That’s a Wrap – A 2022 summary

We are just weeks away from 2023 and the holiday spirit is upon us. We’re all busying ourselves with places to go and gifts to wrap. And although I’ll be wrapping up the year below, the Ray White Lower North Shore team and I are as busy as ever preparing for the year ahead. 

There’s no point hiding from the fact stock levels are down year on year, with 2021 being the boom of all booms. However, as we close out 2022, we are settling into what I would consider a more ‘normal market’, a more level playing field. On the Lower North Shore, we always have stock shortages which means it will hold pricing better than others and provide a steadier market to work within. This is evidenced by our clearance rates which have eased from a lofty 80 percent to a more consistent rate of around 60 percent.  

2022 was a transitioning market where we saw changes to government and RBA policy take full effect. And although here on the Lower North Shore we are somewhat insulated, steep interest rate rises still led to a decline in stock, and prices. Yet we have continued to create competition, add value, and bridge the gap between buyer and seller. 

For the last 25 years Ray White Lower North Shore has experienced all the ups and downs of the market, including the impacts of the Global Financial Crisis. And although we’re not immune to hurdles, our extensive experience, diverse business, specialist teams and focus on collaboration means we’re ready. The economic landscape may be a consideration to some people’s decision making, but when it comes to our client’s principal residence in the Lower North Shore, most people will continue to buy and sell irrespective of the market conditions.

I’m so proud of the teamwork across our offices and business divisions this year which saw us offering a strategy best suited to each individual client. For example, our mortgage business works with over 65 banks on our client’s behalf ensuring we provide the perfect product for their situation. Another highly great value add in the difficult 2022 market is that we  host all of our auction nights in our own auction room, which allows us to take more time to negotiate the deal, ultimately getting the best price for our vendor. 

In 2023 I believe we will continue to see the market correcting and adjusting to macro factors such as inflation, interest rates and employment. If 2022 was anything to go by with steep interest rate rises and the collaborative effects around it, I think we’ll see a very interesting market emerge. Stock will remain tight and choosing the right agent will become more important than ever. 

The key is choosing an agent who has experience in your area, in a challenging market and who will work hard to offer value at every stage of the transaction. With nearly 80 of us working at Ray White Lower North Shore Group, across three offices and several divisions including: Loan Market (Mortgage broker), Sales, Property Management, Urban Living (Strata Specialists), Projects & Developments and Retail & Commercial, we’re a team that strives to deliver the results our clients expect and deserve.

Excitingly, in the New Year we will open our fourth office in the Lower North Shore, in Willoughby, deepening our knowledge and expanding our reach in the area. Going forward this will allow us to add even more value to our clients throughout Crows Nest, Cammeray, Mosman and the whole Lower North Shore due to our expanding database of clients. 

I’d like to thank my team for all their efforts adapting to the challenges of 2022 and of course a huge thanks to our clients for your ongoing support.  We look forward to working with you for all your property needs in 2023 and beyond. 2022… that’s a wrap! 

Richard Harding, Co-Founder & Director
0411 875 022
richard.harding@raywhite.com