Market update SPRING 2024 Courtesy of James Levy 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. My team and I are here to guide you through the process and help you achieve the best possible outcome. James Levy james.levy@raywhite.com 0414 474 868 WELCOME TO YOUR LOCAL MARKET UPDATE
FAST FACTS ST IVES AND ST IVES CHASE (COMBINED) Source: Pricefinder 2024 1. HOUSES UNITS Q3 2024 Q3 2023 Q3 2024 Q3 2023 ST IVES AND ST IVES CHASE 57 62 41 43 NUMBER OF SALES 2. MEDIAN SALE PRICE HOUSES UNITS Q3 2024 Q3 2023 Q3 2024 Q3 2023 ST IVES AND ST IVES CHASE $3,065,000 $3,200,000 $1,028,000 $1,210,000 3. AVERAGE SALE PRICE HOUSES UNITS Q3 2024 Q3 2023 Q3 2024 Q3 2023 ST IVES AND ST IVES CHASE $3,194,470 $3,553,609 $1,342,293 $1,293,309 4. HIGHEST SALE PRICE HOUSES UNITS Q3 2024 Q3 2023 Q3 2024 Q3 2023 ST IVES AND ST IVES CHASE $6,805,000 $6,350,000 $4,000,000 $2,100,000 ST IVES AND ST IVES CHASE 61% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS)
HIGHLIGHT SALES BY JAMES LEVY 25 Flinders Avenue, St Ives 3 Shannon Street, St Ives 26 Mudies Road, St Ives 8 Woodward Place, St Ives 2 Oxley Avenue, St Ives 33 Torokina Avenue, St Ives 3/24 Memorial Avenue, St Ives 22 Dalton Road, St Ives SOLD PRIOR TO AUCTION SOLD PRIOR TO AUCTION SOLD SOLD AT AUCTION SOLD PRIOR TO AUCTION SOLD PRIOR TO AUCTION SOLD AT AUCTION SOLD OFF MARKET 5 3.5 2 5 3 2 4 3 2 3 2 2 5 3.5 2 5 3 2 5 4.5 2 5 2.5 4 COMPLEX RECORD STREET RECORD STREET RECORD
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
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 Professional, excellent communicator “This is the 2nd time we have used James, and he did not disappoint. His professionalism, knowledge and approach was second to none. His consistent communication throughout the entire campaign was extremely reassuring. No matter what time of the day, James was on hand to answer the smallest of questions. We cannot recommend James highly enough!” VENDOR - M & D, ST IVES Outstanding knowledge of the market “James was outstanding in his knowledge of the market. He kept us well informed, gave us invaluable insight throughout the process and was wonderfully thoughtful during a time that can otherwise be incredibly stressful. An absolute pleasure to deal with, and highly recommend him to anyone selling or buying in the area.” VENDOR - S & M, ST IVES Truly exceptional “I recently had the pleasure of working with James, and I cannot recommend him highly enough. James guided us through every step of the process with remarkable professionalism and patience. He took the time to understand our needs and preferences. His extensive knowledge of the local market was evident, providing valuable insights and helping us make informed decisions. If you’re looking for a real estate agent who combines professionalism with a personal touch, James is absolutely the person you want by your side. His expertise, dedication, and exceptional service make him an outstanding choice. Thank you, James, for making our home-selling journey a memorable and positive experience!” VENDOR - S & E, ST IVES A WORD FROM MY CLIENTS James Levy 0414 474 868 james.levy@raywhite.com
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