Ray White Upper North Shore

The talk on the street at the moment is “how long can the heat in this property market last?” Since January we have seen one of the fastest rebounds in house prices on the Upper North Shore. In March, my team sold 23 properties. Our huge sales results continue to be underpinned by record levels of buyer demand outpacing new stock coming on the market. Australian property values grew at their fastest rate in 17 years over February and March, with every capital city rising due to government stimulus, improving economic conditions and the limited number of homes on the market. My team and I are constantly meeting new buyers who had been waiting for the predicted market crash since the uncertainty of COVID. This never really happened. Now, buyers are no longer waiting. Many are upsizing to get the extra outdoor space and study they need and the family lifestyle that has become even more of a priority. Add to this low interest rates encouraging owner occupiers and investors (I have heard as low as 1.89% fixed for 4 years), competition to secure property is strong and buyers are jumping back in – all at once! Unit values remain relatively subdued, maybe now is a good time to buy that investment property you have been considering. We are however seeing an increase in downsizer buyers looking to purchase luxury apartments and single- level villas for owner-occupation. We have seen price growth in these types of properties. In answer to the hot topic - who knows with certainty how long the heat in this property market will last. Economists are in sync by predicting it at least will not decline. What does this mean for you? It means don’t wait. If you are a buyer and see the right property, jump on in and don’t be scared by paying a little bit over – when you look back next year you are likely to feel you bought well. If you are a seller, we have already seen a price increase of 15% on average – there is not necessarily much more to see. We can’t predict the future. What we do know is that the Upper North Shore is one of the most sought after locations in Sydney and always will be. David Walker 0414 184 911 david.walker@raywhite.com What’s happening in your market