Ray White Upper North Shore

The talk on the street at the moment is “how long can the heat in this property market last?”. Since January, we have seen one of the fastest rebounds in house prices on the Upper North Shore. During the first half of this year alone, my team and I have sold 24 properties. Our fantastic sales results continue to be underpinned by record levels of buyer demand outpacing new stock coming on the market. Australian property values grew at their fastest rate in 17 years over February and March, with every capital city rising due to government stimulus, improving economic conditions and the limited number of homes on the market. In particular, we have seen that growth in St Ives has outpaced other suburbs with house values increasing 20% on average over the past 6 months. My team and I are constantly meeting new buyers who had been waiting for the predicted market crash since the uncertainty of COVID, however, this never really happened. Now, buyers are no longer waiting and so competition to secure property is still strong, with many buyers in a desperate search to find a home or risk being priced out of the market. In answer to the hot topic – who knows with certainty how long the heat in this property market will last. While most economists are in sync by predicting that it at least will not decline, banks are now suggesting that interest rates may begin to rise again towards the end of 2022. Hence, the market is becoming more unpredictable. What does this mean for you? It means don’t wait. If you are a buyer and see the right property, jump on in. If you are a seller, there has never been a better time to sell. Whilst we can’t predict the future. What we do know is that the Upper North Shore is one of the most sought after locations in Sydney and always will be. Coco Cui Roskam 0422 683 409 |  coco.roskam@raywhite.com What’s happening in our market?