Market Update SEPTEMBER-DECEMBER 2023 Courtesy of Dion Verzeletti & Nathan Leuzzi Ray White Upper North Shore
What a year 2023 has been! Despite the challenges of rising interest rates and economic uncertainties the market has showcased incredible resilience especially across the Upper North Shore. Contrary to many analysts’ expectations, property prices did not plummet even after 13 interest rate hikes by the Reserve Bank of Australia, which increased official rates by 4.25% over 18 months. In fact, property prices have been consistently rising since early 2023. Spring saw the usual influx of properties coming to the market and there was some concern that with more listings available, there would be less urgency among buyers, yet auction clearance rates have remained strong. In fact, across Ray White NSW on the last weekend of spring, there were 161 auctions scheduled with a clearance rate of 71% and 89% sold, including those that sold prior to their scheduled auction. These results continue to show increased momentum as we move into summer. So what can we expect from the property market in 2024? With interest rates likely at or near their peak, a strong rental market, a lack of housing supply and strong population growth, the property market is poised for continued growth in 2024. The big four banks are predicting no further significant interest rate hikes and possible rate cuts beginning in late 2024 or early 2025. They’re also predicting a rise in house prices of between 3% and 5% in 2024. With the Australian economy’s overall strength, including employment rates and consumer confidence, it’s expected that the economy will maintain its resilience throughout 2024, further strengthening the growth of the property market. Our team are approaching the end of the year on a high, recently breaking the Pennant Hills suburb record with the sale of 7 Thorn Street. There were 10 registered bidders at this exciting auction with many disappointed buyers still actively searching for their dream home. If you’re thinking of selling your property in 2024, as the highest selling team on the Upper North Shore our team are poised to exceed your expectations. We look forward to discussing your property goals with you. Dion Verzeletti Nathan Leuzzi 0413 753 695 0412 975 190 dion.verzeletti@raywhite.com nathan.leuzzi@raywhite.com WELCOME TO OUR END OF YEAR MARKET UPDATE
FAST FACTS Source: Pricefinder 2023 HOUSES UNITS 2ND HALF 2023 2ND HALF 2022 2ND HALF 2023 2ND HALF 2022 NORMANHURST 38 32 9 7 THORNLEIGH 48 47 17 20 WESTLEIGH 22 32 - - PENNANT HILLS 33 25 16 12 1. NUMBER OF SALES HOUSES UNITS 2ND HALF 2023 2ND HALF 2022 2ND HALF 2023 2ND HALF 2022 NORMANHURST $3,081,000 $2,800,000 $1,590,000 $1,243,000 THORNLEIGH $2,900,000 $3,005,000 $1,860,000 $1,450,000 WESTLEIGH $2,850,000 $2,265,000 - - PENNANT HILLS $3,686,000 $3,100,000 $1,780,000 $1,420,000 4. HIGHEST SALE PRICE HOUSES UNITS 2ND HALF 2023 2ND HALF 2022 2ND HALF 2023 2ND HALF 2022 NORMANHURST $1,925,000 $1,740,000 $1,430,000 $1,120,000 THORNLEIGH $1,852,500 $1,620,000 $1,258,000 $1,027,500 WESTLEIGH $2,040,000 $1,789,000 - - PENNANT HILLS $1,930,000 $1,835,000 $757,000 $580,000 2. MEDIAN SALE PRICE HOUSES UNITS 2ND HALF 2023 2ND HALF 2022 2ND HALF 2023 2ND HALF 2022 NORMANHURST $1,961,334 $1,841,125 $1,206,000 $1,017,143 THORNLEIGH $1,922,123 $1,670,283 $1,244,471 $1,016,650 WESTLEIGH $2,042,545 $1,716,258 - - PENNANT HILLS $2,067,482 $1,904,840 $798,531 $678,500 3. AVERAGE SALE PRICE
HIGHLIGHT SALES BY DION VERZELETTI & NATHAN LEUZZI SUBURB RECORD 7 Thorn Street, Pennant Hills 33 Paling Street, Thornleigh 45 Beresford Road, Thornleigh 1 Carbeen Road, Westleigh 52 Billarga Road, Westleigh 24 Yaralla Crescent, Thornleigh 69 Kooringal Avenue, Thornleigh 4 Parkland Place, Thornleigh SOLD $3,686,000 SOLD $2,018,000 SOLD $2,610,000 SOLD $1,940,000 SOLD $2,215,000 SOLD $1,958,000 SOLD $2,205,000 SOLD $1,910,000 5 2 4 5 3 2 4 2 2 4 2 6 4 2 2 4 2 3 3 1 1 3 1 2
Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Sales Value $0 $300,000,000 $600,000,000 $900,000,000 $1,200,000,000 $1,500,000,000 0 100 200 300 400 500 600 Ray White Competitor 1 Competitor 2 Competitor 3 Competitor 4 Sales Volume WE'RE PROUD TO BE THE HIGHEST SELLING AGENCY ACROSS THE 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 agency. Source: CoreLogic Market Scorecard 1/1/2023-27/11/2023
“Dion was fantastic! He is very friendly, reliable and always made himself available to answer any questions we had. His honesty in both market expectations and our particular property value was very refreshing to see in the real estate industry. Dion’s knowledge and professionalism made the process of selling our house remarkably easy. Along with Julian, they make a fabulous duo and quite frankly, there is no better team to sell or buy your house with.” VENDOR “It was our first time selling and we were very careful when choosing which real estate agents to go with... With 100% satisfaction, Dion and Julian are the best! Dion is the most trustworthy real estate agent with expert knowledge and experience. He has great sense when preparing the property for the best presentation. His instinct in knowing when and with whom to negotiate was undeniable. Alongside Dion, Julian assisted us throughout our marketing process, open inspections and communication. They are both very hard working professionals with only positive attitudes! We trusted them fully and the whole process went really smoothly and achieved a very happy outcome.” VENDOR “Nathan is calming in his approach and manner. He also has strong communication skills and always kept me up-to-date with the market and feedback given to him by potential buyers. He proved himself to be conscientious and diligent, striving to achieve the best outcome for all.” VENDOR “Nathan was recommended to us by a trusted friend who was experienced in the real estate business. From the very first meeting Nathan grasped the feeling and identity of our unique architect-designed house and integrated this into all marketing. Nathan was thorough and reassuring throughout the entire process which was important to us as we were first time vendors. Nathan provided expert advice but never went so far as pressuring us which we appreciated. He managed a wonderful marketing campaign with fantastic photos and video of the very highest quality. We are forever grateful that we chose Nathan to sell our home.” VENDOR A WORD FROM OUR CLIENTS Nathan Leuzzi Sales 0412 975 190 nathan.leuzzi@raywhite.com Dion Verzeletti Sales 0413 753 695 dion.verzeletti@raywhite.com 39 Hill Street Roseville 18 Railway Avenue Wahroonga 237 Mona Vale Road St Ives raywhiteuppernorthshore.com.au Ray White Upper North Shore Head Office: 2 Turramurra Avenue, Turramurra 45-47 Hunter Street Hornsby 1 Hillcrest Road Pennant Hills
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