Whilst there’s been a massive amount of negative media speculation over the past few months predicting a slump or total crash of the real estate market, the reality is that the market slowed for a short period yet has rebounded strongly, making gains every month of this year.
There is always strong buyer demand in Turramurra, with the wealth of acclaimed local schools nearby, our wonderful shopping precincts, parks, great transport links and of course the general feel of the community. At Ray White, we’re seeing high numbers of buyers at inspections which is translating to high numbers of registered bidders at auctions that creates a competitive environment ensuring vendors receive the highest possible price.
Sales of houses are leading the price gains across the 2074 postcode. Since the beginning of the year, 113 houses have been sold, with the average price being $3,160,631. The highest price in Warrawee was $14,200,000 for 23 Pibrac Ave and the highest price in Turramurra was $7,850,000 for 60 Ku-ring-gai Ave.*
Compared to the same period last year when 101 houses were sold across 2074 with an average price of $3,305,098 and the highest price in Warrawee of $6,250,000 and in Turramurra of $6,500,000 achieved by our team at Ray White Upper North Shore for the sale of 7 Evelyn Ave.*
Since the beginning of the year, 61 units have been sold with the average price being $1,191,006 and the highest being $2,300,000. Compared to the same period the year prior, when 57 units were sold, with an average price of $1,207,816 and the highest being $3,350,000.*
So what can you expect to see in the coming months?
The property market typically slows 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. This 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% (highest since 2021), versus the low of 2.2 average registered bidders nationally in November 2022.
We’re going 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 the 2074 postcode 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.
Liana Power
Licensed Real Estate Agent
Ray White Upper North Shore
+61 403 691 747
liana.power@raywhite.com
*Source: Pricefinder (1/1/23-16/6/23 vs 1/1/22-16/6/22)