Market update JULY – SEPTEMBER 2023 Courtesy of Michael Dempsey Ray White Upper North Shore
As we head towards the end of the year, the Upper North Shore property market is showing signs of both resilience and change. Forecasts indicate that while home values are set to increase by an estimated 3% to 10% by the end of 2023, the growth trajectory is expected to shift in 2024, with a noticeable moderation of both house and unit prices. Unsurprisingly, several of the major banks recently revised their predictions in response to the evolving market conditions. The National Australia Bank (NAB) initially projected a 4% decrease in home values by the end of 2023, but their most recent update presents a more positive perspective, forecasting an expected increase of 4.7% in home values by year-end. This revision underscores the market’s continued strength and adaptability. WELCOME TO MY LATEST MARKET UPDATE Factors driving market dynamics Despite challenges such as rising living costs and ongoing uncertainty around interest rates, the Upper North Shore’s property market remains robust. Throughout spring we anticipate heightened market activity due to: Increased listings: sellers are gearing up with a ‘sell before Christmas’ mindset, leading to a surge in property listings. Growing demand: buyers, both locally and through international migration, are entering the market, further fueling demand. Faster sales: typically, warmer months see shorter ‘days on market’, implying that properties are selling faster. This puts pressure on investors and homebuyers to act swiftly to secure desirable properties. Auction surge: spring is renowned for its increased auction activity. Nicer weather draws spectators, creating an exciting atmosphere that can help drive higher prices. The property market is undergoing a dynamic transformation, with potential for growth and heightened activity in the months ahead. Investors and homebuyers should prepare to act swiftly to secure their desired properties. If you’re considering selling, I’d be delighted to discuss my team’s tailored marketing strategies and results that consistently surpass the expectations of our clients. I look forward to speaking with you. Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com
FAST FACTS Source: Pricefinder 2023 1. HOUSE UNIT Q3 2023 Q3 2022 Q3 2023 Q3 2022 WAHROONGA 48 63 25 19 WARRAWEE 11 7 8 8 NORMANHURST 19 12 6 3 NUMBER OF SALES WAHROONGA WARRAWEE NORMANHURST 74% 94% 92% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) 4. HIGHEST SALE PRICE 2. MEDIAN SALE PRICE 3. AVERAGE SALE PRICE HOUSE UNIT Q3 2023 Q3 2022 Q3 2023 Q3 2022 WAHROONGA $2,867,500 $2,550,000 $957,500 $1,050,000 WARRAWEE $3,667,500 $4,121,000 $1,025,000 $1,122,500 NORMANHURST $2,021,000 $1,917,500 $1,507,500 $942,000 HOUSE UNIT Q3 2023 Q3 2022 Q3 2023 Q3 2022 WAHROONGA $3,148,396 $3,353,417 $1,075,617 $1,368,842 WARRAWEE $3,596,000 $5,533,000 $1,274,143 $1,113,562 NORMANHURST $2,111,732 $1,924,667 $1,444,167 $995,000 HOUSE UNIT Q3 2023 Q3 2022 Q3 2023 Q3 2022 WAHROONGA $9,500,000 $14,500,000 $2,320,000 $3,555,000 WARRAWEE $5,350,000 $16,300,000 $2,072,500 $1,510,000 NORMANHURST $3,081,000 $2,600,000 $1,590,000 $1,243,000
HIGHLIGHT SALES BY MICHAEL DEMPSEY & RAY WHITE UPPER NORTH SHORE 8A Palmerston Road, Waitara 12 Bristol Avenue, Wahroonga 8 Swinden Close, Turramurra 25 Braeside Street, Wahroonga 42 Boundary Road, Wahroonga 16 Braeside Street, Wahroonga 5 Edgecombe Avenue, Wahroonga 116 Lucinda Avenue, Wahroonga SOLD $1,605,000 SOLD $2,040,000 SOLD $2,600,000 SOLD $7,800,000 SOLD $4,200,000 SOLD $9,500,000 SOLD $2,855,000 SOLD $2,855,000 3 2 1 3 3 2 2 2 5 5 2 2 4 2 2 5 3 4 6 4 3 5 3 2
PROUDLY SPONSORING THE WAHROONGA FOOD & WINE FESTIVAL We’re proudly sponsoring the upcoming 9th annual Wahroonga Food and Wine Festival. This year promises to deliver a sensational culinary experience amidst the picturesque setting of Wahroonga Park. SAVE THE DATE NOW! Sunday 29th October, 11am to 5pm and it’s free for all to attend. Get ready to meet the passionate winemakers and indulge in tasting and purchasing their premium and award-winning wines. With over 130 wines from 30 wineries to sample, your taste buds are in for a treat. And that’s not all – complementing the wines, you’ll find a diverse selection of gourmet food stalls offering delectable cuisines from around the world and local produce to savour. The event is family-friendly and all ages, including furry friends on a leash, are welcome. Enjoy live music performances all day on the rotunda stage, featuring talented local school bands, contemporary musicians and entertainers. Don’t forget to drop by and meet our team at the Ray White Upper North Shore stand where we will have incredible giveaways and an exciting prize on offer!
Highly recommended “I live in Queensland and had an investment property in Sydney. I decided to sell the property as sadly, my husband suddenly passed away. Michael Dempsey was highly recommended to me by a friend so I went with him. I was in a very vulnerable and sensitive state at the time, also being in a different state put extra pressure on me. When I first spoke to Michael on the phone he was not only professional but explained everything to me with great care and was very respectful of my situation. He took the time to help me with matters that were confusing to me and provided very detailed information of all that was being done and of the people that were shown through the house. Michael went above and beyond his duty as an agent and I am happy to say the sale price was above my expectations. He is definitely the right person representing you on the sale of your property. Well done Michael.” VENDOR - NANCY, 8A PALMERSTON ROAD WAITARA Trustworthy and knowledgeable “Firstly, Michael has great communication skills, and a deep understanding of the local market, a solid network of contacts, and strong negotiation skills. We found Michael to be very knowledgeable about the upper North Shore’s real estate current trends. Additionally, we found him to be trustworthy, reliable, and overall a good man to get our property sold at the right price in a good time frame. We felt very comfortable with him.” VENDORS - CRAIG & HELENA, 8 SWINDON CLOSE TURRAMURRA Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com 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 | 9489 7474 Head Office: 2 Turramurra Avenue, Turramurra NSW 2074 45-47 Hunter Street Hornsby NSW 2077 A WORD FROM MY CLIENTS
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