What’s the north shore market currently doing?

In 2014, the Upper North Shore experienced 23.6 per cent property price growth in the space of 12 months. And in June 2015, almost nine out of every 10 properties taken to auction on the upper north shore sold under the hammer.

This has now changed – 70 per cent of homes sell on the day when taken to auction, Domain Group data shows. Those that sell are achieving about $100,000 more than they were at the same time last year, with the average home taken to auction achieving $1,515,000.

While moderate price declines were being seen in all regions of Sydney in early-2016, this trend has since reversed. In the northern suburbs in particular, anecdotal evidence suggests prices are now growing again – likely as a result of a shortage of homes on the market meaning buyers are once again fighting it out for a sale. And it seems, this time, owner occupiers are leading the charge.

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The future of the upper north

                                                                    
There has yet to be substantial evidence suggesting a significant drop in prices, and even the most bearish of commentators are expecting declines in the realm of several percentage points – a modest correction compared to annual double digit growth for many upper north shore locations. What is occurring, for now, is a return to a focus on the fundamentals of good real estate – education, transport, infrastructure and a continued shortage of supply.

Many home buyers and owners will also look to renovating over the next 12 months, taking use of the equity in their homes. A recent Aussie Home Loans and Corelogic report found Ku-ring-gai property owners have about $930,000 of equity in their homes, which many will reinvest into their current properties, use to upgrade, or refinance to obtain investment properties. These factors will sustain the leafy Upper North Shore market going forward, but at a more sustainable pace.

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