Throughout July, we saw some standout sales across our five offices. The sale of 27 Braeside St, Wahroonga, by Adam McKay at auction has set a new suburb record, selling in front of a massive crowd for $13,030,000. This is also the highest ever auction result recorded on the Upper North Shore. Our team set a new street record in St Ives for the sale of 23 Torokina Avenue, sold 32 Miowera Road, North Turramurra, for an impressive $660,000 more than it sold for just 12 months ago and 196a The Comenarra Parkway, Wahroonga sold in just 7 days. The apartment market also continues to perform incredibly well, with 13 strata properties sold during the month.
Locally, the Upper North Shore property market has always been largely protected from significant market volatility. For now, we are seeing very little evidence that the market will see a sharp price correction. Yes, there are price rises and price falls, 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. Overall the market isn’t free falling, and we are continuing to move into a much more normal market than what we have experienced over the past two years.
The winter school holidays affect the Upper North Shore market, with many people away on holidays and vendors often waiting until after this time to bring their homes to market. Despite this, our July results support a positive view of the market. Across our five offices, we sold 31 properties and listed 37. The average days on market was 30. Prices ranged from $485,000 for a one-bedroom Hornsby apartment to $6,120,000 for a luxury family home in St Ives and $13,030,000 for 27 Braeside St, Wahroonga.
In Property Management news, demand for rental properties in the area continues to be exceptionally high, and stock levels remain much lower than averages over the past two years. During July, we leased 23 properties, with many properties leased to quality tenants in just a few days. Vacancy rates continue to be low, the rate for the Ku-ring-gai LGA is currently sitting at 1.22%.
Spring is just around the corner, and we have many vendors already in preparation mode, ready to come to market in a few weeks. If you’re thinking of selling and need some preparation advice, don’t hesitate to contact any of our five offices for your real estate needs. We look forward to speaking with you.
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We are getting close but unfortunately November was not the month for a rate cut. Although inflation is now within the target range, hitting 2.8 per cent last week, the RBA decided to keep rates on hold. Why the hesitation? There are a few reasons. The main one being that … Read more