What a year 2023 has been! Despite the challenges of rising interest rates and economic uncertainties the market has showcased incredible resilience especially across the Upper North Shore. Contrary to many analysts’ expectations, property prices did not plummet even after 13 interest rate hikes by the Reserve Bank of Australia, which increased official rates by 4.25% over 18 months. In fact, property prices have been consistently rising since early 2023. Spring saw the usual influx of properties coming to the market and there was some concern that with more listings available, there would be less urgency among buyers, yet auction clearance rates have remained strong. In fact, across Ray White NSW on the last weekend of spring, there were 161 auctions scheduled with a clearance rate of 71% and 89% sold, including those that sold prior to their scheduled auction. These results continue to show increased momentum as we move into summer. So what can we expect from the property market in 2024? With interest rates likely at or near their peak, a strong rental market, a lack of housing supply and strong population growth, the property market is poised for continued growth in 2024. The big four banks are predicting no further significant interest rate hikes and possible rate cuts beginning in late 2024 or early 2025. They’re also predicting a rise in house prices of between 3% and 5% in 2024. With the Australian economy’s overall strength, including employment rates and consumer confidence, it’s expected that the economy will maintain its resilience throughout 2024, further strengthening the growth of the property market. My team and I are approaching the end of the year on a high, recently selling 149 Fox Valley Road, Wahroonga at auction for $3,500,000, an incredible 24% above the reserve. There were 16 registered bidders at this exciting auction with many disappointed buyers still actively searching for their dream property. If you’re thinking of selling your property in 2024, as the highest selling team on the Upper North Shore we are poised to exceed your expectations. I look forward to discussing your property goals with you. Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com WELCOME TO MY LATEST MARKET UPDATE
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