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June Market Update

By Therese Bolin

Headlines about the property market continue to be foreboding as many speculate about the future. Nationally, some market commentators are now predicting up to 20 per cent price falls in some markets off the back of inflationary pressures and rate rises. Interestingly, these are the same “experts” who predicted 30 per cent falls at the start of the pandemic in 2020 – and effectively the opposite happened. 

There is of course no crystal ball to predict the future. Our focus whether we are selling or leasing on behalf of our clients is that we “control the controllables” and focus on achieving the best possible outcome based on known facts and conditions. That philosophy has always delivered us the best results, regardless of market conditions – and we never lose sight of this.

Locally, the Upper North Shore property market has always been largely protected from significant market volatility. Yes there is price rise and price fall, but the underlying demand for buyers to live in this location is always strong and it is a family area always in demand. The same applies to tenants wishing to secure homes to lease. 

Our June results support this positive view of the market – across our five offices, we sold 50 properties, with an average days on market of 29. Lowest sale price was a 1 bedroom Hornsby unit at $370,000. Highest sale price was a renovated Roseville Character home which sold for $8.790m. 

In Property Management news, demand for rental properties in the area continues to be exceptionally high, and stock levels remain mucher lower than averages over the past 2 years. For the month of June we have leased 26 properties, with many properties leased to quality tenants in just a few days. Vacancy rates continue to drop each month. In the Hornsby LGA, which includes Waitara, Hornsby & Asquith, the vacancy rate for April was 2.1%, May was 1.5%, and June will sit around 1.35%. The vacancy rate for the Ku-ring-gai LGA is currently sitting at 1.18%.

Our team covers the entire Upper North Shore from Roseville to Normanhurst, Hornsby to Berowra; don’t hesitate to contact any of our five offices for your real estate needs. 

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