Ray White Upper North Shore

A Federal election, the first interest rate increase of potentially more rises, floods and war have all been on our minds and speculation about how this will impact the housing market is the focus of many news articles and headlines. What we do know for sure is that speculation clouds judgement. My role as a real estate agent is to provide a balanced view, as much clarity, and communication to clients on what is happening in the market and predictions in the market to enable them to make informed and educated decisions. The media is reporting a softening in the market both currently and also predicting further softening, however I like to think that this may have just normalised a somewhat too buoyant market. Homes are still transacting – instead of 12 purchasers wanting to buy one home, there may be 1-5 now, this is still good. On the Upper North Shore and in St Ives specifically, market confidence is still ok, and we are adjusting to “normal” selling conditions. There are some price adjustments to those seen at the market’s peak during the last quarter of 2021, but these are not significant. Last year’s price growth of 27.5% in St Ives and 40.7% in St Ives Chase was phenomenal, so an adjustment is not unexpected. The biggest anomaly in the market analysis is the current inability to get a sense of any pattern – there is no rhyme or reason to the market and there are still some out of line sales – both high and low. Auction still is the way homes are selling but interestingly, the majority are now selling prior to auction as opposed to a physical auction itself. In the first quarter of this year, Ray White Upper North Shore has sold 128 properties, and we are incredibly proud to remain the Upper North Shore’s leading agency and the number one agency in the Ray White Network. With international borders opening up, it means that many homeowners will prioritise travel again, and some will list their homes to enable this, in preparation for downsizing - which they may have held off doing until now. This means potentially more family homes JAMES’ MARKET COMMENTARY