The years do go by a lot quicker and with that, we see such varied real estate activity and media attention. Whilst it is easy to be swept up in the media negativity, it is important to keep in mind that this follows rapid and record breaking growth throughout 2021. Interest rate hikes placed uncertainty in the market and for many, their fixed interest rates are about to expire and move to higher variable rates. For the year we didn’t see prices drop as much as predicted because this was largely due to demand outstripping supply which kept the market more stable than predicted. The Upper North Shore has been notably resilient over the past 12 months and despite the heat coming off the market, its desirability remains strong. Of particular note is the St Ives market and that the appetite for renovated or newly built homes. Purchasing a newly built home is more appealing than the thought of building from scratch. This has resulted in new or near new builds selling well above expectations and widening the gap between an entry level home and the top end sale price of homes. We see this trend continuing as building costs increase further and the availability of tradespeople remains low. With borders now opening, uncertain times in China and Hong Kong enticing buyers to migrate, we feel these factors will further bolster the demand for quality property in our exclusive areas. Even with the roller coaster market of the last 2 years, it is interesting to see the record sale price of a new home and highest sale price in St Ives in August 2020 of $4,700,000. Since then, this price has repeatedly been superseded. In the last quarter of the year it stood at $7,000,000 – this is substantial growth. It wasn’t so long ago that St Ives was seen to be a secondary choice to the suburbs along the railway line whereas now it is a prime pick with various schooling and shopping options and is seen to be a central position/hub with easy access to Hornsby, Chatswood, Macquarie, the Northern Beaches, Gordon Railway and of course the cty, with the City Express bus services. Ray White Upper North Shore continues to lead the Ku-ring-gai market and of course the St Ives market. The highlight of this year was Ray White Upper North Shore winning the award for number one Group for Ray White International. This is a reflection of our high achieving and exceptionally hard-working team, our market leading strategies and a network which is like no other. I hope that the festive period was enjoyable and that 2023 is full of enjoyment, prosperity and health for you. James Levy 0414 474 868 james.levy@raywhite.com WELCOME TO 2023
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