Ray White Upper North Shore

As I write my update for the second quarter of 2021, I contemplate how long I wait to finish my review. I would like to ensure my commentary is as timely and as informative as it can be as we navigate our way through our lockdown. However, I can only wait for so long and as always, I am happy to provide you with updates anytime. As predicted, post-Easter we saw prices level out and the number of buyers reduced to a more solid pace. The last quarter saw demand for property reduce by around 8-10% from the peak of February. On the face of it, people may think this is a negative. In reality it can actually entice more people to enter the buying market as they previously had exited or had been put off by its frenzy and their constant lack of successfully securing a home. Of course, with every market there are two sides – the other is supply. Comparing the number of homes on the market in the last quarter to the previous 12 months’ supply, it was 16% lower. Whilst we did not see the exceptionally high auction clearance rates of quarter one, we saw clearance rates averaging 75%-80%, an indication of an extraordinarily strong market. For Ray White Upper Northshore we continued our market leadership in Ku-ring-gai, maintaining the status of selling more homes in the area than any other agency. We are also proud to mirror this being the agency which sells more than anyone else in St Ives. The prices in St Ives continue to grow. My record-breaking sale in May for 78 Yarrabung Road set a new price threshold for St Ives. The suburb continues to be sought-after and is now a primary choice for buyers. For many, the question is what lies ahead. Here are some key points 3 weeks into this current lockdown: ● The auction clearance rate has been sustained. There have however been a greater proportion of properties selling prior to auction – which not only are included in this successful statistic but also are an indication of a potentially normalising market. Our group has held virtual auctions which have proven to be most successful, selling at auction and still above expectation. ● Whilst we are not able to hold public open homes, we are able to show by appointment. The quality of the buyers inspecting is very strong, this process effectively qualifying the buyer before entering the home. ● In my 21 years of real estate, the stock levels of the past few weeks are the lowest I’ve seen. Buyers have a clear lack of choice. Will this spike prices over the lockdown period? Will prices soften when lockdown ends, and supply expands? I do not have that elusive crystal ball! In the event you have queries or would like more information, please reach out. Be well, take care and I look forward to keeping you updated. James Levy 0414 474 868 james.levy@raywhite.com What’s happening in our market?