It’s hard to believe that we’ve already entered Autumn for 2022, although the horribly wet weather we’ve been experiencing certainly does set into reality that Summer is well and truly behind us. With that being said, how did the property market fare throughout the final month of Summer across February 2022?
CLEARANCE RATES CONSISTENTLY HIGH
Following on from a positive first month of the year, property values have continued to hold strong throughout February. This is mostly due to the continued trend of high demand and low stock levels across the Sydney marketplace. Although that is not to say that there haven’t been large numbers of sales taking place, with just over 200 property sales exchanging in Ku-ring-gai alone so far in 2022.
The main factor that keeps the property market on an upward trend is that there are large numbers of buyers still searching for their perfect properties. McConnell Bourn Managing Director Matthew Bourn says that we’ve continued to see strong enquiry on properties for sale, large numbers of buyers at open homes and strong competitive interest at auctions throughout February.
“Clearance rates across the North Shore are currently sitting at 83.8% and have consistently been sitting well into the 80% mark throughout February,” Matthew said.
“So far throughout 2022 we have seen property values holding strong. One of the great things about the Upper North Shore is the schooling and the train line. They are the two key things in my opinion that actually hold value for property in this neck of the woods.”
With the huge growth that we have seen across Ku-ring-gai in 2021 and continued growth in the start of 2022, you may be starting to wonder what your property could be worth right now. If you’re thinking of making a move, or would simply like to gauge the value in your property, please get in touch with us on 9496 2777 and one of our property experts will gladly assist you.
SHIFT IN PRICES FOR APARTMENTS TO RENT
Recently the biggest trend amongst the rental market across the North Shore has been that houses are in extremely high demand and are leasing at rapid rates.
While this is still the case throughout February 2022, especially houses below the $1,500 per week mark which in some cases are leasing after just one open home or private inspection, for the first time this year we are noticing a shift in prices for apartments.
“I feel that this shift in apartment prices is not only due to more people coming back into the market but are also related to the high demand that we have seen for houses,” said Nicola Quinn, head of Property Management at McConnell Bourn. “You will find that those who are struggling to source a house may be reverting back to units, causing a slight increase in pricing.”
With Australia beginning to open back up to the world and things starting to return to a bit of normality, we will likely see more people look to purchase investment properties in the near future, particularly here on the North Shore.
“From market discussions, there are varying people looking to invest in the North Shore within the next 6-12 months which is also a positive sign for the rental market,” Nicola said.
Whether you’re looking to buy, sell, lease or invest, our team of property experts at McConnell Bourn are here to help. Please get in touch on 9496 2777.