Ray White Upper North Shore

It is surprising to bear witness to the unprecedented growth across the Sydney property market. Since the start of 2021, 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 many, it is surprising that buyer confidence appears to be at an all-time high. Economists have predicted continued growth over the next 12 months with ex-pats as well as overseas buyers expected to come into the market once the borders open. Looking specifically at the Upper North Shore market, we have seen prices increase in the vicinity of 20%. A good example of this is a home we have just sold at 51a Ku- ring-gai Avenue Turramurra 12 months ago for $4,500,000. We have just resold it for $5,500,000 without any major changes to the home. It is pleasing to report, that whilst attendance is slightly down from pre-lockdown numbers, the quality of the buyer inspections and willingness to transact is as high as I have seen in my 20 years in the industry. Our recent online auctions have had between 8-20 registered bidders, ensuring incredible competition and record prices achieved in excess of client expectations. My team has sold 26 properties since the beginning of lockdown, equating to over $100 million property value. With everybody’s support we have been able to achieve the ranking of number 1 agency on the Upper North Shore! Since opening our Wahroonga office in 2015, we have grown to include 5 offices and become our very own ‘Ray White Upper North Shore’, covering Roseville to Hornsby including St Ives. The question I have been asked a lot over the past few months is “when is the right time to sell?” My answer hasn’t changed - buyer demand is outweighing the stock and prices week on week are staying strong. If stocks continue to increase over the next few months it would be fair to say prices could eventually plateau, however as always this is difficult to predict. Some renowned market analysts have got it wrong in recent times given the unplanned and unprecedented growth which contradicts historical trends. My advice is always as long as you buy and sell in the same market, you limit yourself to pricing fluctuation. As always, if I can assist in any property plans or advice, please feel free to reach out and get in touch. All the very best to you and your family. Stay safe and well, and I look forward to speaking with you soon. David Walker 0414 184 911 david.walker@raywhite.com WHAT’S HAPPENING IN OUR MARKET?