Mae Chan answered WILLIAMS MEDIA's questions about Sydney's upper north shore market, where she grew and now works for Di Jones Real Estate.
Di Jones Real Estate has appointed Mae Chan, an upper northern shore specialist, to their Wahroonga office.
Di Jones CEO Rob Ward said Chan is uniquely qualified to advise her clients, having grown up in the area. She has worked in real estate for nearly a decade, and built an excellent reputation.
“Having grown up in the area, she brings an exceptional level of knowledge and insight into the lifestyle and benefits the upper north shore has to offer," said Ward.
Chan spoke to WILLIAMS MEDIA about the upper north shore market, and said it is showing signs of stabilising.
"Beginning around May, June and July of last year, the market started to shift, with one of the major factors the tightening of lending criteria by the banks," she said.
"We’ve seen a more stable start to 2018 and properties coming onto the market are selling if they’re priced appropriately."
Chan said buyers are wanting to get more for their money.
"Anything under $2 million and over $3 million is trading quickly," she said.
"The section of the market that has been impacted the most is the mid $2 million range where aspirational buyers appear to have stronger criteria and are seeking value for money.
"Buyers are seeking value in the sub $2 million range, which includes knockdown rebuilds and homes ripe for renovation," she said.
Homes on the upper north shore are often bought for their proximity to the best local schools, according to Chan.
"We’re finding that buyers are a lot fussier and won’t compromise on location, particularly in Killara and Lindfield where there’s a desire to be in the school catchment zones," she said.
Numbers at open homes are down, said Chan, but those who are there are more genuine buyers these days.
"We aren’t seeing the larger numbers of 20-30 buyers at opens that we saw at the high point in the market. Whereas last year a lot of buyers were reviewing market conditions, now there are genuine buyers who are seeing value and are confidently purchasing."
Chan said location will continue to be the biggest driver of demand for homes in the upper norther shore market.
"We’ll continue to see people unwilling to compromise on location and distance to public transport (particularly train stations)," she said.
"Demand will continue for school catchment areas in Killara, in particular Killara High School and the new Lindfield Learning Village which will house 2,100 students in years K-12 and is expected to open in 2019 on the old University of Technology Sydney Ku-ring-gai site.
"Exciting developments in the town centre of Lindfield will also attract buyers, with Harris Farm recently opening in Lindfield Village and massive infrastructure planned for the area."
Read more about Di Jones real estate:
Open home numbers "encouraging and surprising": Josh Larsen, Di Jones