Market Update S UMM E R 2 0 2 2 / 2 0 2 3 Courtesy of James Levy Ray White Upper North Shore
The years do go by a lot quicker and with that, we see such varied real estate activity and media attention. Whilst it is easy to be swept up in the media negativity, it is important to keep in mind that this follows rapid and record breaking growth throughout 2021. Interest rate hikes placed uncertainty in the market and for many, their fixed interest rates are about to expire and move to higher variable rates. For the year we didn’t see prices drop as much as predicted because this was largely due to demand outstripping supply which kept the market more stable than predicted. The Upper North Shore has been notably resilient over the past 12 months and despite the heat coming off the market, its desirability remains strong. Of particular note is the St Ives market and that the appetite for renovated or newly built homes. Purchasing a newly built home is more appealing than the thought of building from scratch. This has resulted in new or near new builds selling well above expectations and widening the gap between an entry level home and the top end sale price of homes. We see this trend continuing as building costs increase further and the availability of tradespeople remains low. With borders now opening, uncertain times in China and Hong Kong enticing buyers to migrate, we feel these factors will further bolster the demand for quality property in our exclusive areas. Even with the roller coaster market of the last 2 years, it is interesting to see the record sale price of a new home and highest sale price in St Ives in August 2020 of $4,700,000. Since then, this price has repeatedly been superseded. In the last quarter of the year it stood at $7,000,000 – this is substantial growth. It wasn’t so long ago that St Ives was seen to be a secondary choice to the suburbs along the railway line whereas now it is a prime pick with various schooling and shopping options and is seen to be a central position/hub with easy access to Hornsby, Chatswood, Macquarie, the Northern Beaches, Gordon Railway and of course the cty, with the City Express bus services. Ray White Upper North Shore continues to lead the Ku-ring-gai market and of course the St Ives market. The highlight of this year was Ray White Upper North Shore winning the award for number one Group for Ray White International. This is a reflection of our high achieving and exceptionally hard-working team, our market leading strategies and a network which is like no other. I hope that the festive period was enjoyable and that 2023 is full of enjoyment, prosperity and health for you. James Levy 0414 474 868 james.levy@raywhite.com WELCOME TO 2023
FAST FACTS Source: Pricefinder 1 January – 31 December 2022 1. HOUSE UNIT 2022 2021 2022 2021 ST IVES 246 297 145 206 NUMBER OF SALES ST IVES 69.0% 5. AUCTION CLEARANCE RATE IN 2022 ST IVES $7,000,000 18 Kenthurst Road, St Ives 4. HIGHEST HOUSE SALE 2. MEDIAN SALE PRICE HOUSE UNIT 2022 2021 2022 2021 ST IVES $2,753,000 $2,785,000 $965,000 $1,047,500 3. AVERAGE SALE PRICE HOUSE UNIT 2022 2021 2022 2021 ST IVES $2,640,876 $2,811,563 $1,205,376 $1,195,302
SELECTION OF MY RECENT SALES 6 Marcoala Place, St Ives 42 Douglas Street, St Ives 8 Kelvin Road, St Ives 71 Waterhouse Avenue, St Ives 27 Bimburra Avenue, St Ives 2/343 Mona Vale Road, St Ives 20 Bundabah Avenue, St Ives 18 Whitehaven Street, St Ives SOLD SOLD SOLD SOLD SOLD SOLD SOLD SOLD
At the outset, the sales campaign was scheduled over four weekend open homes with the auction date to be on the following fifth Saturday. However, it was clear after the first week on the market there was significant connection to the property from the market and pre-auction offers that came in. Assessing the options available to us, we decided that despite interest at a more than acceptable level, it would be best to bring the auction forward. The auction was held 10 days after the home went to market and the result was sensational - well in excess of expectations. In the short campaign: When sitting with vendors or even at a listing presentation, I stress that when selecting an agent, it is not the agent who offers the highest selling price. It is about the agent’s strategy on how to maximise the selling price. This is a prime example of this. The sale of 42 Douglas Street St Ives defied the market rhetoric about a softer or even downward trending market. RECENT CASE STUDY 65 parties inspected over 3 open homes 13 contract requests 9 registered bidders
Highly professional “Thanks James Levy and the Ray White team for making the sale of my mother’s house a trouble free experience. We were given handy hints for displaying the house and he put us in touch with the best tradespeople. At all times he kept us in the loop and we appreciated his expertise and professionalism.” VENDOR, 2/343 MONA VALE ROAD ST IVES Collaborative and communicative “James is excellent and I would highly recommend him to anyone considering selling their home! He ‘held our hand’ through the entire process of selling for the first time in 23 years. His advice, attention to detail, professionalism and great communication was very much appreciated and he sold our home in two weeks!” VENDOR, 8 KELVIN ROAD ST IVES Impressive and highly recommended “We were impressed with James from our first meeting. He was very professional with every aspect of our brief. We found him easy to work with and always available when we needed him. We will happily recommend him to anyone.” VENDOR, 20 BUNDABAH AVENUE 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 James Levy 0414 474 868 james.levy@raywhite.com
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