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As you know I like to keep you updated on the Real Estate market, especially across the Upper North Shore.
Local market:
At present most suburbs across the Upper North Shore are experiencing historic lows in listed stock, for instance the whole of West Pymble, at the time of writing, has not had a new listing for weeks and there are currently no homes for sale in the entire suburb.
This has meant that a lot of property that we have listed off-market is selling quite quickly to some of the buyers we have stacking up. Listed properties are selling before Auction and the properties that are eventually going to Auction are selling 80% of the time, with most selling just after.
While we are seeing a build-up of buyers and a shortage of stock, it is still important to focus on the strategy that works best for your property – we usually market offline in the 2 weeks leading up to a listing date regardless.
This lower turnover has affected Median sale prices too, with a lower variety of the types of listings on the market we are pulling figures from a very shallow pool.
Wider market:
Sydney Auction clearance rates seem to be consistently coming in closer to the 70% mark albeit with a reduced number of Auctions compared to 2018 and 2017. It is refreshing to see the media reporting on the ‘bottom of the market’ and ‘Sydney market starts to rise’ etc with reports that there was finally growth of 0.02% across Sydney in June.
Domain.com predicts 2% growth over the next 12 months which is a reassuring nudge that, while we aren’t going to see another property bubble anytime soon, we can rest assured we are not going to continue to slide either.
Banks:
Apparently some Banks are offering fixed term mortgages for less than 3% at the moment, what the terms and conditions are, I am not sure but this is ridiculous.
Interest Rates (RBA):
Continue to fall. …
This is not the best news for savers and self-funded retirees, especially with the highest number of self-funded retirees on record currently in Australia.
However, focusing on the Real Estate perspective, which we are, this is an awesome stimulus for growth in a market where buyers and sellers have been sitting on HOLD for so long now.
Upper North Shore:
| West Pymble: $1,620,000 | Pymble: $2,310,000 | Gordon: $2,350,000 |
| Turramurra: $1,920,000 | South Turramurra: $1,520,000 | North Turramurra: $1,650,000 |
| Wahroonga: $1,800,000 | North Wahroonga: $1,700,000 | Warrawee: $2,980,000 |
| St Ives: $1,900,000 | St Ives Chase: $1,810,000 | Killara: $2,400,000 |
| Hornsby: $1,100,000 | Hornsby Heights: $1,030,000 | Normanhurst: $1,130,000 |
| Berowra: $1,111,000 | Thornleigh: $1,100,000 | Pennant Hills: $1,300,000 |
If you have any questions or would like a report on another area, please let me know.
Thomas Merriman.
Thomas Merriman 