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 July. Unit prices have also seen an increase of 3.9% over the same period. TOD (Transport Oriented Development) Update The council’s appeal to the Land & Environment Courts is still underway with an outcome expected by the end of this year. The appeal was established to challenge the due diligence process conducted by the Planning Department. The outcome of the appeal will be a very significant finding. If Council’s appeal wins, it may establish a precedent thus eliminating all the current TODs so far planned across NSW, so the stakes are significant for both Planning Department and homeowners. Looking ahead, the key trends shaping the market include: • Interest Rates: Initially, it was anticipated that interest rates would be cut by the end of 2024, but this might be postponed until 2025. • Inflation: While inflation is gradually being controlled, it is expected to persist longer than the Reserve Bank of Australia would prefer. • Scarcity 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. For those considering selling, now is an excellent time to discuss how we can maximise your sale price in these market conditions. We are here to guide you through the process and help you achieve the best possible outcome. Scott Phillips 0402 272 575 scott.p@raywhite.com WELCOME TO YOUR LOCAL MARKET UPDATE
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