WHAT’S HAPPENING IN OUR MARKET? 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. This 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. Highlights from this quarter: • Achieved a suburb record for a non tennis court property with the sale of 35 Bangalla Street, Warrawee. This remarkable home sold within 3 days to a local family for $9,380,000 • 11 Leuna Avenue, Wahroonga sold within a week for 3.75% above the top end of the price guide, selling for $2,625,000 • Luxury new build homes are still highly sought after: 68 Clissold Road, Wahroonga had 100 buyer inspections over the 11 days on the market selling for $6,250,000, an east Wahroonga record for a property under 1000sqm. • Sold the grand 1930’s home at 31 Bangalla Street, Warrawee off-market for $12,500,000.
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