Lower North Shore Property Boom & Strength in Luxury Homes

First published 28 Jan 2010

 

Further end of year results show that Sydney’s property market is back on its feet after stalling through the Global Financial Crisis, and according to Australian Property Monitors’ (APM) data published today in the Sydney Morning Herald, the Lower North Shore is leading the way in growth. The median Sydney house price rose 12.1% last year, but leapt a staggering 21.6% in the Lower North. This means sellers are in an opportune position to achieve a strong sale price on the back of the swell in consumer confidence.

 

APM economist Matthew Bell attributes this staggering rise to activity in the luxury home sector of the market, something that many sellers in the Lower North Shore will be happy to hear after a tough period for prestige sales in 2008. This is consistent with what we have experienced here at Century 21 Mosman, as we have seen buyers return to the upper end of the market and achieving sales commiserate with pre-GFC expectations.

 

If you have been waiting on the market to turn to consider selling, it could be timely for a Century 21 Market Appraisal today. Now is the time to beat the rush of stock back onto the market – call us for an obligation-free chat.

 

See you out there,

Joshua Wygoda

02 9968 1700

 

Happy New Year!

First published 19 Jan 2010

We have hit the ground running this January at Century 21, but it seems like the best time to take a moment to reflect on the year past. Despite the persistence of the GFC in 2009, Lower North Shore suburbs including Mosman, Cremorne and Neutral Bay remained strong compared to the previous year.

Mosman maintained strong sales figures in 2009, with a median home price of above $1.9 million and unit price of $540,000, a 2.7% increase on 2008 unit prices in Mosman. In Cremorne, the average house sold for $1.45 million and unit for $570,000. The number of unit sales in Cremorne rose 9% on 2008 sales numbers. Neutral Bay also fared well, with increases in both home and unit sales, with a median house price of $1.125 million and unit price of $530,000.

Now property analysts are looking towards the future and trying to predict what the year ahead holds, weighing factors such as reduced unemployment, the end of the first home owner boost, record low interest rates, a well-publicised housing shortage and strong rental demand. Overall, the prognosis seems optimistic as consumer confidence returns to the market, and that is a view point that we share here at Century 21 Resnekov Realty.

We’ll be sure to keep you posted.

Joshua Wygoda

Figures from RPData

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