PYMBLE MARKET UPDATE JANUARY - JUNE 2023 Courtesy of Rowan Lazar – Ray White Upper North Shore
WHAT’S HAPPENING IN OUR MARKET? At the beginning of this year, most agents were preparing for a significantly more difficult property market than the previous three years. There was the prospect of more properties than normal hitting the market as talk of forced mortgagee selling pervaded. There were also seemingly relentless interest rate increases that were eating into buyers’ borrowing capacity and putting downward pressure on prices. But what we have seen in the first half of the year is a Pymble market that has not only grown by around 8% but has experienced an almost drought-like period that has likely seen one of the lowest number of properties ever to come to market over that period. There is little doubt that abnormally high migration rates have been playing a factor in increasing demand irrespective of the higher cost of money. It’s expected that around 700,000 extra people will be living in Australia by the end of next year, and many of these migrants will be educated and have money to spend to buy homes in areas such as Pymble and the Upper North Shore. The more interesting observation, however, and more significant factor I see in keeping prices high is just how few people are selling. Most of the agents I have spoken with across the Upper North Shore have sold to date 30-50% less than what they did at the same time in 2021 and 2022. Ironically this environment of surging inflation and interest rate increases, typically a reluctant time to sell, is actually a good time to sell because there is next to no competition and the demand is there. We look ahead to the second half of this year and early listing numbers suggest that there will likely be more properties coming to market in the second half of 2023 than the first half, and particularly from September. The question remains: what impact does the extra supply have on a growing albeit less bullish market than those of 2021 and 2022? I hope to answer that question for you in my January 2024 report. What I can undeniably confirm is that over the last 10 years the Pymble housing market has increased a dash over 160%, and during that time we have had two downturns. Even if there are a few wobbles in the coming months as we navigate the current challenges, the market remains historically very high and incredibly resilient. CHAIRMAN’S Rowan Lazar 0412 329 789 rowan.lazar@raywhite.com
Source: Corelogic RP Data (as at 14 June 2023) Source: Domain 17 June 2023 FAST FACTS PYMBLE 1 Jan - 14 June 2023 2022 5. 6. MEDIAN DAYS ON MARKET #1 AGENT #1 AGENCY Rowan Lazar Ray White Upper North Shore 17% individual market share 22% market share 24 2023 PYMBLE NUMBER 1 1. NUMBER OF HOUSE SALES 1 Jan - 14 June 2023 2022 1 Jan - 14 June 2023 2022 53 $3,700,000 134 $3,429,44 3. 2. MEDIAN HOUSE SALE PRICE SYDNEY AUCTION CLEARANCE RATE WEEKEND 17 JUNE $8,201,827 18 Hope Street Pymble HIGHEST HOUSE SALE PRICE 4. 81%
HIGHLIGHT PYMBLE SALES BY ROWAN LAZAR Sold May 2023 Sold May 2023 Sold May 2023 Sold May 2023 Sold April 2023 Sold March 2023 Sold March 2023 Sold February 2023 29 Selwyn Street, Pymble 46 Rushall Street, Pymble 97 Livingstone Avenue, Pymble A1 Hope Street, Pymble 14 Pymble Avenue, Pymble 39A Station Street, Pymble 1 Ellison Place, Pymble 16 Church Street, Pymble
PYMBLE HISTORICAL LAND SALE
DID YOU KNOW THESE HISTORICAL FACTS ABOUT PYMBLE? • The first Europeans in the Pymble area were timber getters, entering the district in the very early 1800s. The whole region was covered in magnificent trees such as blue gum, blackbutt, turpentine and stringybark. Wood products were highly sought after in the growing Sydney colony. Once felled, the logs were carted by bullock to the top of Fiddens Wharf Road in Killara, then transported down to wharfs that were built at the bottom of the line meeting the Lane Cove River, then onto Sydney Harbour. • Pymble was “officially” settled by Europeans in 1826. The suburb’s namesake, Robert Pymble, was granted 600 acres for catching a bushranger. His home sat exactly on the site of the current Pymble station. • Robert Pymble was one of the first to establish a large orchard that prospered for over 50 years before the crops began to deteriorate, probably due to lack of fertiliser, poor management and disease. • Horse racing was the favourite pastime on the Upper North Shore in the 1850s and the settlers often raced, gambled and drank to let off steam. The most important horse race in the area was held in Robert Pymble’s back paddock. The course started where the post office used to be (now corner Pacific Highway and Post office Street) to the top of the paddock (where current Graham Street is) then down Alma Street and back. A silver cup was received by the winner each year. • A creek ran straight through what is now Robert Pymble Park and has since been covered. • Pymble Hill was first known as Wright’s Hill. • Richard Porter, an early settler, built a house near the top of Beechworth Road on the West Side of the highway. In 1866 he gave up orcharding and built a hotel (pub) next door called the Gardener Arms Hotel. It was later rebuilt and called the Pymble Hotel. He also built a two-story residence next door called Grandview that still stands to this day and is situated next to the current Spanish Mission style Ku Ring Gai Town Hall. • In 1895 Mr Toohey of the famed Toohey’s Brewery purchased the Pymble Hotel. Mr Toohey lived nearby in Wahroonga and his house at the time is now the well-known Ewan House at Knox Grammar Preparatory School. • The hotel was demolished and rebuilt further down the Highway in 1939, where it stands today. • With the completion of the train line in 1890, which originally was only one track and not duplicated till years later, population started moving in and the grand estates and orchards were slowly subdivided into the residential plots we know today. Source: The Railway Came to Ku Ring Gai by Kerrin Cook
Team Lazar demonstrates an unwavering commitment to our local community through a range of initiatives. With a deep understanding of the importance of community engagement, the team actively seeks opportunities to make a positive impact. Regularly supporting the Resilience Recognition program at Sacred Heart Primary School Pymble, an award Rowan founded two years ago recognises and rewards a student’s ability to bounce back. Rowan is also a proud supporter and sponsor of the community radio station NorthsideFM and you may have even heard him interviewed on there from time to time. In addition to our commitment to the local community, Team Lazar prioritises awareness about important social and wellbeing causes. We recently raised over $3,000 for Dementia Australia by walking 7.5km with a team of 13 family members and work colleagues as part of the Memory Walk & Jog initiative. We will be active supporters of Children’s Medical Research Institute and mental health by getting behind Jeans for Genes Day and RUOK? Day once again this year. A TEAM COMMITTED TO COMMUNITY Proud Community Partners
A WORD FROM OUR CLIENTS Rowan Lazar 0412 329 789 rowan.lazar@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 | 9489 1961 Head Office: 2 Turramurra Avenue, Turramurra NSW 2074 45-47 Hunter Street Hornsby NSW 2077 “Rowan and his team were the first choice for selling my home as I had watched their many listings locally sell in a timely manner. The marketing the team suggested was first class and very professional.” EMMA - A1 HOPE STREET PYMBLE “Rowan and his team were very professional, helpful and empathetic to the sale of our property. Kept us informed about progress, were responsive to any requests and very pleasant to deal with.” JANE & LARRY - 14 PYMBLE AVENUE PYMBLE “Estate agents often get a bad rap in the media. If you’re nervous, have any concerns or reservations about selling your home, I recommend you call them. From our first meeting we knew they were the right people to sell our home of 22 years. They listened, they answered all our questions and alleviated any concerns. Their marketing team were incredibly professional and efficient, and the results were outstanding. We received regular and thorough communication, giving us the confidence to make informed decisions and in less than four weeks, our home was sold. We’re grateful to Rowan, Giselle and Stuart, and wouldn’t hesitate to recommend them.” AMY & ROB - 1 ELLISON PLACE PYMBLE “Rowan’s knowledge of the Pymble market was as good as he said, or better. His calm, confident and reasoned discussions were always helpful and he gave us confidence in the whole strategy and execution of his marketing campaign. His acknowledged first rate project manager, Giselle Perry was equally helpful and knowledgeable. The team was excellent, thank you. Things were done on time, without fuss, pleasantly and without prompting.” INGRID & JIM - 39A STATION STREET PYMBLE
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