HIGHLIGHT SALES BY DAVID WALKER 7A Wahroonga Avenue, Wahroonga 97A Boundary Road, Wahroonga 24 Grosvenor Street, Wahroonga 32 Mahratta Avenue, Wahroonga 10 Davidson Avenue, Warrawee 97 Braeside Street, Wahroonga 19 Wahroonga Avenue, Wahroonga 9 Davidson Avenue, Warrawee SOLD $4,400,000 SOLD $4,100,000 SOLD $3,550,000 SOLD $3,070,000 SOLD $7,300,000 SOLD $4,000,000 SOLD $3,650,000 SOLD $5,200,000 5 4 2 5 3 2 5 3 4 5 3 2 5 3 2 4 2 2 5 3 2 5 3 2
Prepare for Warmth: Enhance the cosy appeal of your home to attract buyers. Keep your home warm during viewings, utilize fireplaces, and add warm-colored accents to decor. Maintain Cleanliness: Winter demands extra cleaning efforts to tackle mud and leaves, ensuring your home remains inviting. Enhance Outdoor Spaces: Make your garden appealing with simple updates and demonstrate how outdoor areas can be enjoyed yearround, possibly adding features like fire pits or outdoor heaters. Brighten Your Home: Maximise natural light and keep the interior well-lit to make spaces feel more inviting, potentially increasing the home's attractiveness and energy efficiency. PREPARE YOUR HOME FOR A WINTER SALE Winter can be a great time to sell your home, offering unique advantages. Here are some tips for making a sale in the colder months: Focusing on these aspects can help sell your home effectively in winter, leveraging the season's unique selling points. Give me a call and I will outline how I can best market your property this winter. PREPARE YOUR HOME FOR A WINTER SALE
★★★★★ Experienced & supportive “We are happy with the result achieved within the four week marketing campaign. David provided sound advice and detailed feedback from potential buyers. We are appreciative of the support from David’s whole team throughout the process including helping us to get some minor works completed prior to going to market and arranging for the great styling.” MICHAEL & JULIE - VENDORS, 97 BRAESIDE STREET, WAHROONGA ★★★★★ Couldn’t be happier “My experience with Belinda and David from Ray White Wahroonga was excellent. Belinda was always supportive and professional. She went above and beyond. When it came to the negotiations for my property l couldn’t have asked for a better team than Belinda and David, the result l got was beyond my expectations. Big thank you to the team at Ray White.” STEVEN & JACQUELINE - VENDORS, 63 LEURA CRESCENT, NORTH TURRAMURRA ★★★★★ Fantastic service, fantastic result “When it came time to sell our property, we returned to the agent who sold it to us: David Walker. During the premarketing stage, his team was extremely helpful in ensuring that the property hit the market in the most saleable condition possible. A big thank you to Candice Allan for going above and beyond with all the pre-sale preparations! After marketing commenced, David kept us informed every step of the way, and his assessment of market conditions was incredibly accurate. He actively engaged with interested potential buyers, and eventually closed the deal at the very highest end of our expectations. We trusted David to do what was best for us, and he certainly delivered on that trust. A true professional. My only regret is that we don’t have another property for him to sell!” JAMES - VENDOR, 11 THE BROADWAY, WAHROONGA David Walker Director 0414 184 911 david.walker@raywhite.com 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
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