Market update WINTER 2024 Courtesy of James Levy Ray White Upper North Shore
The Upper North Shore property market remains strong despite varying economic conditions. As the leading real estate agency in Ku-ring-gai, we are dedicated to keeping homeowners informed about trends affecting their properties. In recent months, sellers have been eager to take advantage of market momentum, bringing more supply to the market. A steady flow of new listings has surpassed both last year’s numbers and the five-year average. In fact, it was the highest volume of new listings for the month of May since 2021, testing the depth of buyer demand. As a result, the total number of homes for sale has risen annually, indicating that stock is starting to build and offering more options for buyers — a consistent trend throughout 2024. Market Dynamics The NAB Residential Property Index continued its growth in June, driven by a supply-demand imbalance that supports property price growth, despite high interest rates and economic pressures. Economic and Population Trends Australia’s population grew by 2.5% to 26.97 million last year, largely due to overseas migration, boosting housing demand across Greater Sydney. Although economic growth is expected to slow and unemployment may rise this year, the RBA is anticipated to ease interest rates from November, potentially lowering the cash rate to around 3% by late 2025. Property Market Performance Sydney’s housing market has increased in value for sixteen consecutive months, with the Upper North Shore maintaining high demand due to its desirable living conditions. We continue to see exceptionally strong auction clearance rates with no signs of the market slowing throughout the traditionally quieter winter months. Council’s Legal Action Against Housing Policy Ku-ring-gai Council is suing the Minns Government over its plans to build high-density apartment blocks near train stations. The government’s policy aims to address the housing crisis by increasing the supply of well-located homes across Sydney. Mayor Sam Ngai acknowledges the need for more housing but believes a slower, more considered approach is necessary to address character and heritage concerns and ensure existing infrastructure can cope. The council argues these changes could harm heritage conservation, environmental sustainability, and infrastructure capacity. This legal battle underscores the tension between state-driven housing initiatives and local community concerns. We will be watching this closely as it unfolds. Personally, I have had an exceptionally successful and busy quarter - one of my best yet. I have sold homes prior to auction, at auction and off market. If you’re thinking of selling, please get in touch so I can show you how my team and I can maximise the value of your property. James Levy james.levy@raywhite.com 0414 474 868 WELCOME TO YOUR LOCAL MARKET UPDATE
FAST FACTS ST IVES AND ST IVES CHASE (COMBINED) Source: Pricefinder 2024 1. HOUSES UNITS Q2 2024 Q2 2023 Q2 2024 Q2 2023 ST IVES AND ST IVES CHASE 72 66 42 48 NUMBER OF SALES 2. MEDIAN SALE PRICE HOUSES UNITS Q2 2024 Q2 2023 Q2 2024 Q2 2023 ST IVES AND ST IVES CHASE $3,175,000 $2,080,000 $936,500 $1,065,000 3. AVERAGE SALE PRICE HOUSES UNITS Q2 2024 Q2 2023 Q2 2024 Q2 2023 ST IVES AND ST IVES CHASE $3,348,041 $3,254,146 $1,235,345 $1,344,167 4. HIGHEST SALE PRICE HOUSES UNITS Q2 2024 Q2 2023 Q2 2024 Q2 2023 ST IVES AND ST IVES CHASE $6,505,000 $7,850,000 $4,200,000 $3,850,000 ST IVES AND ST IVES CHASE 62% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS)
HIGHLIGHT SALES BY JAMES LEVY 3 Shannon Street, St Ives 22 Dalton Road, St Ives 3 Durack Place, St Ives 14 Karoom Avenue, St Ives 8 Woodward Place, St Ives 21 Flinders Avenue, St Ives 33 Torokina Avenue, St Ives 27 Flinders Avenue, St Ives 5 3.5 2 5 2.5 2 3 2 5 5 4.5 2 5 3 4 5 3.5 2 5 2.5 2 5 4.5 2
WHY SELL WITH RAY WHITE UPPER NORTH SHORE? WHY SELL WITH RAY WHITE UPPER NORTH SHORE? Sales Volume Ray White Compeঞtor 1 Compeঞtor 2 Compeঞtor 3 Compeঞtor 4 0 200 400 600 800 Sales Value Ray White Compeঞtor 1 Compeঞtor 2 Compeঞtor 3 Compeঞtor 4 $0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 Source: CoreLogic Market Scorecard FY24 Ray White Upper North Shore sets the standard by selling more properties than any other agency across the Upper North Shore. This extensive track record enables us to connect with more potential purchasers than anyone else, ensuring unmatched exposure for your property. Our comprehensive marketing strategies are proven to give you an advantage when selling your home. VIEWS ENGAGEMENT ENQUIRIES SAVES & SHARES 1,348 1,016 906 675 18 13 54 36 RAY WHITE UPPER NORTH SHORE MARKET AVERAGE Source: Domain published listings FY24
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 Indomitable force behind the sold sign “James Levy has been an exceptional partner throughout our property journey. From purchasing our original house to providing invaluable design insights during construction, his professionalism and communication skills have been exemplary. Always available and insightful, James made selling our home a seamless process.” VENDOR J & A, ST IVES Outstanding knowledge “James has an outstanding knowledge of real estate. He is very personable and easy to talk to. He is trustworthy and gave us an excellent understanding of the market. He was honest and realistic, and he was always supportive and willing to always go the extra mile. He spent a lot of time with us and made our decisions so much easier with his expertise and calm demeanour. We would highly recommend him to anyone looking to sell their property.” VENDOR - D & E, ST IVES One in a million! “James is one in a million for the following reasons: 1. When you sign with James, he will attend every open house and he has a formidable team. 2. He is genuine, trustworthy and is totally committed to gaining the best results for his clients. 3. He lives locally, therefore he has incredible knowledge of the area and market. 4. He is very professional, and works tirelessly to help the client to feel at ease during a very stressful time. 5. We cannot rate him highly enough - he is like no other!” VENDOR - C & L, ST IVES A WORD FROM MY CLIENTS James Levy 0414 474 868 james.levy@raywhite.com
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