2022 Review and Our Property Predictions for 2023

Well, we made it!

Another successful year has finished – and what a year it was!

2022 was a challenging 12 months for Real Estate on the Northern Beaches in general, and Upstate had a really great year with over 400 sales for Residential & Commercial, we couldn’t be prouder of our successes throughout the year.

Before we get excited about 2023, we wanted to take this opportunity to look back on our achievements in 2022 and, in particular, thank the people who helped make them happen.

We also want to provide you with a sneak peek of what’s to come through our predictions for Northern Beaches Real Estate in 2023.

Let’s get into it.

First, thank you all for your continued support in 2022!

It’s safe to say that there simply wouldn’t be an Upstate if it weren’t for our loyal, hardworking staff and the valued clients who continue to support us every year.

So our Directors are here to personally thank everyone involved in making 2022 another successful year for Upstate:

Lachlan Yeates – Director in Charge

“Firstly, I want to thank all our staff for their hard work and dedication. Through their efforts, we have been able to consistently provide a quality service to our clients. Second, a big thank you to our clients for trusting and sticking by us. This includes our landlords, tenants and vendors across our residential, projects and commercial sectors. Finally, a thank you to all of our team riders and collaborators. We love watching you excel and achieve amazing results in your specialised areas each year.”

Vincent West – Commercial Licensee/Director in Charge

“Another busy and successful year for the Upstate Commercial team. We completed more than 245 commercial sale and lease transactions, and the first quarter of 2023 is already shaping up to produce more great numbers. Of course, we couldn’t do everything that we do without the support of our amazing team and our valued clients – and for that, we are extremely grateful.”

Peter Mosedale – Licensee/Director in Charge

“2022 was another fantastic year for Upstate. Thank you to everyone who made this year a great one – our team, our suppliers and our clients. We look forward to another year of helping people kick their property goals in 2023!”

A special mention also goes to those local businesses, community members, sporting clubs and organisations that we work with, sponsor and support throughout the year, including:

  • Sydney Northern Beaches Breakers Water Polo Club, Manly United Football Club and Warringah Rugby Club
  • Freshwater, Collaroy and Dee Why SLSC’s
  • Local Boxer: Mateo Tapia
  • Local Surfers: Rene Galloway, Milla Brown and Jada Brown
  • Snowboarder: Vaughn Hardwick
Vincent West, Lachlan Yeates and Peter Mosedale - Upstate Directors

Let’s take a look at some of Upstate’s biggest achievements for 2022

Over the past year, we saw the launch of the first issue of ‘US’ magazine, our first commercial breakfast, and our first annual Upstate Awards night, where we were able to formally recognise the effort and hard work of the amazing team around us.

“When I look back on 2022, there are many moments and many people that I am proud of,” says Lachlan Yeates.

“One moment, in particular, is the creation of our first magazine – ‘US’. For me, this process was a great insight into other local businesses, and it was amazing to see the alignment of values and respect, and the importance of community that we all hold. It’s not often you get to collaborate with people outside of your profession with similar values to your own.”

Check out some of our other highlights and business results for 2022:

Upstate 2022 Results

After such a successful year, we look forward to seeing what 2023 has in store for us here at Upstate.

Speaking of…

What do we believe will happen in the Northern Beaches property market in 2023?

“Over the 25 years that I have worked in Real Estate on the Northern Beaches, the property market has always had the ability to hold on through the tough times. When COVID hit in 2020, the Government and our economy once again lent on hard assets like property, which encouraged mass demand. Now, coming off honeymoon rates in 2022, debt is at a new high for homeowners and their disposable incomes are really starting to feel the heat,” says Lachlan Yeates.

“I predict that this year, we will see an increase in stock levels, as some families choose alternative housing both in and out of Sydney. This will encourage more activity in the marketplace, creating a nice balance for both vendors and buyers. We don’t expect any further dramatic drops in property sales and predict a much more stabilised 12 months, with even a potential drop in interest rates towards the later end of the year.”

For more information on these predictions, including which sectors should expect to see the most growth, you can reach Lachlan on 0414 660 033.

What about Mortgage Finances in 2023?

Jonathan Valentino, Catalyst Advisers

From a financial point of view, Jonathan Valentino, Director of our Finance team, Catalyst Advisers, made his own predictions for 2023.

Jonathan was recently ranked #77 in the Top 100 Brokers for 2022, with Managing Director of Catalyst, Stephen Michaels, coming in at #4!

“2022 was a very challenging year for everyone with the continual rate rises. The rising rates heavily impacted a potential purchaser’s borrowing capacity, which in turn added to the fall of the property market. We also saw a lot of potential purchasers choosing to sit on the sidelines because of the uncertainty in the market,” says Jonathan.

“That being said, in my opinion, we will see a very different 2023. I believe that the interest rates will level out, the sentiment of rising rates will stop, and there will be a lot more confidence in the market. All the potential purchasers who sat on the sidelines in 2022 will look to enter the market, and with fixed rates expiring, I believe there will be a lot more stock. As such, I believe that we will be seeing a lot of transactions, and 2023 could be a very big year for the industry.”

We look forward to everything that 2023 has to offer in Sydney Real Estate

2023 promises to be another big year for Real Estate on the Northern Beaches.

Here at Upstate, we’re excited for what’s to come over the next 12 months – not only for our team, but for you, our valued clients.

We promise to continue growing our team and putting in every effort to help ensure you get the results that you deserve in the Real Estate market right across the Northern Beaches in 2023.

Find yourself in a better place with Upstate in 2023

Upstate Real Estate

At Upstate, our real estate specialists can make your property goals come true. That’s because we’re a big agency, with the heart and determination of a boutique one.

If you are thinking of selling or want an updated appraisal on your property, speak to your local Upstate team today. We’ll show you the possibilities that earn excellent results. We look forward to chatting with you soon.

The Upstate Team

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