WELCOME TO YOUR LOCAL MARKET UPDATE Our local property market is experiencing significant momentum, with projections indicating Sydney house prices could rise over 10% this year, outpacing last year’s growth. The past 12 months have seen house prices across Sydney surge by 9.7%, with unit prices also showing robust growth at 7.4%. Several fundamental drivers are underpinning this upward trajectory: Population Growth vs Housing Supply Last year’s strong population growth wasn’t matched by sufficient new home construction, exacerbating the housing shortfall. Despite the need for 250,000 new homes, only 175,000 were built in 2023, with approvals for even fewer in the pipeline. Interest Rate Outlook With inflation moderating, there’s growing anticipation of interest rate cuts, which will further stimulate the market. Construction Costs and Affordability Rising construction costs are making new homes more expensive, pushing more buyers towards the established market, where it’s currently more cost-effective to purchase than build. The Upper North Shore is always in high demand with elite schools, leafy surrounds and a multitude of urban amenities catering to both families and professionals. If you’re thinking of selling, the current market conditions certainly present a compelling opportunity. As we move into autumn and winter, preparing your home for sale is crucial for standing out in our competitive market. Ensure your home is well-lit, both naturally and with warm, ambient lighting. Accentuate features that appeal during cooler months, such as fireplaces or underfloor heating. As the highest selling real estate agency on the Upper North Shore, selling 736 properties totaling over $1.9 billion in 2023, our team offers unmatched expertise to enhance your property’s value. I look forward to discussing your real estate goals. Giuseppe Princi 0433 641 046 giuseppe.princi@raywhite.com
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