Market update END OF YEAR 2023 Courtesy of Michael Dempsey Ray White Upper North Shore
What a year 2023 has been! 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 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 have 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 into 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 are approaching the end of the year on a high, recently selling 149 Fox Valley Road, Wahroonga at auction for $3,500,000, an incredible 24% above the reserve. There were 16 registered bidders at this exciting auction with many disappointed buyers still actively searching for their dream property. If you’re thinking of selling your property in 2024, as the highest selling team on the Upper North Shore we are poised to exceed your expectations. I look forward to discussing your property goals with you. Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com WELCOME TO MY LATEST MARKET UPDATE
FAST FACTS Source: Pricefinder to 4 December 2023 1. HOUSE UNIT 2023 YTD 2022 2023 YTD 2022 WAHROONGA 210 202 95 90 WARRAWEE 36 38 21 24 NORMANHURST 64 61 17 19 NUMBER OF SALES WAHROONGA WARRAWEE NORMANHURST 68% 82% 78% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) 2. MEDIAN SALE PRICE HOUSE UNIT 2023 YTD 2022 2023 YTD 2022 WAHROONGA $2,900,000 $2,700,000 $950,000 $1,100,000 WARRAWEE $3,780,000 $3,400,000 $1,200,000 $887,500 NORMANHURST $1,913,000 $1,750,000 $1,200,000 $1,142,000 3. AVERAGE SALE PRICE HOUSE UNIT 2023 YTD 2022 2023 YTD 2022 WAHROONGA $3,399,212 $3,291,091 $1,111,071 $1,249,526 WARRAWEE $5,029,830 $4,056,026 $1,284,738 $1,098,792 NORMANHURST $1,946,518 $1,756,525 $1,136,706 $1,153,684 4. HIGHEST SALE PRICE HOUSE UNIT 2023 YTD 2022 2023 YTD 2022 WAHROONGA $13,588,000 $14,500,000 $2,665,000 $3,555,000 WARRAWEE $20,500,000 $16,300,000 $2,260,000 $3,120,000 NORMANHURST $3,081,000 $2,800,000 $1,780,000 $1,650,000
2023 HIGHLIGHT SALES BY MICHAEL DEMPSEY 9 Edgecombe Avenue, Wahroonga 116 Lucinda Avenue Sth, Wahroonga 68 Roland Avenue, Wahroonga 25 Braeside Street, Wahroonga 28 Braeside Street, Wahroonga 44A Russell Avenue, Wahroonga 5 Edgecombe Avenue, Wahroonga 149 Fox Valley Road, Wahroonga SOLD $2,300,000 SOLD $2,855,000 SOLD $2,010,000 SOLD $7,800,000 SOLD $9,750,000 SOLD $2,280,000 SOLD $2,855,000 SOLD $3,500,000 4 3 4 3 2 1 5 4 2 5 2 2 4 3 2 5 3 4 5 3 3 5 2 2
Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Sales Value $0 $300,000,000 $600,000,000 $900,000,000 $1,200,000,000 $1,500,000,000 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
Highly recommended “Michael Dempsey, and the team at Ray White, notably Candice Allan, were all tremendously hardworking and helpful in getting the job done in terms of giving advice and coordinating what is necessary in preparation of the sale of our house. During the sale period, Michael was very highly professional and very skillful with communications and potential buyers and tremendous with the negotiations.” VENDOR - 25 BRAESIDE STREET, WAHROONGA Exceptional support “Thank you Michael for your continuous follow up and excellent communication throughout the process. I appreciate your help in selling my house.” VENDOR - 116 LUCINDA AVENUE STH, WAHROONGA Understanding and considerate “Michael has been outstanding throughout the process of the sale of our house. Michael understands the whole process of selling our home. He was considerate and had great knowledge of the area and past sales. Michael was very easy to relate to and had good communication at all times. I would recommend Michael to sell your home.” VENDOR - 28 BRAESIDE STREET, WAHROONGA Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com A WORD FROM MY CLIENTS 39 Hill Street Roseville 18 Railway Avenue Wahroonga 237 Mona Vale Road St Ives raywhiteuppernorthshore.com.au Ray White Upper North Shore Head Office: 2 Turramurra Avenue, Turramurra 45-47 Hunter Street Hornsby 1 Hillcrest Road Pennant Hills
RkJQdWJsaXNoZXIy MTI3ODI1