Market update JULY – SEPTEMBER 2023 Courtesy of Adam McKay Ray White Upper North Shore
As the third quarter of 2023 has come to an end, we now move into the busiest time in the real estate calendar; so we wanted to share a market update with you. The Upper North Shore property market has led the consistent growth of prices experienced across Australia since early 2023, primarily due to a scarcity of available properties. As Spring arrived and the number of listings increased, discussion about the sustainability of this upward trend escalated. While listings have certainly increased, evidenced nationally by Ray White auction volumes, with 407 properties scheduled for auction in the last week of September, versus 191 the year prior. The clearance rate of 74% showed sustained demand to match that rise in listings. Competition across our auctions on the Upper North Shore remains high with evidence continually showing that taking a property to auction will result in a higher sale price than any previous offers. Demand for properties on the Upper North Shore is always high but over the past quarter demand has been further impacted by dramatic population growth and heightened construction challenges and costs. Additionally, increased rental demand has made buying more appealing and financially viable than ever before. As we move further into spring and summer, activity and competition for desirable properties shows no signs of slowing, illustrating the market’s resilience and sustained growth amidst evolving conditions. As the highest selling real estate agency on the Upper North Shore, we are proud to have achieved these incredible results over the last quarter: I look forward to speaking with you. Adam McKay 0412 133 173 adam.mckay@raywhite.com WHAT’S HAPPENING IN OUR MARKET? 212 properties sold $536,000,000 worth of properties sold $9,500,000 Highest sale price 25 Median days advertised (realestate.com.au data from the last 12 months)
FAST FACTS Source: Pricefinder WARRAWEE TURRAMURRA WAHROONGA 93.8% 68.1% 74.3% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) HOUSE Q3 2023 Q3 2022 WARRAWEE $5,350,000 $16,300,000 TURRAMURRA $7,501,000 $11,200,000 WAHROONGA $9,500,000 $14,500,000 4. HIGHEST HOUSE SALE PRICE HOUSE Q3 2023 Q3 2022 WARRAWEE $3,667,500 $4,121,000 TURRAMURRA $3,330,000 $2,700,000 WAHROONGA $2,867,500 $2,550,000 2. MEDIAN HOUSE SALE PRICE HOUSE Q3 2023 Q3 2022 WARRAWEE $3,596,000 $5,533,000 TURRAMURRA $3,592,838 $3,566,186 WAHROONGA $3,148,396 $3,353,417 3. AVERAGE HOUSE SALE PRICE 1. HOUSE Q3 2023 Q3 2022 WARRAWEE 11 7 TURRAMURRA 36 44 WAHROONGA 48 63 NUMBER OF HOUSE SALES
A SELECTION OF ADAM’S RECENT SALES 130 Bobbin Head Road, Turramurra 16 Charlton Avenue, Turramurra 105 Maxwell Street, Turramurra 14 Braeside Street, Wahroonga 12 Alice Street, Turramurra 115 Bobbin Head Road, Turramurra 35 Evelyn Avenue, Turramurra 101 Merrivale Lane, Turramurra SOLD $2,730,000 SOLD $4,155,000 SOLD $3,000,000 SOLD $4,925,000 SOLD $3,625,000 SOLD $5,150,000 SOLD $3,650,000 SOLD $5,730,000 2 1 4 4 2 5 2 4 4 5 2 2 5 3 2 2 2 4 4 2 5 4 2 5
Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 500 400 300 200 100 0 Sales Volume Sales Value $1.2B $800M $400M $0 Views 1934 1218 Engagement 1367 848 Enquiries 26 19 Saves & Shares 88 52 WHY CHOOSE TO SELL WITH RAY WHITE UPPER NORTH SHORE? Ray White Upper North Shore continues to lead the market; as the highest selling real estate agency on the Upper North Shore we meet more buyers than any other team. Ray White Upper North Shore’s comprehensive marketing strategies are proven to give you an advantage when selling your home. Ray White Upper North Shore Market Average Source: Domain published listings FY23 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 500 400 300 200 100 0 Sales Volume Sales Value $1.2B $800M $400M $0 Views 1934 1218 Engagement 1367 848 Enquiries 26 19 Saves & Shares 88 52 Source: CoreLogic Market Scorecard 1/1/23-29/09/23 Source: CoreLogic Market Scorecard 1/1/23-29/09/23 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 500 400 300 200 100 0 Sales Volume Sales Value $1.2B $800M $400M $0 Views 1934 1218 Engagement 1367 848 Enquiries 26 19 Saves & Shares 88 52
★★★★★ Top agent on Sydney’s North Shore “I wouldn’t sell my home with any other agent. He got me the best price. Attentive, consistent and reliable.” VENDOR – ANDREA PALMER, BRAESIDE STREET WAHROONGA ★★★★★ Well done “Adam and his team went above and beyond in the sale of our property. Their communication and contactability was excellent, we felt well informed the whole time. I have no hesitation in recommending this outstanding team.” VENDOR - CHRIS BAYNIE, MONA STREET WAHROONGA ★★★★★ Great experience “Adam and his team made the process easy and seamless. Their approach is very efficient and professional. Communication was excellent and consistent throughout.” VENDOR – MEGAN, ADAMS AVENUE TURRAMURRA ★★★★★ Fantastic “Adam was a fantastic person to deal with throughout the entire process of selling our home. Nothing was too much trouble and he was able to organise anything required to get the home ready for sale. Communication was excellent and a terrific result was achieved prior to auction.” VENDOR - MARK FINN, MERRIVALE LANE TURRAMURRA 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 Head Office: 2 Turramurra Avenue, Turramurra NSW 2074 45-47 Hunter Street Hornsby NSW 2077 A WORD FROM MY CLIENTS Adam McKay 0412 133 173 adam.mckay@raywhite.com CHAIRMAN’S PERFORMER 22-23
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