Following a record breaking few years for Sydney real estate, the property market has moved to a period of stabilisation. Increasing interest rates and higher inflation has applied some downward pressure on the market, however the always in demand and resilient Upper North Shore is still performing well with some standout results, particularly in Turramurra and Warrawee. After some initial panic over interest rates, things have calmed, and we are seeing days on the market are decreasing and there are excellent numbers of buyers at both open houses and auctions. We are now entering the traditional busy Spring season where sellers take advantage of the warmer days, gardens are blooming and stock levels increase. Although interest rates are continuing their upward momentum, people are realising that this is not doom and gloom, and there are already some signs that the pace of inflation may be declining. As the market reaches a more balanced state, it is evident that the auction process is still garnering the best results. On average, properties sold through the Ray White Group via the auction method are selling 11 days quicker than those by private treaty with prices being 11% higher than any offers given prior to auction. Highlights from this quarter: • Ray White Upper North Shore recently won the prestigious Ray White No.1 International Business award which is a testament to the hard work of our team and the commitment of our community. • The success of an auction program is strong with good buyer numbers providing competition at auctions and the auction clearance rate up • The demand for luxury new build homes is still high, with these properties garnering instant and excellent attention and outstanding sales prices. Likewise, the demand for good sites for a rebuild is high, with quality properties selling quickly • Post lockdowns and with the community returning to a more ‘normal’ way of life, home offices in a property are still a requirement with many workers splitting time in the office with time at home. If you are considering selling in the near future, I would love to hear from you. Myself, and Ray White Upper North Shore have the expertise and thorough understanding of the local area and current market fluctuations to provide an outstanding service and result. Please call me today on 0412133173 to discuss. Adam McKay 0412 133 173 adam.mckay@raywhite.com WHAT’S HAPPENING IN OUR MARKET?
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