NORTH
Happy New Year! Wishing you and family a year of many successes, happiness and abundance in all you wish for We had a lovely short break over the Christmas period, and have hitthegroundrunningandexcitedforwhatliesahead
2023 will be all eyes on the property market, with the impact of higher interest rates and economic uncertainty producing somecautionandsubduedmarketactivity.
Pricesattheendof2022werelowerthanattheendof2021–here on the North Shore that was a reduction of 16% It’s important to keep last year’s price decreases in context Comparingthelastquarterof2022tothesameperiodin2020 –youwillseetheyaresimilarwith2022stillslightlyaheadand currentvaluesstillwellaheadof2019.
And whilst prices have eased, it appears the rate of decline is slower – this is evidenced by the December North Shore Medianof$128mbeingthesameasAugust
Sales volumes have also been significantly impacted On the North Shore, there were 3,200 property sales last year comparedto4,900in2021and4,500in2020.
An insight into what is happening in your area. It is anticipated volumes will increase this year as many make necessary transactionstoadjusttothenewenvironment.
If you are a buyer, the current environment is creating opportunities If you can make the finances work – this is the market many have been asking for – more stock,lesscompetition,andeasingprices Forthoselookingtosellitwillbecriticaltobealignedwiththebest,mosttrusted real estate team to provide the right advice & assistance with the presentation, marketing,pricing&negotiation. Thelevelofactivitythisearlyintheyearisimpressive,withmulti-offers,back-up offers,andpre-auctionoffersalreadyinplay Therehavealsobeenseveralstories of properties that have been on the market for a long time now under contract Manyofthesuccesseswerefollowingadjustmentstothesalesstrategy An interesting year ahead indeed – some uncertainty and volatility – but still lots ofopportunity. As always, if I can help with anything regarding the market, recent sales in your suburbor if you're wanting to know what your home is likely to sell for, I would lovetoassist Please feelfreetocallmeanytime
