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 record-breaking growth. Although prices have moderated, demand continues to out-strip supply. The Upper North Shore has been notably resilient over the past 12 months, and its desirability remains strong. 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 borders now opening and all the factors that make the Upper North Shore desirable, international buyers and expats will further bolster the demand for quality property in our exclusive areas. A recent highlight was Ray White Upper North Shore’s success in the Ray White Network awards, with multiple award wins. 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. I would like to take this opportunity to thank you for your support and wish you all the best for the New Year. If you are thinking of making a move in 2023 or would like to discuss your property goals please call me on 0404 353 451 Michael Dempsey 0404 353 451 michael.dempsey@raywhite.com WHAT’S HAPPENING IN OUR MARKET?
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