belle property fy 2018

LOCAL MARKET OVERVIEW With winter upon us, and the typically more dormant property market that comes with that, let’s have a look at how the property market has performed over the past Financial Year here on the Lower North Shore. Winter 2017 was the absolute peak of the Sydney property market, after a bull run that began in Spring 2013. During this 4 year window, Sydney properties jumped around 66%, and here on the Lower North Shore it jumped around 70%. In the 12 months or so since July 2017, the property market has come back around 7-10% across wider Sydney, and 5.2% here on the Lower North Shore. It’s interesting in 2018 that quality properties are still commanding strong prices, as seen with the all-time Mosman apartment record being broken at over $10,000,000, the all-time Cremorne suburb record being broken at C.$18,800,000, and even 1 bedroom apartments in Kirribilli without parking achieving over $1,800,000. The other interesting statistic to look at is that in the first half of 2018, 1304 properties sold across the Lower North Shore, as opposed to the first half of 2017, where 1729 properties sold. If you look around, most properties are selling in the current market, and even though the prices generally are down a little on a year ago, vendors are still well ahead of where they were a few years ago. If stock remains tight on the Lower North Shore as expected, then it will remain a stable & evenly priced property market here, with the slight downward pressure from the market adjustment being countered by the slight upward pressure coming from less listings for buyers to choose from. The best bit of advice I can give vendors looking to sell in the next 12 months, is to present your property as beautifully as you can, because with more picky buyers around, presentation will be critical to stand out and attract the eye and interest of the best buyers out there. Matthew Smythe Principal & Senior Sales Executive Matthew Smythe | Cremorne & Cremorne Point Specialist 0410 280 280 | matthew.smythe@belleproperty.com Belle Property Neutral Bay , 1 Young Street, Neutral Bay Source: RP data June 2018 & The Australian Financial Review