The Upper North Shore property market remains strong despite varying economic conditions. As the leading real estate agency in the area, we are dedicated to keeping homeowners informed about trends affecting their properties. In recent months, sellers have been eager to take advantage of market momentum, bringing more supply to the market. A steady flow of new listings has surpassed both last year’s numbers and the five-year average. In fact, it was the highest volume of new listings for the month of May since 2021, testing the depth of buyer demand. As a result, the total number of homes for sale has risen annually, indicating that stock is starting to build and offering more options for buyers — a consistent trend throughout 2024. Market Dynamics The NAB Residential Property Index continued its growth in June, driven by a supply-demand imbalance that supports property price growth, despite high interest rates and economic pressures. Economic and Population Trends Australia’s population grew by 2.5% to 26.97 million last year, largely due to overseas migration, boosting housing demand across Greater Sydney. Although economic growth is expected to slow and unemployment may rise this year, the RBA is anticipated to ease interest rates from November, potentially lowering the cash rate to around 3% by late 2025. Property Market Performance Sydney’s housing market has increased in value for sixteen consecutive months, with the Upper North Shore maintaining high demand due to its desirable living conditions. We continue to see exceptionally strong auction clearance rates with no signs of the market slowing throughout the traditionally quieter winter months. Council’s Legal Action Against Housing Policy Ku-ring-gai Council is suing the Minns Government over its plans to build high-density apartment blocks near train stations. The government’s policy aims to address the housing crisis by increasing the supply of well-located homes across Sydney. Mayor Sam Ngai acknowledges the need for more housing but believes a slower, more considered approach is necessary to address character and heritage concerns and ensure existing infrastructure can cope. The council argues these changes could harm heritage conservation, environmental sustainability, and infrastructure capacity. This legal battle underscores the tension between state-driven housing initiatives and local community concerns. We will be watching this closely as it unfolds. If you’re thinking of selling, please get in touch so my team and I can show you how we will maximise the value of your property. I look forward to discussing your real estate goals. Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE
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