With fluctuating property prices, changing interest rates, and dynamic economic conditions, there are so many questions to consider for homeowners interested in selling. 

One significant factor driving growth in Sydney’s housing market has been the notable increases, especially on the lower North Shore, where prices have seen some of the strongest rises across the city.

Understanding what’s driving this growth should help you figure out the best options for you.

Should I Sell My Home?

The Australian housing market has faced significant fluctuations over the past four years, shaped by the pandemic and rising interest rates. 

In October, a report by Domain revealed that house prices in Sydney’s lower north shore region jumped by $305,000 in just three months. 

Additionally, the median house price in the North Sydney-Mosman region saw an 8.9% rise, climbing from $3.41 million to $3.715 million. Over the past decade, house prices in suburbs like St Ives Chase, Gordon, and Turramurra have doubled, with increases ranging from 136% to 147%. 

These figures highlight the significant potential for growth in this region, especially in an environment where overall house price growth in Sydney has slowed.

On average, homes in suburbs like Lindfield were on the market for 64 days this year, while in other areas such as Normanhurst, homes sold faster, staying on the market for only 35 days, and in Gordon, for around 37 days.

To get to the bottom of all this, the North Shore Lorikeet asked the team at buyers agency Cohen Handler about current housing trends and property prices, to advise when the best time to sell a house might be.

NSL: How long do homes typically stay on the market for?

Cohen Handler: It really depends on the home. Really desirable unique properties that are hard to find, that have tennis courts or on big blocks of lands, or have great locations. Homes like that, that are super desirable, often have a lot of competition and can sell in as little as a week. 

Other homes that may be compromised in some regard or, if they’re in a bracket of the market with more supply, they can take longer and can often take anywhere from 6 to 12 weeks or more to sell. It really depends on the price point. 

Is there a ‘“better time” to sell?

There are definitely people away this time of year, so it makes it a trickier time to sell. You don’t have the buyer pool completely captured, but selling is always a great idea when there isn’t much competition around you. This can often make for good selling conditions because there are not many people selling this time of year. I think the best time for someone to do it would be quite early on, before others start listing their homes in the new year.

So just as school is coming back, at the end of January, it can often be a great time to sell. 

Does the current mortgage rate affect the decision to sell a home in these areas?

It’s more of a case-by case basis. Some people might be completely unaffected, while others may feel the impact. 

Being such a desirable part of Sydney, the upper North Shore sees strong results, allowing people to still do quite well with their properties.

Can you tell me about the current rate of rental returns for houses in the North Shore?

It’s not great at the moment, rental return is a little soft simply because there’s quite a bit of supply. 

However, the upper North Shore, in light of everything, still remains to be a really desirable part of Sydney. 

Property prices have still been able to increase quite consistently year after year and particularly many high-end homes have been outperforming the rest of the market, with strong demand from buyers on unique and larger blocks.

For homeowners thinking about selling, it might be worth considering doing so early next year, right after the school holidays, to make the most of the market conditions.

When it comes to selling your home, understanding the current property values, market conditions, and the supply and demand in your local area will give you the best chance to make a smart move.