Over the past few months, there has been a massive amount of negative media speculation predicting a slump or total crash of the real estate market.
However, the reality is that whilst the market slowed for a short time it has maintained its foundation and has rebounded strongly. The low levels of property for sale on the market has meant gains each month this year.
There is always strong buyer demand in St Ives, with the wealth of acclaimed local schools, our wonderful Shopping Village, parks, great transport links and of course the close-knit community. Here at Ray White we’re seeing high numbers of buyers at inspections which is translating to high numbers of registered bidders at auctions. The result of which has created a competitive environment ensuring vendors receive the highest possible price.
Sales of houses and in particular new builds are leading the price gains in St Ives. Since the beginning of the year, 88 houses have sold at an average price of $3,170,083. (59 prices were disclosed at the time of publishing.) The highest price achieved was $7,850,000.*
Compared to the same period last year when 99 houses were sold with an average price of $3,001,758. The highest price of $6,200,000 was achieved by our team at Ray White St Ives for the sale of 2 Lancaster Ave, St Ives.*
In addition, since the beginning of the year, 69 units have been sold with the average price of $1,108,246 and the highest being $3,600,000. Compared to the same period last year, when 65 units were sold, with the average price of $1,331,552 and the highest being $4,000,000.*
So what can you expect to see in the coming months?
The property market will typically slow down over winter as school holidays have an impact, yet this year with the scarcity of available properties for sale, buyers will definitely be out and about. New listings across Sydney are down 17% compared to the same period last year and for some suburbs of the Upper North Shore it’s up to 30-40%. Buyers are becoming increasingly frustrated by the lack of options, yet in this situation sellers can certainly benefit. The lack of stock is resulting in intense competition for each property, evidenced by the highest average number of registered bidders at Ray White auctions across Sydney of 7.5, with an auction clearance rate of 85% (the highest we’ve seen since 2021), versus the low of 2.2 average registered bidders nationally in November 2022.
We will continue to see further price growth with the recovery of Sydney's property market being led by the premium segment. Data from CoreLogic reveals that the most expensive houses in the top quarter of the market are experiencing the fastest recovery. In the past three months, values in this segment have surged by 5.6%, outpacing the 2.6% increase in more affordable segments. Strong demand and limited supply have contributed to this upward trajectory.
Despite various challenges, including the aftermath of the COVID-19 pandemic, multiple interest rate hikes, low consumer confidence, negative media coverage, and stricter lending regulations, the property market has demonstrated remarkable resilience and is now in a positive phase. Contrary to those predictions of significant price declines, the market has shown strength. Given the current supply-demand dynamics, it is likely that the upward trend will continue until supply catches up with demand.
This all presents an opportune time to sell. As the highest-selling real estate agency in St Ives and across the Upper North Shore, we meet more buyers than anyone else, providing a significant advantage in selling your property.
If you are considering selling, I would be delighted to discuss how I can help you secure the highest price in the current market.
James Levy
Licensed Real Estate Agent
Ray White St Ives
+61 414 474 868
james.levy@raywhite.com
*Source: Pricefinder (1/1/23-16/6/23 vs 1/1/22-16/6/22)