Market update JULY-SEPTEMBER 2024 Courtesy of Nathan Leuzzi & Dion Verzeletti Ray White Upper North Shore
Sydney’s property market picked up faster than anticipated, bringing an early end to the typically quiet winter period, especially on the Upper North Shore. Spring selling season is well and truly in full swing, with a noticeable rise in listings across all suburbs. This increased supply provides buyers with more options, however more buyers brings heightened competition. Demand continues to drive price growth, with Sydney house prices increasing by 6.8% year-on-year to an average of $1.429 million in July. Unit prices have also seen an increase of 3.9% over the same period, reaching $830,000. While there was a jump in listings in early September, any negative impact on prices was more muted than expected because the increase in listings was matched by a similar rise in demand. Factors like record population growth, sluggish building activity and soaring rents have long been influencing price growth. Many tenants facing high rental costs are transitioning into homeownership, further fuelling demand. Looking ahead, the key trends shaping the market include: • Interest Rates: Initially, it was anticipated that interest rates would be cut by the end of 2024, but this might be postponed until 2025. • Inflation: While inflation is gradually being controlled, it is expected to persist longer than the Reserve Bank of Australia would prefer. • Scarcity of Dwellings: The shortage of properties for both purchase and rent will likely continue. • Rising Rents: Rental prices are expected to keep climbing due to the ongoing demand. • Strong Migration: High levels of migration will continue to support the housing market. • Investor Activity: Investor finance has increased by 31%, indicating that savvy investors are still actively investing in the property market. • Robust Economy: Despite the challenges, the overall economy is predicted to remain strong. If you’re a buyer in the highly competitive Upper North Shore market, preparation is key. The speed at which quality homes are moving means that being ready to make quick, informed decisions can be the difference between securing your dream home or losing out. For those considering selling, now is an excellent time to discuss how we can maximise your sale price in these market conditions. We are here to guide you through the process and help you achieve the best possible outcome. Nathan Leuzzi Dion Verzeletti 0412 975 190 0413 753 695 nathan.leuzzi@raywhite.com dion.verzeletti@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE #1 NSW Ray White Office #1 International Business in the Ray White Group
FAST FACTS Source: Pricefinder 2024 HOUSES UNITS Q3 2024 Q3 2023 Q3 2024 Q3 2023 NORMANHURST 12 23 - 5 THORNLEIGH 21 33 20 8 WESTLEIGH 18 12 - - PENNANT HILLS 18 19 6 12 WEST PENNANT HILLS 30 47 7 4 1. NUMBER OF SALES HOUSES UNITS Q3 2024 Q3 2023 Q3 2024 Q3 2023 NORMANHURST $2,780,000 $3,081,000 - $1,590,000 THORNLEIGH $2,360,000 $2,900,000 $1,915,000 $1,800,000 WESTLEIGH $2,420,000 $2,850,000 - - PENNANT HILLS $2,870,000 $2,755,000 $715,000 $1,780,000 WEST PENNANT HILLS $6,500,000 $4,725,000 $1,880,000 $1,600,000 4. HIGHEST SALE PRICE HOUSES UNITS Q3 2024 Q3 2023 Q3 2024 Q3 2023 NORMANHURST $2,100,000 $2,000,000 - $1,430,000 THORNLEIGH $1,830,000 $1,865,000 $848,000 $1,111,500 WESTLEIGH $1,942,500 $2,165,000 - - PENNANT HILLS $2,092,500 $1,900,000 $615,000 $815,000 WEST PENNANT HILLS $2,717,500 $2,228,650 $1,350,000 $1,215,000 2. MEDIAN SALE PRICE HOUSES UNITS Q3 2024 Q3 2023 Q3 2024 Q3 2023 NORMANHURST $2,108,182 $2,061,356 - $1,415,000 THORNLEIGH $1,834,238 $1,929,663 $1,042,850 $1,165,000 WESTLEIGH $1,971,556 $2,145,083 - - PENNANT HILLS $2,092,611 $1,965,737 $535,000 $868,667 WEST PENNANT HILLS $2,893,678 $2,472,434 $1,412,143 $1,220,000 3. AVERAGE SALE PRICE
HIGHLIGHT SALES BY NATHAN LEUZZI & DION VERZELETTI STREET RECORD STREET RECORD STREET RECORD 23 Bishop Avenue, West Pennant Hills 150 Hull Road, West Pennant Hills 15 Yarrabung Avenue, Thornleigh 21 Thompson Close, West Pennant Hills 33 Oakleigh Avenue, Thornleigh 35 Loftus Road, Pennant Hills 38B Laurence Street, Pennant Hills 20 Gum Blossom Drive, Westleigh SOLD SOLD $2,473,000 SOLD $2,360,000 SOLD $2,675,000 SOLD $2,035,000 SOLD $2,385,000 SOLD $2,565,000 SOLD 5 4 2 4 2 2 2 1 1 5 3 3 4 2 2 5 3 2 4 2 3 4 2 2
WHY SELL WITH RAY WHITE UPPER NORTH SHORE? WHY SELL WITH RAY WHITE UPPER NORTH SHORE? Sales Volume Ray White Compeঞtor 1 Compeঞtor 2 Compeঞtor 3 Compeঞtor 4 0 200 400 600 800 Sales Value Ray White Compeঞtor 1 Compeঞtor 2 Compeঞtor 3 Compeঞtor 4 $0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 Source: CoreLogic Market Scorecard FY24 Ray White Upper North Shore sets the standard by selling more properties than any other agency across the Upper North Shore. This extensive track record enables us to connect with more potential purchasers than anyone else, ensuring unmatched exposure for your property. Our comprehensive marketing strategies are proven to give you an advantage when selling your home. VIEWS ENGAGEMENT ENQUIRIES SAVES & SHARES 1,348 1,016 906 675 18 13 54 36 RAY WHITE UPPER NORTH SHORE MARKET AVERAGE Source: Domain published listings FY24
“We would sincerely like to thank Nathan for all his efforts and a fantastic result. We initially thought we may face some challenges being interstate. That was not the case and from our initial meeting with Nathan our family felt confident that we had chosen the right agent. With Nathan having such extensive knowledge of the local market and because he continues to maintain contact with buyers, he was able to secure an exceptional offer prior to auction. A down to earth team who made the sale stress free and provided A1 service.” VENDOR REVIEW - THORNLEIGH “Nathan made the selling of our beloved home seamless and communicated with us throughout the whole process. His marketing expertise and honest communication style had us trusting in him and his team. Once our home sold, the great results were a testimony of his hard work and all his efforts. Highly recommended.” VENDOR REVIEW - PENNANT HILLS “From start to finish Dion made this a pleasurable experience. Nothing was too much trouble, and his energy and enthusiasm were a delight. Dion has incredible knowledge of the area and the market, and what’s more, we felt that we could trust him. He was really helpful with contacts for services to prepare the property properly and produced a good crowd of interested buyers on the day. All up I couldn’t have been happier” VENDOR REVIEW - WESTLEIGH “Dion was absolutely amazing and extremely successful at selling my property. Dion took the pressure off us and made the entire process so easy. His guidance throughout the whole process was exceptional and brought us a phenomenal result. He speaks with honesty, sincerity and transparency. He is so patient and optimistic and will not stop until he gets the job done. We are so grateful for all his expertise and support. We can’t recommend Dion and his team highly enough.” VENDOR REVIEW - NORMANHURST A WORD FROM NATHAN & DION’S CLIENTS Nathan Leuzzi 0412 975 190 nathan.leuzzi@raywhite.com Dion Verzeletti 0413 753 695 dion.verzeletti@raywhite.com 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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