WELCOME TO MY LATEST MARKET UPDATE Sydney’s property market picked up faster than anticipated, bringing an early end to the typically quiet winter period, especially on the Upper North Shore. Spring selling season is well and truly in full swing, with a noticeable rise in listings across all suburbs. This increased supply provides buyers with more options, however more buyers brings heightened competition. Demand continues to drive price growth, with Sydney house prices increasing by 6.8% year-on-year to an average of $1.429 million in July. Unit prices have also seen an increase of 3.9% over the same period, reaching $830,000. While there was a jump in listings in early September, any negative impact on prices was more muted than expected because the increase in listings was matched by a similar rise in demand. Factors like record population growth, sluggish building activity and soaring rents have long been influencing price growth. Many tenants facing high rental costs are transitioning into homeownership, further fuelling demand. Looking ahead, the key trends shaping the market include: • Australia hasn’t yet joined other parts of the world in cutting rates, but pressure is building. Monthly inflation came in at 3.5% in August, just above the Reserve Bank of Australia’s upper limit of 3%. It is now looking increasingly likely that we will hit 3% by this year, and a cut this year is now possible. • S carcity of Dwellings: The shortage of properties for both purchase and rent will likely continue. • Rising Rents: Rental prices are expected to keep climbing due to the ongoing demand. • Strong Migration: High levels of migration will continue to support the housing market. • Investor Activity: Investor finance has increased by 31%, indicating that savvy investors are still actively investing in the property market. • Robust Economy: Despite the challenges, the overall economy is predicted to remain strong. If you’re a buyer in the highly competitive Upper North Shore market, preparation is key. The speed at which quality homes are moving means that being ready to make quick, informed decisions can be the difference between securing your dream home or losing out. Ensure you have your finance approved and in place. Ray White Upper North Shore has just been recognised as the No.1 International Office of the entire Ray White Group. We’ve come first by putting you first, so get in touch with us and see what a difference award-winning service can make. Matt Bolin Partner 0417 269 023 | matt.bolin@raywhite.com
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