WHAT’S HAPPENING IN OUR MARKET? As always, the property market continues to be a point of discussion with most people. Many have their own thoughts and now more than ever, there are quite a few conflicting views and predictions. These various opinions are very much dictated by the recent increases in interest rates. Having worked in the industry for over 20 years, I, like many, still see the interest rate level to still be low. Furthermore, it was always expected they were going to increase - they could never stay at their record low levels. The key issue for many is whether mortgage holders have factored in the potential increases when they obtained their finance at these low levels. Despite the constant barrage of negative media attention, the positive in the market is that there is a shortage of properties. Typically listing levels reduce in winter but supply is reduced even more so this year. This has assisted in prices declining to a lesser extent in our area when compared to some other areas of Sydney. As we have seen in previous uncertain markets, like the GFC, the Upper North Shore continues to hold values at a high level compared with other areas of Sydney. Interest rate increases have affected the borrowing power of some of our buyers, however buyer numbers are still strong, with finance ready to commit. Some purchasers are eager to also buy before their current finance approvals expire – there is nothing better than working with a purchaser who has a genuine need to purchase. Irrespective of the market movements, life continues. Upsizing, downsizing, interstate moves, job changes requiring logistic moves, family dynamics changing…people will still sell and people still need to purchase. We continue seeing many buyers enter the St Ives market for the first time, from other suburbs of Sydney or upsizing within St Ives or the North Shore. There is still an increase in the amount of overseas buyers looking to buy compared to 12 months ago. Renovated and newly-built homes have always been popular, but we are finding that as building materials have become more expensive and harder to lock in trades, the desire for a fully renovated property is stronger than ever. Having worked in all markets over many years, I am used to changing conditions. Change doesn’t daunt me, in fact it excites me and many people looking to buy or sell see it as a time for opportunity. As always, if you would like to chat about your property needs and goals, please don’t hesitate to contact me at any stage for a discussion. David Beveridge 0411 225 167 david.beveridge@raywhite.com
RkJQdWJsaXNoZXIy MTI3ODI1