Market update JULY-SEPTEMBER 2024 Courtesy of Michael Dempsey 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. The prestige end of the market is transacting extremely well, with buyers paying a premium for Upper North Shore trophy homes. It was a privilege to bring to market 25 Bangalla Street, Warrawee. This notable sale for my team and I saw 129 group inspections over 14 days on the market, 6 registered bidders and sale price of $9,200,000 which was more than $1m over reserve. 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. • 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. Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE
FAST FACTS Source: Pricefinder 2024 WAHROONGA 59% WARRAWEE 50% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) 1. HOUSES JUL-SEPT 2024 JUL-SEPT 2023 WAHROONGA 47 57 WARRAWEE 4 11 NUMBER OF SALES HOUSES JUL-SEPT 2024 JUL-SEPT 2023 WAHROONGA $5,450,000 $9,500,000 WARRAWEE $9,200,000 $12,200,000 4. HIGHEST SALE PRICE HOUSES JUL-SEPT 2024 JUL-SEPT 2023 WAHROONGA $2,980,000 $2,880,000 WARRAWEE $4,100,000 $3,810,000 2. MEDIAN SALE PRICE HOUSES JUL-SEPT 2024 JUL-SEPT 2023 WAHROONGA $3,143,420 $3,330,546 WARRAWEE $4,812,500 $4,995,545 3. AVERAGE SALE PRICE
FY24 HIGHLIGHT SALES BY MICHAEL DEMPSEY 71 Kintore Street Wahroonga 25 Bangalla Street, Warrawee 8 Kallang Parade, Wahroonga 5 Elizabeth Street, Wahroonga 32 Apps Avenue, Turramurra 134 Burns Road, Wahroonga 1 Clissold Road, Wahroonga 101 Ada Avenue South, Wahroonga SOLD $4,200,000 SOLD $9,200,000 SOLD $2,157,000 SOLD $2,460,000 SOLD $2,700,000 SOLD $2,900,000 SOLD $3,400,000 SOLD $3,150,000 4 3 2 4 2 2 3 2 1 4 3 1 5 4 3 5 3 2 5 2 2 5 3.5 3
PROUDLY SPONSORING THE WAHROONGA FOOD & WINE FESTIVAL PROUDLY SPONSORING THE WAHROONGA We’re proudly sponsoring the upcoming 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 27th October, 11am to 5pm and it’s free for all to attend. What’s in Store? 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 tastebuds 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 savor. 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!
“We recently had the pleasure of working with Michael to sell our home and the experience was exceptional from start to finish. Michael’s extensive knowledge of the market was evident, and he communicated effectively throughout the entire process. What stood out most was Michael’s commitment to his clients. He was always available, responsive, and willing to go above and beyond to meet our needs. His professionalism and friendly demeanour made the often stressful process of selling a home much smoother. We highly recommend Michael. His expertise and genuine care for his clients truly set him apart in the real estate industry.” VENDOR - 1 CLISSOLD ROAD, WAHROONGA “Michael, Kyle and their team worked extremely hard to sell our home. We were given excellent advice when preparing our house for sale, from both Michael and Candice. As a result of an excellent marketing campaign, Michael showed a huge number of interested groups through our property. He is a trustworthy, professional, dedicated agent, who we would have no hesitation in recommending, or using again.” VENDOR - 32 APPS AVENUE, NORTH TURRAMURRA “Michael had a great understanding of the market. We had a wonderful outcome at the auction due to the work of the whole team at Ray White Wahroonga; balanced and thoughtful information by Michael and Kyle, the gathering of all the tradies for upgrading the house presentation by Candice, regular feedback of possible purchasers and then the final auction atmosphere. I have already recommended the team to another with confidence.” VENDOR - 5 ELIZABETH STREET, WAHROONGA A WORD FROM MY CLIENTS 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 Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com
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