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 strong demand with highly sought after schools, leafy surrounds and a multitude of urban amenities catering to both families and professionals. The first quarter did see a rise in the amount of property for sale, but much cleared prior to Easter as we transition to the next stage of the selling cycle now. As we move into autumn and winter, preparing your home for sale is crucial for standing out in our competitive market. Accentuate features that appeal during cooler months, such as fireplaces or underfloor heating. I have been awarded Agent of the Year Killara for the fifth year in 2024 by Australia’s No.1 vendor and buyer review platform, RateMyAgent. As part of the Upper North Shore’s highest selling real estate agency, my team delivers unmatched expertise to ensure premium results. I look forward to discussing your real estate goals. Scott Phillips 0402 272 575 scott.p@raywhite.com
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