Ray White Upper North Shore

While there continues to be uncertainty and volatility in many aspects of our lives, overall real estate has maintained its steady performance with a strong start to the year. The Ray White Group set another sales record in February with $7.1 billion in unconditional sales while prices in all Australian residential markets were higher than in February 2021. In our area, we are experiencing a decline in the amount of property sold. Pricewise, A-grade properties are still holding strong while B-grade property saw discounting of initial vendor price expectations of between 10% and 20% to meet the market. Another trend I am seeing now is that demand for properties suitable for knockdown/rebuild has cooled because of the significant increase in construction costs. On the other hand, apartment prices are increasing steadily on the north shore because they remain relatively affordable. There are three properties that I sold in the first quarter that are noteworthy: ● 1 Manning Road Killara, which sold for $4,900,000, setting a street record price for the second time. It is a gorgeous near new five-bedroom home with a level backyard and pool that buyers can move straight in and enjoy. ● 8/29 Lorne Avenue Killara, which sold for $1,450,000, setting a suburb record for a two- bedroom apartment. ● In Lindfield, we set the suburb record of $23,700 per square metre with 21/43 Lindfield Avenue. This was sold at auction for $2,790,000. We are now entering the cooler months, usually a quieter period for real estate. This next quarter will be an interesting time as there will be the potential for further inflation and interest rate rises, the Federal election and the ever-changing situation in Ukraine. All these considerations underscore the importance to all property owners of accessing relevant and timely information on what’s happening in our area. Nothing is more dangerous than generalising property market information. Furthermore, once a property is on the market, a strong marketing campaign and an active strategy to maximise competition is essential to ensure nothing is taken for granted and the best possible result is achieved. If you would like to receive property and area- specific advice, please feel free to contact me as I am always happy to have a chat with you. Jessica Cao 0466 877 260 jessica.cao@raywhite.com WELCOME TO MY LATEST MARKET UPDATE