After an extraordinary two years of pandemic conditions, we are welcoming the return of a more normal lifestyle and the ability to move freely once again around our cities and the globe. It is clear now that the peak in real estate prices occurred late 2021 and we’ve seen a reversion to more historical norms for the residential property market. Whilst it’s easy to be swept up in the media negativity, it is important to keep in mind that any declines are off rapid and record-breaking growth. Although prices have moderated, demand is continuing to outstrip supply. The Upper North Shore has been notably resilient over the past 12 months and its desirability remains strong. Of particular note, the appetite for renovated or newly built homes has increased substantially due to inflation in the construction industry. This has resulted in fully renovated homes and new or near new builds selling well above expectations, with multiple buyers creating competition. The McKay Team has broken multiple records this year in the new build market, including record prices for Meadowbank Homes, Homestead Homes, Charleston Homes and suburb records in Wahroonga and Turramurra. We see this trend continuing as building costs increase further and the availability of knock down/rebuild sites and tradespeople remains low. With borders now opening and all the factors that make the Upper North Shore a great place to live, international buyers and expats will further bolster the demand for quality property in our exclusive areas. Highlights from 2022: • 27 Braeside Street, Wahroonga: I sold this property at auction for $13,030,000, the highest price ever achieved at auction on the Upper North Shore. • 397 Bobbin Head Road North Turramurra was another landmark sale offering an exceptionally rare 20,000sqm on two titles. It sold for $11,025,000, a North Turramurra record. • I had the privilege of selling 186 Bannockburn Road Turramurra for $6,720,000, setting the highest sale price ever achieved for a Homestead Home. I also sold 7 Evelyn Avenue Turramurra for $6,500,000. Both sales were off-market transactions. • Ray White Upper North Shore’s successes in the Ray White Network awards, including the award for #1 International Ray White Office. This is a reflection of our high achieving and exceptionally hardworking team, our market leading strategies and our clients who are committed to us throughout the journey. I would like to take this opportunity to thank you for your support and best wishes for the NewYear. If you are thinking of making a move in 2023 or would like to discuss your property goals please call me on 0412 133 173. Adam McKay 0412 133 173 adam.mckay@raywhite.com WHAT’S HAPPENING IN OUR MARKET?
RkJQdWJsaXNoZXIy MTI3ODI1