Ray White Upper North Shore

Unprecedented low stock levels, record low interest rates and an abundance of buyers confident in buying property through the pandemic, have collectively driven property growth to a whole new level. In the 12 months prior to September 2021, Sydney property prices increased 30% which is the single biggest increase we have ever seen. St Ives has most certainly shared in this rapid growth with the median house price increasing 27%, now sitting comfortably at $2,750,000. What makes this recent growth so extraordinary, is the fact it has occurred in the midst of a global pandemic that has seen almost zero net migration, city wide lockdowns and a falling national GDP. It has utterly defied what the brains trust of leading economists forecasted would be a 30% drop when the pandemic began. It is likely that as restrictions are further relaxed and people can move around more freely, available stock will increase. If this is partnered with the proposed increase in interest rates, the market will be a little more balanced with growth more in line with previous markets. 2021 marked the year that Ray White Upper North Shore achieved a long-term goal: being recognised as the Number 1 Ray White Office in Australia. This is such a meaningful award for us, it is truly a team award, and every member of our business has played a vital role in helping to achieve this milestone. Our team are exceptionally dedicated and talented professionals whose commitment to excellence for our clients is truly remarkable. We thank every one of our clients for your loyalty and support. If the last 18 months has taught us anything, it is that absolutely none of us knows for certain what the property market will do in 2022 and beyond. We will be sure to watch with interest and keep you updated however if you would like to discuss the market or your property plans, as always please feel free to reach out at any time. David Beveridge 0411 225 167 david.beveridge@raywhite.com WHAT’S HAPPENING IN OUR MARKET?