Market update APRIL - JUNE 2024 Courtesy of Jessica Cao Ray White Upper North Shore
The Upper North Shore property market remains strong despite varying economic conditions. As the leading real estate agency in the area, we are dedicated to keeping homeowners informed about trends affecting their properties. Market Dynamics The NAB Residential Property Index continued its growth in June, driven by a supply-demand imbalance that supports property price growth, despite high interest rates and economic pressures. Economic and Population Trends Australia’s population grew by 2.5% to 26.97 million last year, largely due to overseas migration, boosting housing demand across Greater Sydney. Although economic growth is expected to slow and unemployment may rise this year, the RBA is anticipated to ease interest rates from November, potentially lowering the cash rate to around 3% by late 2025. Property Market Performance Sydney’s housing market has increased in value for sixteen consecutive months, with the Upper North Shore maintaining high demand due to its desirable living conditions. We continue to see exceptionally strong auction clearance rates with no signs of the market slowing throughout the traditionally quieter winter months. Council’s Legal Action Against Housing Policy Ku-ring-gai Council is suing the Minns Government over its plans to build high-density apartment blocks near train stations. The government’s policy aims to address the housing crisis by increasing supply, including dual occupancies, terraces, townhouses, and mid-rise apartments near transport hubs. Mayor Sam Ngai acknowledges the need for more housing but believes a slower, more considered approach is necessary to address character and heritage concerns and ensure existing infrastructure can cope. The council argues these changes could harm heritage conservation, environmental sustainability, and infrastructure capacity. This legal battle underscores the tension between state-driven housing initiatives and local community concerns. We will be watching this closely as it unfolds. Outlook The Upper North Shore property market is expected to remain robust. The ongoing supply-demand imbalance, strong population growth, and potential interest rate easing bode well for property values and rental income. If you’re thinking of selling, please get in touch so I can show you how my team and I can maximise the value of your property. Jessica Cao 0466 877 260 jessica.cao@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE
FAST FACTS Source: Pricefinder 2024 1. HOUSE JANUARY - JUNE 2024 JANUARY - JUNE 2023 ROSEVILLE CHASE 7 7 NUMBER OF SALES HOUSE JANUARY - JUNE 2024 JANUARY - JUNE 2023 ROSEVILLE CHASE $3,600,000 $2,660,000 2. MEDIAN SALE PRICE 4. HIGHEST SALE PRICE HOUSE JANUARY - JUNE 2024 JANUARY - JUNE 2023 ROSEVILLE CHASE $6,400,000 $3,900,000 HOUSE JANUARY - JUNE 2024 JANUARY - JUNE 2023 ROSEVILLE CHASE $3,807,143 $2,726,071 3. AVERAGE SALE PRICE Sale Date Address Area sqm Bed Bath Car Sale Price 24/01/2024 50 Malga Avenue, Roseville Chase 711 4 3 2 $2,900,000 23/03/2024 1 The Kingsway, Roseville Chase 816 4 2 2 $2,950,000 08/03/2024 32 Ormonde Road, Roseville Chase 4,518 6 4 2 $6,400,000 23/03/2024 3 Calga Street, Roseville Chase 763 5 4 2 $3,920,000 26/03/2024 3 Allard Avenue, Roseville Chase 1,073 4 3 2 $3,150,000 04/05/2024 6 Malga Avenue, Roseville Chase 725 3 2 1 $3,730,000 22/06/2024 28 Ormonde Road, Roseville Chase 1,630 5 3 2 $3,600,000 ALL SALES IN ROSEVILLE CHASE JANUARY - JUNE 2024
OUR TEAM IS READY TO HELP Meet our exceptional multi-lingual sales team, dedicated to helping you to sell your property with ease and efficiency. Jessica brings a wealth of experience and market knowledge to the team, complemented by energetic and customer-oriented team members Lydon, Alex and Joy. We share a passion for real estate, and we take pride in delivering tailor made services and top class marketing strategies to ensure our clients achieve the best sales prices. Recently the team ranked the top 1% in the whole Ray White Group. Come and meet us at our Roseville office!
We would like to treat you to a Friday morning coffee in your favourite local cafe. Please come and say hello! Totally OK if you don’t feel like a chat too. COME HAVE A COFFEE ON US FRIDAY 16 August 2024 9:00am - 11:00am 15 November 2024 9:00am - 11:00am KillaBrew Coffee, Killara Bakery and Groceries East Killara FRIDAY 20 September 2024 9:00am - 11:00am 6 December 2024 9:00am - 11:00am Echo on the Marina Roseville Roseville Chase FRIDAY 26 July 2024 9:00am - 11:00am 18 October 2024 9:00am - 11:00am Dukes Green Cafe East Lindfield
A WORD FROM MY CLIENTS Jessica Cao 0466 877 260 jessica.cao@raywhite.com Highly recommended Selling property is stressful and easy to get depressed over, however from when we first sought her advice over a half year ago, every time we spoke to Jessica she easily solved our concerns. We like her character very much and it is the reason why she is surrounded with a good team that work together. In addition to these, we are also pleased to have Lyndon as her assistant. Highly recommend. VENDOR - 3 PARNELL STREET, EAST KILLARA Best agent in Sydney Our family had been looking at houses for a few years in the North Shore area. During this property hunting experience, I have met hundreds of real estate agents, but I can confidently say Jessica is the best agent in Sydney. Her professionalism and kindness has touched our family. We finally have a loving and warm home because of her in East Killara. She is also willing to go the extra mile when help is needed and she is very genuine and reliable! PURCHASER - 14 CHURCHILL RD, EAST KILLARA The best decision we could have made Working with Jessica and her team was the best decision we could have made when selling our property. Selling can be so stressful and throughout the whole process we felt that Jessica and her team were 100% going above and beyond to get the best result possible for us. We trusted her experience and intuition completely and it paid off. Watching her navigate the campaign was like an art form! She really is in a league of her own and we’re so grateful for all the hard work she put in for us. VENDOR - 47A BENT STREET, LINDFIELD CHAIRMAN’S PERFORMER 23-24 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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