2026 Market Update Edition 33

There is a sense of movement returning to the Upper North Shore as we approach the final weeks of winter.

More homeowners are bringing their properties to market, buyers have noticeably more choice, and preparations for the traditional spring selling season are beginning to take shape. While Sydney's broader property market remains more subdued than it was at the beginning of the year, locally we continue to see committed buyers responding positively when the right home meets the market.

For sellers, the opportunity is certainly there — but with more properties competing for attention, standing out from the crowd is becoming increasingly important.

At a Glance

Here's what shaped the Upper North Shore market over the past fortnight:

• 98 new listings came to market — a significant lift in available property and an early indication of vendors preparing for spring.
• 52 properties sold, demonstrating that buyers continue to transact despite having considerably more choice.
• Available supply increased by 46 properties before withdrawals were considered.
• 59 auction changes reflect the increasing flexibility being used around method and timing of sale.
• Sydney's auction clearance rate improved to 53.3% in late July before easing to 45.6% in the week ending 2 August.

Read on for a closer look at what these numbers mean for the Upper North Shore as we approach spring.

Market by the Numbers

Our latest Upper North Shore Market Intelligence Report recorded 339 market movements over the 14-day period.

• 98 new listings
• 52 sales
• +46 net supply build before withdrawals
• 58 price changes
• 37 price decreases
• 21 price increases
• 68 withdrawn or unlisted campaigns
• 59 auction changes

Sydney's Market Finds a New Level

The broader Sydney market provides some important context for what we're seeing locally.

Cotality reported Sydney dwelling values fell 1.2% in June, leaving values 3.7% below their January peak. Its latest national Home Value Index then recorded a further decline in July, while increasing vendor discounting has also pointed to improved negotiating conditions for buyers.

That adjustment follows an extended period of exceptional price growth and the RBA itself has acknowledged that housing conditions have softened more than it had anticipated following this year's interest rate increases and the economic effects of the continuing Iran conflict.

The cash rate currently stands at 4.35%, with the RBA's next decision due on 11 August. That decision will naturally attract considerable attention from buyers, homeowners and financial markets.

For property, greater clarity around rates could be important. Uncertainty tends to encourage people to defer decisions; clarity — whatever the decision — gives households something more concrete on which to plan.

Why Ku-ring-gai Remains Different

Sydney-wide statistics are important, but they should never be viewed as a perfect proxy for the Upper North Shore.

Ku-ring-gai remains predominantly an owner-occupier market, supported by highly regarded schools, established family neighbourhoods, transport connections, extensive green space and a limited supply of comparable quality homes.

These characteristics don't make the area immune to broader market movements, but they do help explain why quality local property continues to attract buyers even when confidence elsewhere becomes more cautious.

What has changed is the level of choice.

With 98 new properties entering our market in just 14 days, buyers can afford to compare.

A home therefore needs to answer a very simple question:

Why this property? Presentation, marketing, price positioning and the ability of an agent to identify and engage the right buyers all become more important when several properties are competing for the same purchaser.

That is where a strong campaign can make a considerable difference.

Auctions: Reading Beyond the Clearance Rate

Sydney's auction market offered an interesting reminder this fortnight of just how quickly sentiment can move.

For the week ending 26 July, Sydney's final clearance rate improved sharply to 53.3% — its strongest result in 17 weeks. A week later, it eased back to 45.6%, from 406 auctions.

That volatility is itself informative. Rather than relying on the auction day to create the result, successful campaigns increasingly need to build their leverage throughout the entire selling period.

Cotality has also identified a broader shift away from auction, with the proportion of new listings taken to auction nationally falling from almost 45% in November 2025 to just over 30% by June. More properties are selling beforehand or moving towards private treaty as vendors and agents adapt to changed buyer behaviour. Locally, our 59 auction changes during this reporting period tell a similar story.

Auction remains an excellent method of sale for the right property. The important decision is not simply whether to auction — it is how to use the process to create urgency and competition while retaining the flexibility to secure an excellent offer whenever it presents itself.

At The Marshall Group, that means treating every campaign individually rather than applying the same formula to every home.

More Choice Can Create Opportunity

There is another side to increasing supply that deserves attention.

For anyone considering both selling and buying, today's conditions can be particularly interesting.

While a seller may need to work harder to secure the strongest possible result, becoming a buyer in a market with greater choice and negotiating flexibility can create opportunities on the next purchase.

That changeover equation is often more important than focusing exclusively on the sale price.

Similarly, buyers who have spent months waiting for the right home may find the approaching spring market provides a broader selection from which to choose.

The important thing for both sides is to understand the market they are actually transacting in, rather than the market of six or twelve months ago.

A Spring Market Beginning to Take Shape

The lift in new listings suggests the transition towards spring has already begun.

Cotality's latest auction preview also points to increasing activity, with Sydney scheduled for 462 auctions in the week ending 9 August, up 13.8% from the previous week, although still below the equivalent period last year.

For homeowners considering selling this spring, that makes August an important preparation window.

Presentation work can be completed, photography and marketing planned, pricing evidence reviewed and buyer databases analysed before the larger spring wave arrives.

Coming to market early can also have advantages. The objective isn't necessarily to wait for the greatest number of buyers, it is to find the period where the balance between motivated buyers and competing properties works most effectively in your favour.

Looking Ahead

The next few weeks should provide some valuable clues about the direction of the spring market.

The 11 August RBA decision will bring further clarity around interest rates, auction volumes are beginning to rebuild and our own data suggests more Upper North Shore homeowners are already making the decision to sell.

That makes this an increasingly interesting market rather than simply a challenging one.

Buyers have more choice. Sellers have an opportunity to differentiate. And for those planning to sell and purchase in the same market, changing conditions can create advantages on both sides of the transaction.

At The Marshall Group, our focus is on understanding those conditions at a local level and tailoring each campaign accordingly, combining accurate market intelligence, presentation, marketing, our shared buyer network and experienced negotiation to give our clients every possible advantage.

If you're considering a move this spring, now is an ideal time to start the conversation. A clear understanding of your property's current position, likely buyer audience and the competition coming to market can make all the difference when it's time to launch.