Market update OCTOBER – DECEMBER 2023 Courtesy of Adam McKay 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. I look forward to discussing your property goals with you. Adam McKay 0412 133 173 adam.mckay@raywhite.com WELCOME TO MY LATEST MARKET UPDATE
FAST FACTS Source: Pricefinder WARRAWEE TURRAMURRA WAHROONGA 80% 67% 69% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) HOUSE Q4 2023 Q4 2022 WARRAWEE $2,500,000 $9,855,000 TURRAMURRA $6,510,000 $6,720,000 WAHROONGA $11,000,000 $10,700,000 4. HIGHEST HOUSE SALE PRICE HOUSE Q4 2023 Q4 2022 WARRAWEE $2,250,000 $3,958,500 TURRAMURRA $2,735,000 $2,650,000 WAHROONGA $2,800,000 $2,232,000 2. MEDIAN HOUSE SALE PRICE HOUSE Q4 2023 Q4 2022 WARRAWEE $2,250,000 $4,435,250 TURRAMURRA $3,199,025 $3,352,425 WAHROONGA $3,423,511 $2,835,120 3. AVERAGE HOUSE SALE PRICE 1. HOUSE Q4 2023 Q4 2022 WARRAWEE 2 12 TURRAMURRA 36 32 WAHROONGA 50 50 NUMBER OF HOUSE SALES
A SELECTION OF ADAM’S RECENT SALES 7 Murdoch Street, Turramurra 35 Evelyn Avenue, Turramurra 22 Richard Road, St Ives 15 Trentino Road, Turramurra 5 Tennyson Avenue, Turramurra 88 Junction Road, Wahroonga 6 Cyrus Avenue, Wahroonga 53 Ada Avenue, Wahroonga SOLD $5,300,000 SOLD $3,650,000 SOLD $6,300,000 SOLD $5,466,000 SOLD $6,500,000 SOLD $5,025,000 SOLD $4,700,000 SOLD $4,168,000 5 3 2 5 4 2 5 3 2 5 4 2 4 2 2 5 3 2 4 3 3 5 4 3
$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
★★★★★ Sensational result “As always, Adam and his team outperform all others. His local knowledge, market awareness and client base guarantee solid results. We highly recommend Adam, his team and Ray White Upper North Shore for again giving us a sensational result.” VENDOR - 22 RICHARD ROAD, ST IVES ★★★★★ Excellent and professional service “Adam and his team (Georgia) were so knowledgeable of our local market and helpful in passing on information and answering our queries. It was a hugely stressful and emotional time for us, but we knew that we were in very capable hands. We were kept up to date with a great approach, good communication and a strategy that meant we got a strong sale result. Adam and Georgia were both wonderful - a pleasure to work with and highly recommended.” VENDOR - 101 MERRIVALE LANE, TURRAMURRA ★★★★★ Fantastic! “Adam was very professional throughout the whole sale process. He kept us well informed right from the beginning. Adam provided us with his expert opinion on the sale strategy and how he would act in the best interest of us. He knew the area very well and we had neighbours vouching for him before we even met him. Adam was friendly and easy to approach with all correspondence responded in a timely manner. Most of all, Adam had a fantastic team that made the whole sale process very smooth without a worry. I would highly recommend Adam and his team to anyone who wishes to sell.” VENDOR - 35 EVELYN AVENUE, TURRAMURRA A WORD FROM OUR CLIENTS Adam McKay 0412 133 173 adam.mckay@raywhite.com CHAIRMAN’S PERFORMER 22-23 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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