Emerging from an extraordinary two years of pandemic conditions, we are welcoming the return of a more normal lifestyle with the ability to move freely around our cities and the globe once again. It is clear now that the peak in real estate prices occurred late in 2021. Since then, we have seen a reversion to more historical norms for the residential property market. Whilst it is easy to be swept up in the media negativity, it is important to keep in mind that this follows rapid and recordbreaking growth. Although prices have moderated, demand continues to out-strip supply. The Upper North Shore has been notably resilient over the past 12 months. Notably, 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. We see this trend continuing as building costs increase further and the availability of tradespeople remains low. With ample buyers still in the market, we are seeing an ongoing lack of stock. Our area is highly desirable due to its transport, lifestyle and exceptional schools. With borders opening, all the factors that make the Upper North Shore a sought-after location mean international buyers and ex-pats will further bolster the demand for quality property in our exclusive areas. Highlights from the last quarter: • Ray White Upper North Shore made some recent notable sales. 397 Bobbin Head Road North Turramurra was a landmark sale offering an exceptionally rare opportunity. It sold for $11,025,000 – a North Turramurra record. • A number of luxury new build homes in St Ives set exciting records.12 Romney Street sold for $6.619m and 18 Kenthurst Road sold for $7,000,000, the highest price ever for a St Ives property. • Ray White Upper North Shore’s multiaward success in the Ray White Network awards. This is a reflection of our high achieving and exceptionally hard-working team, our market leading strategies and our clients who are committed to us throughout the journey. In other news, the NSW government’s new ‘First Home Buyer Choice’ scheme comes into effect from 2023 and will allow first home buyers the option of paying a lump sum up-front stamp duty or an annual yearly tax of $400 plus 0.3% of their property’s land value. I would like to take this opportunity to thank you for your support. If you are thinking of making a move in 2023 or would like to discuss your property goals please call me on 0416 128 229. Eddie Yiu 0416 128 229 | eddie.yiu@raywhite.com WELCOME TO YOUR MARKET UPDATE
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