Quarterly market review JANUARY - MARCH 2024 Courtesy of Michael Dempsey Ray White Upper North Shore
Our local property market is experiencing significant momentum, with projections indicating Sydney house prices could rise over 10% this year, outpacing last year’s growth. The past 12 months have seen house prices across Sydney surge by 9.7%, with unit prices also showing robust growth at 7.4%. Several fundamental drivers are underpinning this upward trajectory: Population Growth vs Housing Supply Last year’s strong population growth wasn’t matched by sufficient new home construction, exacerbating the housing shortfall. Despite the need for 250,000 new homes, only 175,000 were built in 2023, with approvals for even fewer in the pipeline. Interest Rate Outlook With inflation moderating, there’s growing anticipation of interest rate cuts, which will further stimulate the market. Construction Costs and Affordability Rising construction costs are making new homes more expensive, pushing more buyers towards the established market, where it’s currently more cost-effective to purchase than build. The Upper North Shore is always in high demand with elite schools, leafy surrounds and a multitude of urban amenities catering to both families and professionals. If you’re thinking of selling, the current market conditions certainly present a compelling opportunity. As we move into autumn and winter, preparing your home for sale is crucial for standing out in our competitive market. Ensure your home is well-lit, both naturally and with warm, ambient lighting. Accentuate features that appeal during cooler months, such as fireplaces or underfloor heating. As the highest selling real estate agency on the Upper North Shore, selling 736 properties totaling over $1.9 billion in 2023, our team offers unmatched expertise to enhance your property’s value. I look forward to discussing your real estate goals. Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE
FAST FACTS Source: Pricefinder 2024 1. HOUSES UNITS Q1 2024 Q1 2023 Q1 2024 Q1 2023 WAHROONGA 42 48 23 22 WARRAWEE 4 11 8 6 NORMANHURST 14 11 1 4 NUMBER OF SALES WAHROONGA 62% WARRAWEE 65% NORMANHURST 64% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS) HOUSES UNITS Q1 2024 Q1 2023 Q1 2024 Q1 2023 WAHROONGA $8,500,000 $13,588,000 $2,900,000 $1,750,000 WARRAWEE $7,300,000 $14,200,000 $1,260,000 $2,260,000 NORMANHURST $2,610,000 $2,650,000 $1,195,000 $1,320,000 4. HIGHEST SALE PRICE HOUSES UNITS Q1 2024 Q1 2023 Q1 2024 Q1 2023 WAHROONGA $2,950,000 $2,620,000 $1,097,944 $1,032,375 WARRAWEE $4,030,000 $5,700,000 $827,500 $1,350,000 NORMANHURST $2,100,000 $1,705,000 $1,195,000 $1,125,000 2. MEDIAN SALE PRICE HOUSES UNITS Q1 2024 Q1 2023 Q1 2024 Q1 2023 WAHROONGA $3,255,415 $3,564,932 $1,217,324 $1,025,261 WARRAWEE $4,510,000 $6,418,081 $870,875 $1,480,417 NORMANHURST $2,011,071 $1,827,955 $1,195,000 $1,115,500 3. AVERAGE SALE PRICE
HIGHLIGHT SALES BY MICHAEL DEMPSEY 27 Kissing Point Road, Turramurra 80 Burns Road, Wahroonga 32 Mahratta Avenue, Wahroonga 6 Daly Avenue, Wahroonga 73 Billyard Avenue, Wahroonga 97 Braeside Street, Wahroonga 94 King Road, Wahroonga 10 Boondah Place, Warrawee SOLD $3,325,000 SOLD $5,575,000 SOLD $3,070,000 SOLD $3,200,000 SOLD $5,680,000 SOLD $4,000,000 SOLD $1,970,000 SOLD $4,900,000 5 3 2 4 2 2 5 3 2 3 3 2 5 4 2 4 2 3 5 3 2 4 2 1
Prepare for Warmth: Enhance the cosy appeal of your home to attract buyers. Keep your home warm during viewings, utilize fireplaces, and add warm-colored accents to decor. Maintain Cleanliness: Winter demands extra cleaning efforts to tackle mud and leaves, ensuring your home remains inviting. Enhance Outdoor Spaces: Make your garden appealing with simple updates and demonstrate how outdoor areas can be enjoyed yearround, possibly adding features like fire pits or outdoor heaters. Brighten Your Home: Maximise natural light and keep the interior well-lit to make spaces feel more inviting, potentially increasing the home's attractiveness and energy efficiency. PREPARE YOUR HOME FOR A WINTER SALE Winter can be a great time to sell your home, offering unique advantages. Here are some tips for making a sale in the colder months: Focusing on these aspects can help sell your home effectively in winter, leveraging the season's unique selling points. Give me a call and I will outline how I can best market your property this winter. PREPARE YOUR HOME FOR A WINTER SALE Prepare for Warmth: Enhance the cosy appeal of your home to attract buyers. Keep your home warm during viewings, utilize fireplaces, and add warm-colored accents to decor. Maintain Cleanliness: Winter demands extra cleaning efforts to tackle mud and leaves, ensuring your home remains inviting. Enhance Outdoor Spaces: Make your garden appealing with simple updates and demonstrate how outdoor areas can be enjoyed yearround, possibly adding features like fire pits or outdoor heaters. Brighten Your Home: Maximise natural light and keep the interior well-lit to make spaces feel more inviting, potentially increasing the home's attractiveness and energy efficiency. PREPARE YOUR HOME FOR A WINTER SALE Winter can be a great time to sell your home, offering unique advantages. Here are some tips for making a sale in the colder months: Focusing on these aspects can help sell your home effectively in winter, leveraging the season's unique selling points. Give me a call and I will outline how I can best market your property this winter.
A superb agent “Michael is a superb agent. Michael worked closely with us to get a sales strategy to get our house on the market and sold. Sold was duly delivered in 10 days. Michael communicated with us every step of the way and guided us on the timing of negotiations and ultimately the deal’s closure.” MR & MRS. BAHL - VENDORS, 80 BURNS ROAD, WAHROONGA Skillful communicator “Michael Dempsey, and the team at Ray White, notably Candice Allan, were all tremendously hardworking and helpful in getting the job done in terms of giving advice and coordinating what is necessary in preparation of the sale of our house. During the selling period, Michael was very highly professional and very skillful with communications with potential buyers and tremendous with the negotiations.” MR & MRS. HUSODO - VENDORS, 25 BRAESIDE STREET, WAHROONGA Genuine and professional “Michael is a nice person and a professional agent. He genuinely cares and wants to achieve the best results. We sold our house with satisfying results and feel happy.” MR & MRS. PETROV - VENDORS, 27 KISSING POINT ROAD, TURRAMURRA A WORD FROM MY CLIENTS 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 Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com
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