With the election behind us, it’s worth looking at the road ahead for the upper North Shore. It’s our core market and we’re involved in it on a daily basis. After feedback from some of our clients, I thought I’d share a few thoughts on what I see as the key points to consider in the market for the next few months.
Sydney’s North Shore out-performs other areas
The North Shore continues to be ‘hot house’ bucking the trends across the rest of Sydney and the rest of the country. I’ve written recently about the real benefits to selling in the winter period and I still think the next 6-8 weeks is a prime time to enter the market. We often see an influx of properties into the market during spring and I for one will be watching with interest to see if there is enough demand to soak up the increase in listings.
The other question I’m being asked: is this the tipping point in the price cycle? For me, it’s almost a moot point as we’ve seen consistent growth in 2016 that continues to surprise many commentators. I’ve seen nothing that changes my opinion that now is a great time for both vendors and buyers.
Stop and smell the roses
Since I last posted there’s been a lot conversation around the market conditions, particularly the economy. There are a couple of points I want to raise here:
- The election is over and we have a (somewhat) stable government: now we finally have some certainty in government, history tells us we’ll see a natural resurgence in the property market.
- We still have historic low interest rates: economic conditions are still favourable for buyers. Interest rates are at record lows and despite the overall negative press; our economy is still a strong one.
- Buyers, local and foreign, are still there: I know that in my own experience, buyers from across the different segments of the market are still there and want quality property.
- The population is growing: Australia is growing, they’re going to need places to live.
What’s this mean: In my view, while the negative aspects we hear so much about are great headline grabbers for the various media outlets, the reality according to experts like Shane Olivier and Paul Clitheroe, is much different. Overall, while it may not be perfect, the economy is in sound shape.
The upper North Shore is one of Sydney’s best residential addresses
Buyer demand for a place close to transport, schools, and shops is still the key to the property dream. Lets face it; the Upper North Shore has that in droves.
Sydney’s North Shore is becoming and ‘educational greenhouse’ as many of the major private schools on the upper north shore expand their number of enrolments. This is an important factor influencing both local and foreign buyers causing more families want to call the area their home.
Our transport links are second to none. We have major shopping and retail precincts. The takeout: we have one of the most desirable areas in Sydney for buyers. This hasn’t changed!
For me, there’s been some encouraging figures for a number of suburbs, but here’s my pick for the upper North Shore:
Chatswood: There’s been some fantastic growth in the Chatswood market and it’s easy to see why. Chatswood has become a major transport and retail hub and has had significant amount of infrastructure investment over the past few years to become Sydney’s third largest CBD. Being the headquarters for Curran Property means we’ve seen this first hand.
Lindfield: We’ve had some fantastic recent success in this market. Houses prices have a strong average annual growth of over 8% and being only 5 mins from Chatswood and under 30 mins to the Sydney City CBD make it a highly attractive market.
For both buyers and sellers alike, the market conditions remain perfect on the upper North Shore. Like all things, the market can change quickly. My advice is to take advantage of the strong conditions now while they remain!