Quarterly market review JANUARY - MARCH 2023 Courtesy of David Walker Ray White Upper North Shore
FAST FACTS Source: Pricefinder 1 Jan - 31 March 2022 & 1 Jan - 31 March 2023 1. HOUSE UNIT Q1 2023 Q1 2022 Q1 2023 Q1 2022 WAHROONGA 44 51 19 21 WARRAWEE 8 7 5 6 TURRAMURRA 28 35 23 23 NUMBER OF SALES WAHROONGA WARRAWEE TURRAMURRA 61.9% 71% 61% 5. AUCTION CLEARANCE RATE HOUSE UNIT Q1 2023 Q1 2022 Q1 2023 Q1 2022 WAHROONGA $11,000,000 $11,100,000 $1,480,000 $1,430,000 WARRAWEE $14,200,000 $6,020,000 $2,100,000 $900,000 TURRAMURRA $4,850,000 $5,650,000 $2,300,000 $2,850,000 4. HIGHEST HOUSE SALE HOUSE UNIT Q1 2023 Q1 2022 Q1 2023 Q1 2022 WAHROONGA $2,493,000 $3,202,000 $845,000 $900,000 WARRAWEE $4,401,000 $3,000,000 $982,500 $817,500 TURRAMURRA $2,476,000 $3,325,000 $1,140,000 $1,410,000 2. MEDIAN SALE PRICE HOUSE UNIT Q1 2023 Q1 2022 Q1 2023 Q1 2022 WAHROONGA $2,832,136 $3,662,680 $875,789 $951,762 WARRAWEE $5,281,725 $3,370,000 $1,084,500 $772,500 TURRAMURRA $2,652,600 $3,520,728 $1,205,865 $1,407,652 3. AVERAGE SALE PRICE
WHAT’S HAPPENING IN OUR MARKET? Welcome. It’s been an incredibly interesting start to the year for the property market. With record low levels of stock and notably high levels of buyers across the Upper North Shore, a competitive environment has encouraged renewed confidence in the market despite negative media speculation. Higher levels of buyer activity is evidenced by our auction bidder numbers; in November nationally there were 2.2 active bidders and 3.6 registered bidders per auction, which increased to 2.8 active and 4.9 registered in February. This rise in buyer traffic has contrasted with a decline in new listings, almost 30% down on previous years. This strong activity is clear yet many potential vendors seem reluctant to take advantage of these ideal market conditions. This is the news many locals may have been waiting for, according to NEOVAL, house prices bottomed out in December 2022 and have increased by 2.7% since then. It appears that the worst of the downturn is over. Prices have stabilised and with this competitive environment we may see further gains. Some sellers have a perception that selling in spring or autumn can be advantageous due to weather and gardening conditions, but in reality, there’s no ‘wrong’ time to buy or sell property. The factors that trigger buying or selling a home typically have nothing to do with the seasons but are driven by much larger factors such as changes in work or family dynamics. While interest rate rises will no doubt continue to restrict buyers’ borrowing capability, increases in migration and international investment returning will continue to put pressure on housing availability. Highlights from this quarter: • Achieved a suburb record for a non tennis court property with the sale of 35 Bangalla Street, Warrawee. This remarkable home sold within 3 days to a local family for $9,380,000 • 11 Leuna Avenue, Wahroonga sold within a week for 3.75% above the top end of the price guide, selling for $2,625,000 • Luxury new build homes are still highly sought after: 68 Clissold Road, Wahroonga had 100 buyer inspections over the 11 days on the market selling for $6,250,000, an east Wahroonga record for a property under 1000sqm. • Sold the grand 1930’s home at 31 Bangalla Street, Warrawee off-market for $12,500,000.
raywhiteuppernorthshore.com.au Source: CoreLogic 28/03/2022 to 28/03/2023 (2067-2082) Competitors Ray White This combined with the increasing level of eager, qualified buyers is creating a market ripe for competition. The agent who will drive the most competition to your property, is the agent who will deliver you the best price. Ray White Upper North Shore continues to lead the area as the highest selling agency and was recently awarded Agency of the Year in 8 suburbs by RateMyAgent; the only awards based on customer satisfaction. If you’re considering selling, please get in touch with me. My award-winning team and I would be delighted to support you on your property journey. David Walker | 0414 184 911 | david.walker@raywhite.com Ray White Upper North Shore sells more properties across the Upper North Shore than any other agency. Here’s the proof. 185 182 155 133 114 80 93 458 92 97
DAVID WALKER’S RECENT HIGHLIGHT SALES 14 Cherry Street, Warrawee 2 Fox Valley Road, Wahroonga 43A Trentino Road, Turramurra 150 Coonanbarra Road, Wahroonga 80 Kintore Street, Wahroonga 12 Evelyn Avenue, Turramurra 4A Junction Road, Wahroonga 68 Clissold Road, Wahroonga SOLD $7,250,000 SOLD $3,000,800 SOLD $4,800,000 SOLD $1,900,000 SOLD undisclosed SOLD $6,180,000 SOLD $3,500,000 SOLD $6,250,000 5 4 4 5 5 2 5 4 3 5 3 2 6 3 6 4 2 2 5 3 2 5 4 2
35 Bangalla Street, Warrawee 31 Bangalla Street, Warrawee 11 Leuna Avenue, Wahroonga 75 Boundary Road, Wahroonga 18 Murdoch Street, Turramurra 34 Hampden Avenue, Wahroonga 15 Tennyson Avenue, Turramurra 59 Isis Street, Wahroonga SOLD $9,380,000 SOLD Off Market $12,500,000 SOLD $ 2,625,000 SOLD undisclosed SOLD undisclosed SOLD undisclosed SOLD $3,860,000 SOLD $1,616,000 8 5 3 5 2 1 2 2 5 5 3 2 4 2 2 5 2 4 3 2 1
WEEKEND RENOS TO FUTURE PROOF YOUR HOME Treating your home like a long-term commitment sometimes seems like a forgotten art. With so many trends and new things that demand all of your attention right now, it can be difficult to think 10, 20, 30 years down the track. There are plenty of ways to improve your home’s functionality, beauty, and longevity. Simon Clark, one of the founders of Sustainable Homes, is very passionate about this idea. “Any work that you do, you want it to last as long as it can. For every economic and sustainability reason you could imagine,” Mr Clark says. Install Quality Blinds and Curtains Blinds and curtains are incredible insulators for your home. No matter your location, we need to be thinking about how to keep our homes cool or warm without breaking the bank. Picking out curtains or blinds that suit your home and your climate is quite a fun job. Paint a Wall or Two We all know how a lick of paint can make a huge difference. Whether you are just wanting to refresh a space or introduce a bold statement, painting a wall or two is actually very simple. The key thing to remember with painting is to do the prep work right. Tape off your wall correctly, secure your drop sheet, and invest in the right wall paints and highquality rollers and brushes. Insulate! Insulation is a must. Easy if you are building your home from scratch, but if you have moved into an existing house this can be a little more difficult. “Insulating under your floor can improve a home’s performance by 20%,” Mr Clark notes. It is important that your insulation job is done well, so this might be more of a long-term plan. Make Your Home A Place You Enjoy Being Making sure your home is a place that you want to be is vital to the longevity of your property. Hang art and shelves, decorate spaces with intention, and make your home as comfortable as possible. “Just make your home a place that you’d love to be – the more you can do that, it’ll improve your life, your relationships and the value of your home,” Mr Clark says. These are just some small ways you can start actively improving your home’s functionality, beauty, and efficiency, and the more you keep this in mind, the longer your home will serve you.
★★★★★ One of the best! “David was personable, professional and knowledgeable. David orchestrated the RW team around him with diligence and precision and kept me updated on a regular basis as to how the sale process was going. The whole team were on-song throughout the campaign and always willing to offer assistance and support as needed. I was very impressed, and pleased, with the entire effort.” VENDOR - 80 KINTORE STREET, WAHROONGA ★★★★★ Very personable and professional “We had an excellent experience dealing with David Walker and his team. Communication was at a high standard throughout and David’s knowledge of the market, particularly with relevance to our property was very good. The marketing program was realistic. The quality of photography and property descriptions with marketing material and on websites was extremely high. We had a remarkably quick and satisfactory result. We felt his negotiation skills and techniques were very strong. All in all a very good experience.” VENDOR - 15 TENNYSON AVENUE, TURRAMURRA ★★★★★ Highly professional, experienced “We found David to be highly experienced and able to offer us sound advice in relation to selling our property. He was adept at guiding us towards realistic expectations in a difficult market. His broad range of contacts and market experience meant that we had confidence that potential buyers were aware of the property. The advertising campaign was well-orchestrated. David was very ably assisted by Belinda Edwards, the combination forming an excellent and highly professional team.” VENDOR - 2 FOX VALLEY ROAD, WAHROONGA David Walker Director 0414 184 911 david.walker@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 A WORD FROM MY CLIENTS
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