While prices in Ku-ring-gai are still holding very strong, the number of sales has dropped, with only four remaining weekends before the 2014 property market draws to a close.
The Upper North Shore clearance rate at the 22nd November weekend was 76.1 per cent, only slightly above Sydney’s average of 73.5 per cent. This time last year Sydney’s auction clearance averaged at 83.3 per cent.
The highest sale price for the weekend recorded by Australian Property Monitors was a property at 77 Shirley Road in Roseville, which was sold prior to auction for $3,050,000 by Stephanie Hearne of Century 21 Cordeau Marshall Lindfield.
Another property at 1 Beaumont Road in Killara was sold at auction for $1,470,000 – a whopping $270,000 over reserve by Jason Roach of Century 21 Cordeau Marshall Gordon.
Property sales in Ku-ring-gai are down approximately 32 per cent for the month of November, when compared to the same period last year. November 2013 saw 277 sales in the area, and the approximate 215 sales this month have dropped us back down on- par with 2012 figures.
Sales are still very strong and record prices are still being achieved in the unit market up to $1.2 million and house market between $1 – $1.5 million.
The $1.5 – $2 million house market is holding strong, however although prices remain stable, we are seeing buyer resistance in the $2 million plus market.