Emerging from an extraordinary two years of pandemic conditions, we are welcoming the return of a more normal lifestyle with the ability to move freely around our cities and the globe once again. It is clear now that the peak in real estate prices occurred late in 2021. Since then, we have seen a reversion to more historical norms for the residential property market. Whilst it is easy to be swept up in the media negativity, it is important to keep in mind that this follows rapid and record-breaking growth. Although prices have moderated, demand continues to out-strip supply. The Upper North Shore has been notably resilient over the past 12 months, and its desirability remains strong. Notably, the appetite for renovated or newly built homes has increased substantially due to inflation in the construction industry. This has resulted in fully renovated homes and new or near-new builds selling well above expectations, with multiple buyers creating competition. We see this trend continuing as building costs increase further and the availability of tradespeople remains low. Highlights from this quarter: • After my team successfully sold 53 Babbage Road, Roseville Chase at auction in June, we sold the adjacent property at 55 Babbage Road at auction in December. • 2 Warrego Place, East Killara was sold for a street record within only 5 days on the market in November. This record was broken 2 weeks later by the off-market sale of 3 Warrego Place, East Killara. This marks the 6th property I have sold in this beautiful cul de sac in the last two years. In other news, the NSW government’s new ‘First Home Buyer Choice’ scheme comes into effect from 2023 and will allow first home buyers the option of paying a lump sum up-front stamp duty or an annual yearly tax of $400 plus 0.3% of their property’s land value. With ample buyers still in the market, we are seeing a continuing lack of stock. Our area is highly desirable due to its transport, lifestyle and exceptional schools. With borders opening, all the factors that make the Upper North Shore a sought-after location mean international buyers and expats will further bolster the demand for quality property in our exclusive areas. I would like to take this opportunity to thank you for your support and wish you a safe and prosperous new year. If you are thinking of making a move in 2023 or would like to discuss your property goals please call me on 0466 877 260. Jessica Cao 0466 877 260 jessica.cao@raywhite.com WELCOME TO MY LATEST MARKET UPDATE
RkJQdWJsaXNoZXIy MTI3ODI1