Market update SPRING 2023 Courtesy of James Levy Ray White Upper North Shore
The property market continues to heat up with all capital cities now recording year-on-year price increases. While there was speculation that house price growth would slow once more properties became available for sale, this doesn’t seem to be the case. Buyer demand remains robust, despite finance costs and the relative difficulties in getting a home loan compared to 18 months ago. As the end of the year approaches, the Upper North Shore property market is showing signs of both resilience and change. Forecasts indicate that while home values are set to increase by an estimated 3% to 10% by the end of 2023, the growth trajectory is expected to shift in 2024, with a noticeable moderation of both house and unit prices. Unsurprisingly, several of the major banks recently revised their predictions in response to the evolving market conditions. The National Australia Bank (NAB) initially projected a 4% decrease in home values by the end of 2023, but their most recent update presents a more positive perspective, forecasting an expected increase of 4.7% in home values by year-end. This revision underscores the market’s continued strength and adaptability. WELCOME TO MY LATEST MARKET UPDATE Factors driving market dynamics Despite challenges such as rising living costs and ongoing uncertainty around interest rates, the Upper North Shore’s property market remains robust. Throughout spring we anticipate heightened market activity due to: Increased listings: sellers are gearing up with a ‘sell before Christmas’ mindset, leading to a surge in property listings. Growing demand: buyers, both locally and through international migration, are entering the market, further fueling demand. Faster sales: typically, warmer months see shorter ‘days on market’, implying that properties are selling faster. Auction surge: spring is renowned for its increased auction activity. Nicer weather draws spectators, creating an exciting atmosphere that can help drive higher prices. The property market is undergoing a dynamic transformation, with potential for growth and heightened activity in the months ahead. Investors and homebuyers should prepare to act swiftly to secure their desired properties in this evolving market landscape. If you’re considering selling, I’d be delighted to discuss my team’s tailored marketing strategies and results that consistently surpass the expectations of our clients. I look forward to speaking with you. James Levy james.levy@raywhite.com | 0414 474 868
FAST FACTS ST IVES AND ST IVES CHASE (COMBINED) Source: Pricefinder 2023 1. NUMBER OF SALES HOUSES UNITS ST IVES & ST IVES CHASE Q3 2023 Q3 2022 Q3 2023 Q3 2022 62 67 43 38 2. MEDIAN SALE PRICE HOUSES UNITS ST IVES & ST IVES CHASE Q3 2023 Q3 2022 Q3 2023 Q3 2022 $3,200,000 $2,827,000 $1,210,000 $1,092,500 3. AVERAGE SALE PRICE HOUSES UNITS ST IVES & ST IVES CHASE Q3 2023 Q3 2022 Q3 2023 Q3 2022 $3,553,609 $2,875,281 $1,293,309 $1,254,092 4. HIGHEST SALE PRICE HOUSES UNITS ST IVES & ST IVES CHASE Q3 2023 Q3 2022 Q3 2023 Q3 2022 $6,350,000 $5,000,000 $2,100,000 $2,600,000
HIGHLIGHT SALES BY JAMES LEVY 48 Flinders Avenue St Ives 39 Lawson Parade St Ives 109 Douglas Street St Ives 58-60 Athena Avenue St Ives 24 Murchison Street St Ives 44 Waterhouse Avenue St Ives 13/165-167 Rosedale Road St Ives 85 Hunter Avenue St Ives 8 Coppins Close St Ives 6 Newlyn Close St Ives 7 Karoom Avenue St Ives 35/165-167 Rosedale Road St Ives SOLD SOLD - STREET RECORD SOLD SOLD SOLD SOLD SOLD - BLOCK RECORD SOLD SOLD SOLD SOLD SOLD
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 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
Consummate professional “James is very knowledgeable and drove a great outcome with the sale of our property. We heeded his advice, which was very much appreciated throughout the sales process and he communicated regularly which also made the transaction less stressful. I would have no hesitation in recommending James to represent anyone who is considering the sale of their property. A consummate professional.” VENDOR - S, ST IVES Committed and supportive “James Levy and his very capable team were professional and supportive throughout the entire sales process. James is a great communicator who provides clear and prompt feedback and strives to get the best result for his clients. He was reliable and always available to discuss the campaign and although he has many clients, we felt that we were a priority - such was his commitment to the campaign! I highly recommend James and his team.” VENDOR - A, ST IVES Great communicator “James has been a great communicator whilst selling our home. Nothing was a trouble; every communication professional, but also friendly. We have no hesitation in recommending James to any prospective seller. Sold in just two weeks.” VENDOR - C, ST IVES 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 | St Ives Office: 9646 2075 Head Office: 2 Turramurra Avenue, Turramurra NSW 2074 45-47 Hunter Street Hornsby NSW 2077 A WORD FROM MY CLIENTS James Levy 0414 474 868 james.levy@raywhite.com
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