Market update JULY-SEPTEMBER 2024 Courtesy of Scott Phillips 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 July. Unit prices have also seen an increase of 3.9% over the same period. TOD (Transport Oriented Development) Update The council’s appeal to the Land & Environment Courts is still underway with an outcome expected by the end of this year. The appeal was established to challenge the due diligence process conducted by the Planning Department. The outcome of the appeal will be a very significant finding. If Council’s appeal wins, it may establish a precedent thus eliminating all the current TODs so far planned across NSW, so the stakes are significant for both Planning Department and homeowners. 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 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. We are here to guide you through the process and help you achieve the best possible outcome. Scott Phillips 0402 272 575 scott.p@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE
Ray White Upper North Shore sets the standard by selling more properties than any other agency across the Upper North Shore FAST FACTS Source: Pricefinder 2024 1. HOUSES JUL-SEPT 2024 JUL-SEPT 2023 KILLARA 23 27 GORDON 12 13 NUMBER OF SALES HOUSES JUL-SEPT 2024 JUL-SEPT 2023 KILLARA $18,800,000 $8,150,000 GORDON $10,880,000 $7,150,000 4. HIGHEST SALE PRICE HOUSES JUL-SEPT 2024 JUL-SEPT 2023 KILLARA $4,080,000 $3,520,000 GORDON $3,615,000 $4,250,000 2. MEDIAN SALE PRICE HOUSES JUL-SEPT 2024 JUL-SEPT 2023 KILLARA $4,543,589 $3,810,593 GORDON $4,093,833 $4,467,308 3. AVERAGE SALE PRICE 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
HIGHLIGHT SALES BY TEAM PHILLIPS Scott Phillips 0402 272 575 Rosanna Morley 0413 053 322 Thinking of selling? Get in touch A5 Manning Road, Killara 58 Cecil Street, Gordon 49 Stanhope Road, Killara 31 Norfolk Street, Killara 58 Darnley Street, Gordon SOLD $3,630,000 SOLD $4,200,000 SOLD $7,180,000 SOLD $4,020,000 SOLD $3,700,000 5 3 2 4 2 2 5 2 2 4 2 4 5 3 1
Sale Date Address Sale Price Area sqm Bed Bath Car 4/7/2024 17 Coronga Crescent, Killara $5,380,000 1,920 4 3 2 14/7/2024 10 Powell Street, Killara $6,700,005 1,463 5 3 2 17/7/2024 17 Fiddens Wharf Road, Killara $4,500,000 1,022 4 3 2 22/7/2024 47 Coronga Crescent, Killara $4,550,000 708 5 3 2 16/8/2024 19 Terrace Road, Killara $2,800,000 698 4 2 2 20/8/2024 51 Norfolk Street, Killara $3,650,000 751 4 3 1 21/8/2024 32 Karranga Avenue, Killara $7,700,000 1,720 5 4 2 22/8/2024 25 Grassmere Road, Killara $2,980,000 676 4 2 2 30/8/2024 A5 Manning Road, Killara $3,630,000 1,423 5 2 2 30/8/2024 36 Charles Street, Killara $4,160,000 697 5 3 2 31/8/2024 2 Sarnia Crescent, Killara $5,670,000 1,347 5 4 2 7/9/2024 65 Arnold Street, Killara Undisclosed 2,364 5 7 2 7/9/2024 8 Kittani Place, Killara $3,420,000 885 4 2 2 7/9/2024 31 Norfolk Street, Killara $4,020,000 888 5 3 1 7/9/2024 49 Stanhope Road, Killara $7,180,000 1,498 4 3 4 9/9/2024 17 Albert Drive, Killara $5,000,000 1,013 6 6 2 10/9/2024 72 Springdale Road, Killara $4,080,000 848 4 3 2 11/9/2024 15 Cunliffe Road, Killara $3,650,000 1,213 3 1 2 11/9/2024 43 Arnold Street Killara $16,580,000 1,948 5 4 2 13/9/2024 53 Lady Game Drive, Killara $3,420,000 841 4 2 1 20/9/2024 23 Lorne Avenue, Killara $3,800,000 835 5 3 2 24/9/2024 30 Terrace Road, Killara $2,910,000 1,268 4 3 2 28/9/2024 6 Norfolk Street, Killara $3,401,000 1,031 5 2 1 17/8/2024 62 St Johns Avenue, Gordon $4,780,000 999 5 5 2 17/8/2024 15a Lennox Street, Gordon $10,880,000 1,300 5 5 4 24/8/2024 3 Lennox Street, Gordon $3,800,000 1,226 4 3 3 4/9/2024 58 Cecil Street, Gordon $4,200,000 1,328 4 2 2 7/9/2024 7 Ormiston Avenue, Gordon $3,530,000 1,013 3 1 2 10/9/2024 6 Burgoyne Street, Gordon $3,500,000 923 3 2 2 11/9/2024 1 Bell Street, Gordon $2,860,000 1,176 5 3 2 14/9/2024 86 St Johns Avenue, Gordon $4,326,000 879 5 4 3 16/9/2024 1 Cawarra Place, Gordon $3,000,000 955 5 3 2 21/9/2024 58 Darnley Street, Gordon $3,700,000 849 5 2 2 25/9/2024 69 Darnley Street, Gordon $3,400,000 853 5 3 3 A SELECTION OF RECENT SALES KILLARA AND GORDON
Professional, honest and highly successful “I want to thank Scott for his professionalism, respectfulness and open and honest communication throughout the process. This is the second property Scott has sold for me and his skilled navigation and communication led the delivery of yet another highly successful sale for us.” VENDORS - A5 MANNING ROAD, KILLARA Experienced, with great knowledge “I sold my house of over 50 years with the help of Scott Phillips and Rosanna Morley. They ran an excellent campaign over 5 weeks. Scott’s initial advice on what to expect and how to prepare the property for sale and his knowledge of the area and the current market were invaluable and accurate. He and Rosanna were patient and encouraging and maintained enthusiasm from the initial contact to the final excellent outcome. Scott and Rosanna’s calm presence and eye for detail made viewings a pleasure.” VENDOR - 1 REDGUM AVENUE, KILLARA Absolutely outstanding “We were absolutely thrilled with how Scott managed the sale of our house and unreservedly recommend him to any prospective vendor. We were completely satisfied that we could always trust his advice as he expertly navigated us through a rapidly changing market. Scott’s local knowledge and sense of value of our neighbourhood is excellent and a truly priceless qualification. His endless energy, support, enthusiasm and patience secured a great sale of our home. We would go out of our way to work with Scott again!” VENDORS - 31A BUSHLANDS AVENUE, GORDON A WORD FROM MY CLIENTS Scott Phillips Sales 0402 272 575 scott.p@raywhite.com Rosanna Morley Sales Associate to Scott Phillips 0413 053 322 rosanna.morley@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
RkJQdWJsaXNoZXIy MTI3ODI1