I am thrilled to announce my return to real estate after 6 months of long service leave. I am equally delighted to share that I have joined Ray White Upper North Shore, the highest selling real estate agency on the Upper North Shore. This exciting new chapter in my 20 year real estate career brings with it a wealth of knowledge and expertise that I am eager to apply to benefit each and every one of you. Whether you are considering selling your home or simply seeking professional real estate advice, I look forward to discussing with you. With my new position at Ray White, I can now offer clients industry-leading marketing strategies backed by Australia’s most successful real estate brand. What can you expect from the property market for the rest of 2023? Limited Stock: Scarcity of available properties has been a significant challenge across the Upper North Shore, with new listings in Sydney down 17% compared to the same period last year. While buyers are increasingly frustrated by the lack of options, sellers can benefit from this situation. The limited stock has resulted in intense competition for each property, as seen through a high number of registered bidders and the highest auction clearance rate since early 2021. Price Growth: The recovery of Sydney’s property market has been led by the premium segment, which encompasses the majority of the Upper North Shore. Data from CoreLogic reveals that the most expensive houses in the top quarter of the market are experiencing the fastest recovery. In the past three months, values in this segment have surged by 5.6%, outpacing the 2.6% increase in more affordable segments. Strong demand and limited supply have contributed to this upward trajectory. Upward Trend: Despite various challenges, including the aftermath of the COVID-19 pandemic, multiple interest rate hikes, low consumer confidence, negative media coverage, and stricter lending regulations, the property market has demonstrated remarkable resilience and is now in a positive phase. Contrary to predictions of significant price declines, the market has shown strength. Given the current supply-demand dynamics, it is likely that the upward trend will continue until supply catches up with demand. Let’s embark on this journey together, and together we can make your real estate dreams a reality. I look forward to discussing your goals with you. Stephanie Hearne 0412 565 682 stephanie.hearne@raywhite.com WHAT’S HAPPENING IN OUR MARKET?
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