However, the easing in prices since has been equally dramatic with one of the quickest declines we have seen since, and including, the GFC. BUT while most suburbs had a trough to peak growth of around 40% we have only seen about 10%-15% knocked off the top since March, with price declines starting to slow as interest rate rises are occurring in smaller increments. We did notice that most of the effect on price matched the impact felt by buyers around the interest rate rises. While most buyers are borrowing about 10-15% less, prices have fallen in line with that figure. The crazy thing is, throughout the year, buyer numbers have been fairly consistent and interest from buyers to buy has also remained strong with well-priced properties selling quite quickly and well-guided properties falling under the hammer. In fact, in the last two weeks of December saw our business secure a 100% auction clearance rate with over 20 properties. In your local market The Upper North Shore and Northern Suburbs experienced the most dramatic fall in prices between March and October as buyers adjusted to borrowing capacity and sellers were forced to adjust price expectations. We noticed many properties disappear from the market and reappear later in the year selling well after buyer/seller adjustments. Compared to the rest of the Sydney market, we have seen a higher percentage of growth over the last 48 months than any other region. Even after price adjustments we are still operating in a peak market if you can come to terms with the fact prices aren’t as high as they were in January 2022. However, this is a bonus for buyers as they feel they have made it out alive from the peak market and buying with a renewed sense of satisfaction knowing they could have paid more. We are very nearly at the bottom of the market which is the perfect time to transact, both buying and selling. As the market realises WELCOME TO YOUR MARKET UPDATE 2022 was certainly the year of two markets. The first quarter of 2022 marked the peak of the highest priced housing market Sydney has seen, with the most dramatic spike in prices we have ever witnessed. Completely unexpected and unpredicted!
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