Market update APRIL - JUNE 2024 Courtesy of Nathan Leuzzi & Dion Verzeletti Ray White Upper North Shore
The Upper North Shore property market continues to show resilience and strength amidst varying economic conditions. As the highest selling real estate agency on the Upper North Shore, we are committed to keeping homeowners informed about the latest trends and insights impacting their homes and investments. Market Dynamics The NAB Residential Property Index maintained its upward momentum in June, reflecting a general growth in dwelling values across most capital cities and regional areas. This growth is underpinned by a persistent supply and demand imbalance that is expected to support both property prices and rental rates on the Upper North Shore in the near term, despite high interest rates and other household pressures. Economic and Population Trends Australia’s population grew by 2.5% to 26.97 million last year. 84% of this growth was due to inbound migration, significantly boosting housing demand in metropolitan areas like Sydney. Despite an expected rise in unemployment and weak economic growth in the near term, the Reserve Bank of Australia is anticipated to ease interest rates from November, potentially lowering the cash rate to around 3% by the end of 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. Outlook Looking ahead, the Upper North Shore property market is expected to remain robust. The ongoing supply and demand imbalance, coupled with strong population growth and potential easing of interest rates, bodes well for both property values and rental income. If you’re thinking of selling, please get in touch so we can show you how we can maximise the value of your property. Nathan Leuzzi Dion Verzeletti 0412 975 190 0413 753 695 nathan.leuzzi@raywhite.com dion.verzeletti@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE
FAST FACTS Source: Pricefinder 2024 HOUSES UNITS Q2 2024 Q2 2023 Q2 2024 Q2 2023 NORMANHURST 16 15 5 5 THORNLEIGH 18 16 13 14 WESTLEIGH 13 15 - - PENNANT HILLS 17 24 8 12 WEST PENNANT HILLS 46 44 7 8 1. NUMBER OF SALES HOUSES UNITS Q2 2024 Q2 2023 Q2 2024 Q2 2023 NORMANHURST $2,765,000 $2,701,000 $1,550,000 $1,780,000 THORNLEIGH $3,100,000 $3,100,000 $1,430,000 $1,440,000 WESTLEIGH $2,400,000 $2,135,000 - - PENNANT HILLS $3,120,000 $3,450,000 $741,000 $1,580,000 WEST PENNANT HILLS $5,277,000 $4,525,000 $1,875,000 $1,720,000 4. HIGHEST SALE PRICE HOUSES UNITS Q2 2024 Q2 2023 Q2 2024 Q2 2023 NORMANHURST $1,933,000 $1,910,000 $1,490,000 $1,000,000 THORNLEIGH $1,885,500 $1,896,500 $805,000 $1,010,000 WESTLEIGH $2,050,000 $1,750,000 - - PENNANT HILLS $2,015,000 $2,068,000 $625,000 $682,500 WEST PENNANT HILLS $2,911,000 $2,447,500 $1,432,000 $1,341,000 2. MEDIAN SALE PRICE HOUSES UNITS Q2 2024 Q2 2023 Q2 2024 Q2 2023 NORMANHURST $2,106,688 $1,891,933 $1,438,000 $1,094,000 THORNLEIGH $2,911,000 $2,447,500 $1,432,000 $1,341,000 WESTLEIGH $2,061,154 $1,762,733 - - PENNANT HILLS $2,112,412 $2,049,875 $535,125 $807,167 WEST PENNANT HILLS $2,913,596 $2,548,568 $1,520,357 $1,367,750 3. AVERAGE SALE PRICE
HIGHLIGHT SALES BY NATHAN LEUZZI & DION VERZELETTI STREET RECORD STREET RECORD STREET RECORD STREET RECORD STREET RECORD 28 Azalea Grove, Pennant Hills 19/4-8 Kenley Road, Normanhurst 15 Lennox Street, Normanhurst 78a Duffy Avenue, Westleigh 101 Duffy Avenue, Thornleigh 18 Lilla Road, Pennant Hills 35 Wareemba Avenue, Thornleigh 26 Lutanda Close, Pennant Hills SOLD $2,850,000 SOLD $1,470,000 SOLD $2,765,000 SOLD $2,235,000 SOLD $2,322,000 SOLD $1,920,000 SOLD $2,175,000 SOLD $2,450,000 5 3 2 4 3 2 5 3 2 4 3 2 3 2 2 5 2 2 4 1 2 5 3 2
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
“I wanted to take a moment to express my sincere appreciation for the exceptional service you provided throughout the process of selling our home. From the very beginning, you demonstrated a high level of professionalism, expertise and dedication. We are beyond thrilled with the outcome. What truly set you apart was your genuine commitment to finding us the perfect home. Your willingness to go the extra mile, even outside of regular office hours, to ensure that we found a property that met all our criteria was truly commendable. Once again, thank you for your outstanding work.” VENDOR “From day one we had confidence Nathan would do his best to get us the right price for our property. His local knowledge was exceptional. What we liked about Nathan was that his view of our property 100% matched with ours. With other agents it felt that we had to convince them of the positives. His communication was exceptional and was very easy to deal with.” VENDOR “Dion was fantastic! He is very knowledgeable, friendly and reliable. His honesty in both market expectations and our particular property value was very refreshing. Dion’s knowledge and professionalism has made the process of selling our house remarkably easy. Along with Julian, they make a fabulous team and quite frankly, there is no better team to sell or buy a house with. We would definitely recommend Dion and his team, he goes above and beyond for his clients.” VENDOR “We couldn’t have asked for a better agent. He was professional, knew the market incredibly well, and made suggestions for us to prepare our house for sale. The tradespeople he suggested to help us get our house ready were outstanding. His communication was fast and easy. When we had questions, he provided detailed answers that settled our nerves.” VENDOR A WORD FROM NATHAN & DION’S CLIENTS Nathan Leuzzi Sales 0412 975 190 nathan.leuzzi@raywhite.com Dion Verzeletti Sales 0413 753 695 dion.verzeletti@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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