As the third quarter of 2023 has come to an end, we now move into the busiest time in the real estate calendar; so we wanted to share a market update with you. The Upper North Shore property market has led the consistent growth of prices experienced across Australia since early 2023, primarily due to a scarcity of available properties. As Spring arrived and the number of listings increased, discussion about the sustainability of this upward trend escalated. While listings have certainly increased, evidenced nationally by Ray White auction volumes, with 407 properties scheduled for auction in the last week of September, versus 191 the year prior. The clearance rate of 74% showed sustained demand to match that rise in listings. Competition across our auctions on the Upper North Shore remains high with evidence continually showing that taking a property to auction will result in a higher sale price than any previous offers. Demand for properties on the Upper North Shore is always high but over the past quarter demand has been further impacted by dramatic population growth and heightened construction challenges and costs. Additionally, increased rental demand has made buying more appealing and financially viable than ever before. As we move further into spring and summer, activity and competition for desirable properties shows no signs of slowing, illustrating the market’s resilience and sustained growth amidst evolving conditions. As the highest selling real estate agency on the Upper North Shore, we are proud to have achieved these incredible results over the last quarter: I look forward to speaking with you. Adam McKay 0412 133 173 adam.mckay@raywhite.com WHAT’S HAPPENING IN OUR MARKET? 212 properties sold $536,000,000 worth of properties sold $9,500,000 Highest sale price 25 Median days advertised (realestate.com.au data from the last 12 months)
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