Beecroft Market Update JULY-AUGUST 2024 Courtesy of Jayden Potten, Ray White Upper North Shore | Pennant Hills
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 Beecroft 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. Jayden Potten 0402 604 828 jayden.potten@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 1. HOUSES UNITS JUL - SEPT 2024 JUL - SEPT 2023 JUL - SEPT 2024 JUL - SEPT 2023 BEECROFT 20 29 10 14 NUMBER OF SALES 2. MEDIAN SALE PRICE HOUSES UNITS JUL - SEPT 2024 JUL - SEPT 2023 JUL - SEPT 2024 JUL - SEPT 2023 BEECROFT $2,530,000 $2,380,000 $1,130,000 $840,000 3. AVERAGE SALE PRICE HOUSES UNITS JUL - SEPT 2024 JUL - SEPT 2023 JUL - SEPT 2024 JUL - SEPT 2023 BEECROFT $2,668,842 $2,443,648 $1,228,000 $1,261,071 4. HIGHEST SALE PRICE HOUSES UNITS JUL - SEPT 2024 JUL - SEPT 2023 JUL - SEPT 2024 JUL - SEPT 2023 BEECROFT $4,800,000 $3,823,000 $1,950,000 $2,550,000 BEECROFT 74% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS)
OUR BEECROFT HIGHLIGHTS Questions? Contact: Amy Kaslar 0438 404 444 Emily Ashman 0451 007 804 Jayden Potten 0402 604 828 5 4 3 1,723sqm 79 ENQUIRIES | 71 INSPECTIONS | 19 RE-INSPECTIONS 8 REGISTERED BIDDERS | 5 ACTIVE BIDDERS 8 5 2 1,798sqm Large parcel of land with the potential to develop into duplexes, subdivide further and build multiple new homes (STCA), whilst generating a dual income throughout the application process. Contact Jayden Potten 0402 604 828 to learn more 3.305/16-18 Hannah Street, Beecroft 6a Maroota Way, Beecroft 39 Chapman Avenue, Beecroft 67a Murray Farm Road, Beecroft Beecroft, address available on request 12 Malton Road, Beecroft SOLD $1,000,000 SOLD $1,900,000 SOLD AT AUCTION $4,800,000 SOLD $2,530,000 FOR SALE - OFF MARKET SOLD VICINITY OF $7,550,000 ***not all properties shown sold by Ray White Upper North Shore 2 2 1 3 4 2 4 2 2 5 3 3
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
Jayden Potten exudes a genuine warmth and natural ability to build relationships. With a strong sales background and over a decade of experience in the industry, he joins the Ray White Upper North Shore team with a wealth of knowledge and expertise. Since starting his real estate journey, Jayden has successfully managed hundreds of residential real estate auctions, private treaty sales, and off-market deals. He is consistently praised by vendors and buyers for his outstanding communication skills and diligent follow-up. Jayden is a resultsoriented agent, fully committed to achieving exceptional outcomes for all parties involved in every transaction. When you list your property with Jayden, you can trust that you’re partnering with a knowledgeable and passionate sales agent who operates with integrity. Trustworthy and friendly, Jayden is determined to assist his clients with all their property needs and welcomes every call. JAYDEN POTTEN - YOUR BEECROFT SPECIALIST Jayden Potten Sales Consultant | 0402 604 828 | jayden.potten@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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