Weekly Insights: Where are the buyers coming from
The origin of buyers plays a crucial role in shaping the trends and preferences of the Lower North Shore Real Estate Market. This week, we delve into the topic of where buyers are coming from and how their motivations impact the housing landscape. From the Upper North Shore to the Eastern Suburbs and back to the Lower North Shore, buyers' migration patterns provide valuable insights into the evolving demands of the property market.
Buyers from the Upper North Shore:
A significant number of buyers are making their way from the Upper North Shore to other locations, predominantly looking to either downsize or trade up in terms of location. Many of these buyers initially moved to the Upper North Shore to find properties on larger land for a more affordable price point.
However, as their need for such a large home changes, they are now seeking to return to the Lower North Shore, where they grew up.
These buyers, having experienced life in the Lower North Shore, have a strong affinity for the area and are keen to return to familiar surroundings. The allure of a more convenient location, coupled with a greater range of amenities, schools, and a sense of community, makes the Lower North Shore an attractive destination for these former residents.
Buyers from the Eastern Suburbs:
Another group of buyers making their presence felt in the Lower North Shore property market comes from the Eastern Suburbs. These buyers find better value for money in the Lower North Shore, with larger properties and a wider range of schooling options available. As young professionals, they had moved to the East in pursuit of career opportunities and a vibrant city lifestyle. However, as they transition into parenthood and look to provide their children with quality education, the Lower North Shore beckons them back.
Having spent their youth in the Lower North Shore, these buyers have fond memories of the area and are drawn to the prospect of raising their own families in the same community they once called home. The proximity to schools they attended themselves further strengthens their desire to move back.
Local Buyers within the Lower North Shore:
Not all buyers are coming from outside the region. A considerable portion of buyers in the Lower North Shore real estate market consists of local residents trading within the same market. These buyers might be downsizing or upsizing their homes based on changing family dynamics, lifestyle preferences, or financial capabilities. Their knowledge of the local area gives them a distinct advantage in finding the perfect property that meets their needs and desires.
According to Domain, in 2023, there has been a notable surge in Buyer Enquiry originating from 'Out of Area', accounting for a substantial 55% of the total enquiries. This represents a significant increase compared to the figures in 2022, where 'Out of Area' enquiries constituted 52% of the total.
Specifically, among the 'Out of Area' enquiries, 10.4% are coming from the Eastern Suburbs and 9.8% from the Upper North Shore. In 2022, these regions contributed 9.4% and 9.1%, respectively, reflecting a slight upward trend in interest from these areas.
Notably, when considering properties valued over $3 million, the proportion of 'Out of Area' buyers rises further to 57%, with 11.1% of them originating from the Eastern Suburbs.
This data indicates a growing interest in the real estate market from buyers outside the immediate vicinity, with the Eastern Suburbs and Upper North Shore being particularly attractive to these potential purchasers. As the real estate landscape evolves, understanding these trends can prove crucial in developing effective marketing and sales strategies to cater to the diverse range of interested buyers.
The origin of buyers in the Lower North Shore real estate market provides an intriguing snapshot of changing preferences and lifestyle choices. From those migrating from the Upper North Shore for better amenities to those returning to their childhood homes from the Eastern Suburbs, the real estate landscape is ever-evolving. Local residents also play a significant role, demonstrating the enduring appeal of the Lower North Shore as a desirable place to call home.