West Pymble 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 WEST PYMBLE 84 83 NUMBER OF SALES WEST PYMBLE March and September 5. PEAK SELLING PERIODS (LAST 3 YEARS) 65 Boronga Avenue, West Pymble WEST PYMBLE $4,800,000 4. HIGHEST HOUSE SALE 2. MEDIAN SALE PRICE HOUSE 2022 2021 WEST PYMBLE $2,350,000 $2,470,000 3. AVERAGE SALE PRICE HOUSE 2022 2021 WEST PYMBLE $2,323,659 $2,364,825 6. NUMBER 1 2022 WEST PYMBLE NUMBER 1 AGENT Thomas Merriman 16.7% individual market share 2022 WEST PYMBLE NUMBER 1 AGENCY RayWhite Upper North Shore 22.6% market share
WEST PYMBLE HIGHLIGHT SALES IN 2022 108 Wallalong Crescent, West Pymble 65 Kendall Street, West Pymble 1 Warrowa Avenue, West Pymble 41 Duneba Avenue, West Pymble 3 Wellesley Road, Pymble 12 Parker Avenue, West Pymble 16 Inverallan Avenue, West Pymble 3 Warrowa Avenue, West Pymble SOLD $3,020,000 SOLD $2,700,000 SOLD $3,220,000 SOLD $2,605,000 SOLD $4,000,000 SOLD $2,600,000 SOLD $3,035,000 SOLD $3,200,000 3 2 4 2 2 4 2 2 4 2 3 4 2 2 4 2 2 4 3 2 4 3 2 5
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 Above and beyond! “This is the second time we have employed Tom and Logan to sell a property for us. Their service is seamless from beginning to end, assisting with getting the house ready for sale and recommended experts when required. They are true professionals and kept us abreast of the market and all feedback throughout the campaign, ultimately guiding us to a desired result and sale in a matter of weeks. Both Tom and Logan are knowledgeable and extremely personable and polite and a pleasure to deal with. If you want a team you can work with and trust and also deliver results, look no further!” VENDOR – 96 HIGHFIELD ROAD LINDFIELD Honest, transparent, and diligent “We first arranged a meeting with Thomas and Logan for an informal valuation of our property. They maintained close communication for a number of months and as we saw the changes in the real estate market, they were quick to respond to our plans. Thomas and Logan were honest and transparent in their communication. The campaign was effectively adjusted according to buyer feedback and they were able to secure a strong sale for us in a challenging market. We will not hesitate to use Thomas and Logan again. A special mention to Harriet too for her communication throughout.” VENDOR – 16 INVERALLAN AVENUE WEST PYMBLE
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