Desirability of property on the Upper North Shore remained strong throughout 2022. The luxury market continued to flourish and we expect to see on-going demand for premium Killara, Gordon and Lindfield homes throughout this year, with a renewed interest in tennis court properties. After an absence from the market in 2022, developers returned towards the end of the year and we are seeing stronger demand for knockdown/rebuild or renovation opportunities already in 2023. The eight consecutive interest rate increases delivered by the RBA throughout 2022 did send a rate shock through the market in general. However, this has now had a year to be absorbed and the initial shock has subsided as buyers recalibrate budgets. Solid buyer numbers attending our open inspections in the last quarter saw the return of some properties achieving street and suburb record sale prices for our vendors. In addition, international buyers and expats will further bolster the demand for quality property in our exclusive areas. Stock levels in 2022 were around 30% below 2021 and we are seeing a lack of stock continuing into this year. With Killara, Gordon and Lindfield recognised as highly desirable suburbs due to their access to transport, the quintessential North Shore lifestyle on offer and exceptional schools, demand for homes will remain high. Ample buyers are still in the market left over from the last quarter, joined by new buyers commencing their search at the beginning of this year, creating a large pool competing for limited stock. As a result, sales prices remain historically high and above the growth trend lines. If you have been considering a sale, but held off due to COVID, now is a good time to capitalise on this extensive buyer pool prepared to compete for your property. In addition, some analysts believe the RBA will hike rates further, creating a selling window in the first half of 2023 before buyers have to reassess their budgets once more. I would like to take this opportunity to thank you for your on-going support throughout last year. If you are thinking of making a move in 2023 or would like to discuss your property goals, please call me on 0402 272 575. Scott Phillips 0402 272 575 scott.p@raywhite.com WHAT’S HAPPENING IN OUR MARKET?
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