Ray White Upper North Shore

The COVID-19 pandemic is for so many an extremely challenging time both personally & professionally. In light of this, it is surprising to bear witness to the unprecedented growth across the Sydney property market. Since the start of the year, Sydney house prices have risen 17.7%. This growth is underpinned by continuing record low interest rates and depleting stock levels which has created a complete imbalance of supply and demand to favour the seller. With tough times being experienced by so many, it is most surprising that buyer confidence appears to be at an all-time high. With economists predicting continued growth over the next 12 months and with the previous lock down rebound experience, many buyers are keen to get in now before prices creep further ahead in the months to come. Looking specifically at St Ives, the biggest jump in values is in newly built homes and blocks of land suitable for rebuild. Prior to January 2021, the suburb record for a residential property in St Ives was $4,700,000. Fast forward to today, the record now sits at just under $6,800,000 and there have been a further 7 sales in the range of $5M to $6M. In recent weeks, there have been major restrictions placed on the real estate industry to ensure COVID safe operations whilst still being able to provide essential services to those in need of housing. The most dramatic of these is the inability to conduct open homes and auctions. Inspections are now carried out by private appointment and auctions can only be conducted virtually online. It is pleasing to report, that whilst attendance is slightly down from pre lockdown numbers, the quality of the inspections and willingness to transact is as high as I have seen in my 20 years in the industry. In our recent online auctions, it is fast becoming the norm to have approximately 20 registered bidders vying for each property, ensuing incredible competition and prices achieved well in excess of client expectations. As the lockdown continues, buyers are likely to be further starved of choice and this is likely to have a compounding positive influence on prices. The question however on many homeowners’ lips is, when is the right time to sell. Sell now while the market is strong, or hold off in the hope prices will continue to move forward. Naturally as restrictions ease, there will be a rush of property to market which may see prices plateau. As always, if I can assist in any property plans or advice, please feel free to reach out and get in touch. David Beveridge 0411 225 167 david.beveridge@raywhite.com What’s happening in our market?