Welcome. It’s been an incredibly interesting start to the year for the property market. With record low levels of stock and notably high levels of buyers across the Upper North Shore, a competitive environment has encouraged renewed confidence in the market despite negative media speculation. Higher levels of buyer activity is evidenced by our auction bidder numbers; in November nationally there were 2.2 active bidders and 3.6 registered bidders per auction, which increased to 2.8 active and 4.9 registered in February. This rise in buyer traffic has contrasted with a decline in new listings, almost 30% down on previous years. The strong activity is clear yet many potential vendors seem reluctant to take advantage of these ideal market conditions. This is the news many locals may have been waiting for, according to NEOVAL, house prices bottomed out in December 2022 and have increased by 2.7% since then. It appears that the worst of the downturn is over. Prices have stabilised and with this competitive environment we may see further gains. Some sellers have a perception that selling in spring or autumn can be advantageous due to weather and gardening conditions, but in reality, there’s no ‘wrong’ time to buy or sell property. The factors that trigger buying or selling a home typically have nothing to do with the seasons but are driven by much larger factors such as changes in work or family dynamics. While interest rate rises will no doubt continue to restrict buyers’ borrowing capability, increases in migration and international investment returning will continue to put pressure on housing availability. This combined with the increasing level of eager, qualified buyers is creating a market ripe for competition. The agent who will drive the most competition to your property is the agent who will deliver you the best price. Ray White Upper North Shore continues to lead the area as the highest selling agency and was recently awarded Agency of the Year in eight suburbs by RateMyAgent; the only awards based on customer satisfaction. If you’re considering selling, please get in touch with me. My award-winning team and I would be delighted to support you on your property journey. Giuseppe Princi 0433 641 046 giuseppe.princi@raywhite.com WHAT’S HAPPENING IN YOUR MARKET
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