Normanhurst 2 0 2 2 Y E A R I N R E V I E W Courtesy of Thomas Merriman Ray White Upper North Shore
However, the easing in prices since has been equally dramatic with one of the quickest declines we have seen since, and including, the GFC. BUT while most suburbs had a trough to peak growth of around 40% we have only seen about 10%-15% knocked off the top since March, with price declines starting to slow as interest rate rises are occurring in smaller increments. We did notice that most of the effect on price matched the impact felt by buyers around the interest rate rises. While most buyers are borrowing about 10-15% less, prices have fallen in line with that figure. The crazy thing is, throughout the year, buyer numbers have been fairly consistent and interest from buyers to buy has also remained strong with well-priced properties selling quite quickly and well-guided properties falling under the hammer. In fact, in the last two weeks of December saw our business secure a 100% auction clearance rate with over 20 properties. In your local market The Upper North Shore and Northern Suburbs experienced the most dramatic fall in prices between March and October as buyers adjusted to borrowing capacity and sellers were forced to adjust price expectations. We noticed many properties disappear from the market and reappear later in the year selling well after buyer/seller adjustments. Compared to the rest of the Sydney market, we have seen a higher percentage of growth over the last 48 months than any other region. Even after price adjustments we are still operating in a peak market if you can come to terms with the fact prices aren’t as high as they were in January 2022. However, this is a bonus for buyers as they feel they have made it out alive from the peak market and buying with a renewed sense of satisfaction knowing they could have paid more. We are very nearly at the bottom of the market which is the perfect time to transact, both buying and selling. As the market realises WELCOME TO YOUR MARKET UPDATE 2022 was certainly the year of two markets. The first quarter of 2022 marked the peak of the highest priced housing market Sydney has seen, with the most dramatic spike in prices we have ever witnessed. Completely unexpected and unpredicted!
we are here we will see things fluctuate dramatically before we start to increase again at some point in the next 12 months. Remember however, you may need to buy as well so don’t just wait for the increase. Examples of a cross-section of our market are in this report, I can provide more stats for all suburbs including ‘north’ and ‘south’ suburbs. I recently sold 9 properties in Mount Pleasant Avenue, Wahroonga at a SUPER Auction Thursday event which was covered by Channel 9, Domain, REA, news.com and Telegraph. If you have any questions about these sales, please let me know - everything sold under the hammer and above reserve. The wider market We are still seeing retirees moving out of the Upper North Shore and younger families moving in. As a by-product of this we are hearing about regional and seaside areas performing quite well. Domain data suggests that at present 60% of our incoming enquiry is from out of area buyers and 40% from locals. This is a bit different to 2021 and the ‘COVID market’ where out of area enquiry was 65%. It may also be fair to say that the drop (albeit 5%) in prices, to some extent, may also be attributed to this slight fall. When we talk about 10-15% drop, we are referring more to the suburbs with the most amount of growth. However, the Sydney market median fall was 8.3% from the peak in March but we are still tracking 28.6% higher than June 2020. Interest rates (RBA) Increased another .25% to 3.10%. Let’s keep an eye on this as I get the feeling we are near the end, and I am surprised that we got hit with a December rise. Thomas Merriman | 0401 840 859 | thomas.merriman@raywhite.com
FAST FACTS Source: Domain Pricefinder 1 January 2022 – 31 December 2022 1. HOUSE 2022 2021 NORMANHURST 67 88 NUMBER OF SALES NORMANHURST September and December 6. PEAK SELLING PERIODS (LAST 3 YEARS) 34 Campbell Avenue, Normanhurst NORMANHURST $2,800,000 4. HIGHEST HOUSE SALE 2. MEDIAN SALE PRICE HOUSE 2022 2021 NORMANHURST $1,700,000 $1,842,500 3. AVERAGE SALE PRICE HOUSE 2022 2021 NORMANHURST $1,598,478 $1,758,455 NORMANHURST 63.6% 5. AUCTION CLEARANCE RATE (LAST 6 MONTHS OF 2022)
2022 HIGHLIGHT NORMANHURST SALES BY THOMAS MERRIMAN 64 Mount Pleasant Avenue 74 Mount Pleasant Avenue 70 Mount Pleasant Avenue 62A Malsbury Road 66 Mount Pleasant Avenue 75 Mount Pleasant Avenue 72 Mount Pleasant Avenue 58 Malsbury Road 68 Mount Pleasant Avenue 77 Mount Pleasant Avenue 73 Mount Pleasant Avenue SOLD BY THOMAS MERRIMAN SOLD $1,910,000 SOLD $1,650,000 SOLD $1,530,000 SOLD $1,800,000 SOLD $1,515,000 SOLD $1,528,000 SOLD $1,550,000 SOLD $1,350,000 SOLD $1,710,000 SOLD $360,000 SOLD PRICE UNDISCLOSED
A WORD FROM MY CLIENTS Thomas Merriman 0401 840 859 thomas.merriman@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 Great communication & delivery “We worked with Thomas on a once in a lifetime project, “The Block” style with 8 houses and 1 block of land being sold at auction on the same day. Thomas had a fantastic team behind him and worked extremely hard to deliver our ambitious strategy.” VENDOR – 64, 66, 68, 70, 72, 73, 74, 75, 77 MOUNT PLEASANT AVENUE, NORMANHURST A great agent “Tom helped my parents sell the family home they had lived in for more than 60 years. He was very understanding and provided a detailed and fair assessment of the market. He provided practical and realistic advice about how to prepare the home for the market. He and his team were helpful and hardworking and kept us informed at all times. A buyer was secured after just one week on the market.” VENDOR – 62A MALSBURY ROAD, NORMANHURST Useful, practical advice “Tom Merriman helped us navigate this uncertain period in real estate, achieving exactly the price we hoped for with useful, practical advice. He has a solid grasp of the market and is easy to deal with, offering professionalism and affability with clear and responsive communications. A+ Tom.” VENDOR – 58 MALSBURY ROAD, NORMANHURST
RkJQdWJsaXNoZXIy MTI3ODI1