Firstly,
Thank you for reading these updates throughout the year and thank you for all the feedback and follow-up as well. I want to make sure I am providing information that is relevant and helpful for you, so keep it up.
This year, in spite of the setbacks we have all experienced as a Country, the Real Estate market has rallied in all areas we service and it has been interesting to watch. This drive in prices has helped solidify Ray White Upper North Shore as the Number 1 business in our area along with the support of our clients, so Thank you for your support!
If you don’t read on … I hope you have a well-deserved break over the Christmas and New Year period, spend time with friends and/or family and mark the end of a tough year with the optimism of a fresh start next year!
Local market:
Stock levels in most areas this year were even tighter than last year – which was widely regarded as one of the most tightly held years on record. This lack of stock helped put upward pressure on prices. Competition from buyers who were in the market during 2019 with little option to buy, coupled with record low interest rates, fanned the flames of the Upper North Shore market to see an almost record year of growth in a lot of areas.
Auction clearance rates were mostly above 80% and most reports saw Auction reserves being smashed.
Our business had above 90% Auction clearance rates.
75% of all listed property sold before Auction
A large number of our properties sold over $500,000 above guide and/or reserve price at Auction.
The average attendance of registered bidders at Auctions was above 10.
Almost all Auction campaigns had over 100 groups of buyers through and a couple of properties had roughly 100 groups of buyers through their first inspection
2020 median sale price
| West Pymble: $1,690,000 | Pymble: $2,375,000 | Gordon: $2,530,000 |
| Turramurra: $2,150,000 | South Turramurra: $1,700,000 | North Turramurra: $1,680,000 |
| Wahroonga: $2,150,000 | North Wahroonga: $1,720,000 | Warrawee: $2,500,000 |
| St Ives: $2,000,000 | Roseville: $2,680,000 | Killara: $3,200,000 |
| Lindfield: $3,210,000 | Hornsby Heights: $1,180,000 | Normanhurst: $1,450,000 |
| Berowra: $1,110,000 | Thornleigh: $1,307,000 | Hornsby: $1,290,500 |
Wider market:
The initial stages of ‘lockdown’ were challenging but with the event of ‘work from home’ dominating the landscape we saw buyer habits change this year. The most alarming, and equally obvious change, was the requirement for ‘home office’ or ‘granny flat’ in searches, which dominated the desire for a pool – on a scale across the market.
Further, the Upper North Shore witnessed a lot of buyers inspecting properties they would not have considered 12 months ago with lower access to bus and rail, focusing more on ‘value for money’ in block and house size as they move away from city fringe suburbs.
I wouldn’t rush into building a granny flat or removing the pool just yet though, we are still not entirely certain that this isn’t a bubble that we are currently inside – property prices, working environments and global episodes.
Banks:
Banks have been very generous this year – I say with my tongue in my cheek – giving money away at the lowest rates on record and loosening their lending criteria. Tread with caution and also remember they are usually robbing Peter to pay Paul, so check your investments, savings and term deposits.
Interest Rates (RBA):
As above, we saw a few records broken this year, I look forward to monitoring this next year and seeing what happens, we can only go up from here ( I guess), but whether that is in the next 12/24 months, I doubt at this stage.
IF you would like a report on your suburb, please reply and I will send a copy straight over.
If you have any questions or would like a report on another area, please let me know.
Finally, stay safe, have a Merry Christmas, Happy Holidays and Happy New Years Eve.
Look after yourself and the people around you.
Thank you.
Thomas Merriman
Thomas Merriman 