2026 Market Update Edition 35

Spring has arrived, bringing with it fresh property, fresh opportunity and a noticeably different dynamic across the Upper North Shore.

The traditional spring market is beginning to take shape, with new homes appearing each week and buyers enjoying a breadth of choice that was noticeably absent during stronger phases of the cycle. Yet quality remains the great differentiator. Buyers may be taking longer to make decisions, but when a property ticks the right boxes — location, presentation, price and lifestyle — we're still seeing genuine competition emerge.

For buyers, this is one of the most interesting markets we've seen for some time. For sellers, it's a market that rewards getting the important decisions right from the very beginning.

At a Glance

Here's what is shaping the Upper North Shore as we enter spring:

91 new listings came to market, continuing the build-up in property available to buyers.

45 properties sold, resulting in a +46 net increase in supply before withdrawals were considered.

An unusually high 77 properties were withdrawn or unlisted, suggesting a significant number of vendors are choosing to reset rather than continue with campaigns that aren't gaining traction.

Only 22 properties were recorded on our 90+ day watchlist, suggesting much of the current adjustment is occurring earlier in campaigns.

Sydney's preliminary auction clearance rate was 56.3% for the week ending 30 August, remaining above 55% for the fourth consecutive week.

Sydney home prices declined again during August as higher interest rates continued to influence borrowing capacity and buyer sentiment.

Outlook: spring is creating more opportunity and more competition at the same time.

The takeaway: activity is building, but this isn't a market where every property is being treated equally. Quality, value and campaign execution are increasingly determining which homes sell — and which don't.

Market by the Numbers

Our latest Upper North Shore Market Intelligence Report recorded 348 market movements over the 14-day reporting period.

91 new listings

45 recorded sales

+46 net supply build before withdrawals

63 price changes

39 price decreases

22 price increases

77 withdrawn or unlisted campaigns

70 auction changes

The relationship between 91 new listings and 45 sales is particularly important.

For every property recorded as sold, approximately two new properties entered the market.

That is creating greater choice for buyers and increasing competition between vendors — a dynamic that is likely to become increasingly important as spring stock continues to arrive.

But there is another number in this edition that deserves particular attention.

77 properties were withdrawn or unlisted.

That is a significant level of campaign movement and suggests some vendors are deciding not to simply wait indefinitely for the market to meet their expectations.

Campaigns are being reassessed, prices reconsidered and strategies changed.

Far from being a stagnant market, this is an extremely active market — but much of that activity is happening behind the headline sales numbers.

Spring Brings Choice Back to Buyers

For several years, one of the greatest frustrations for Upper North Shore buyers has simply been finding the right property.

That's beginning to change. As fresh spring stock arrives, buyers can compare more homes and be more selective about where they compromise.

That doesn't necessarily mean they won't compete. In fact, one of the interesting characteristics of the current Sydney market is the widening gap between properties buyers perceive as exceptional value and everything else.

Quality homes are still capable of producing strong auction results and selling above expectations, even against a softer Sydney backdrop.

The difference is that buyers no longer feel compelled to compete for every property, they're choosing where to compete.

For sellers, understanding that distinction is critical.

Sydney's Market Continues to Adjust

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

August marked another month of softer conditions.

PropTrack reported Australian home prices fell for a fifth consecutive month, with higher interest rates continuing to affect borrowing capacity and housing demand. Capital city markets have been bearing more of that adjustment than regional areas and more affordable property types.

That creates a more price-sensitive environment in Sydney.

But falling market averages don't mean every property falls by the same amount as property markets rarely move uniformly.

Different suburbs, price brackets and individual homes can perform very differently depending on supply, buyer depth and scarcity.

That's particularly relevant across Ku-ring-gai, where tightly held streets, school catchments, land size, renovation quality and proximity to transport can create substantial differences between seemingly similar properties.

Local knowledge tells us where an individual property sits within that movement.

Auction Conditions are Finding Some Stability

Sydney's auction market is also providing an interesting signal as spring begins.

The preliminary clearance rate reached 56.3% for the week ending 30 August, only marginally below 56.6% the previous week and marking the fourth consecutive week above 55%.

Sydney held 516 auctions, an increase of 8.2% on the previous week as volumes began building towards spring.

It doesn't mean auction conditions have returned to last year's levels — volumes remain substantially lower than the same period in 2025 — but it suggests buyers and sellers are beginning to find common ground more consistently.

Our own Upper North Shore data nevertheless recorded 70 auction changes during the reporting period.

That tells us something equally important. Successful campaigns need flexibility.

At The Marshall Group, the method of sale is always secondary to achieving the strongest possible outcome.

Pricing is Becoming the Great Divide

Perhaps the clearest indicator of buyer behaviour continues to be price adjustments.

Of the 61 known directional price movements recorded this period, 39 were decreases and 22 increases.

Importantly, that percentage should not be interpreted as a measure of falling property values.

It measures something different — the proportion of campaigns changing their advertised pricing position.

And that makes it particularly useful.

Buyers are telling the market very quickly when they don't perceive value.

When several comparable homes are available, purchasers can simply move to the next property rather than negotiating against themselves.

The danger for a seller is not necessarily launching slightly above market value.

The greater danger is losing the initial wave of buyer attention and then attempting to recreate it several weeks later.

In a market with growing supply, momentum has value.

77 Withdrawals - What Does That Tell Us?

The withdrawal figure deserves its own consideration this fortnight.

77 properties were withdrawn or unlisted.

There can be many reasons for a property disappearing from the market. Some may have sold through channels not immediately captured in the data, some vendors may have changed circumstances, while others may simply be planning to relaunch.

But collectively, the number is significant.

It tells us there is a meaningful gap between some vendor expectations and what buyers are currently prepared to pay.

The positive side is that this adjustment can actually help the market.

When unrealistic stock is removed, repositioned or repriced, buyers and sellers gradually move closer together.

That's how markets find their next level and we're beginning to see signs of that happening.

A Particularly Interesting Market for Upgraders

There is another group that should be looking closely at current conditions: homeowners wanting to upgrade.

In a rising market with limited stock, moving from a less expensive property into a more expensive one can be difficult. Buyers compete aggressively for the next home while worrying that prices may move further away from them.

Today's environment changes that equation. Greater stock, longer selling periods and more negotiation can provide an upgrader with opportunities that simply weren't available during stronger markets.

If both the home being sold and the home being purchased have adjusted, the important question isn't:

“How much has my home fallen?” It’s: “What is the changeover?”

For someone selling at $2.5 million and purchasing at $3.5 million, a percentage movement in the higher-value property can potentially outweigh the same percentage movement in the existing home.

That can make softer markets surprisingly advantageous for families moving upwards.

Why Ku-ring-gai Still Stands Apart

There is good reason to remain confident about the long-term Upper North Shore story.

Ku-ring-gai is fundamentally an owner-occupier market, supported by some of Sydney's most highly regarded schools, established family neighbourhoods, extensive green space, transport infrastructure and relatively constrained land supply.

Those fundamentals haven't changed. What has changed is the market around them.

Buyers now have greater negotiating confidence and more opportunity to compare.

That makes property selection more discerning — but it also means genuinely good homes can stand out more clearly.

When buyers find the home they've been waiting for, emotion hasn't disappeared from the market.

Neither has competition.

The challenge is creating the conditions that bring both together.

Spring Opportunity Meets Competition

The first weeks of spring will be particularly interesting.

Auction volumes are increasing, new listings are arriving and buyers who spent winter waiting are being presented with considerably more opportunity.

That should create activity.

But sellers should also recognise that every new listing becomes competition for somebody else's property.

The most successful campaigns this spring won't necessarily be those that simply wait for the market to improve.

They will be the homes that enter the market with a clear understanding of:

who the likely buyer is,

what competing properties are available,

where buyers perceive value,

how the property will stand apart, and

how buyer interest will ultimately be converted into competition.

At The Marshall Group, that's where our local market intelligence, collaborative office network, extensive buyer database, strategic marketing and experienced negotiation come together.

Spring has arrived with more choice, more movement and more opportunity.

For buyers, it may be the chance to secure a home that wasn't available six months ago. For sellers, it is an opportunity to stand out in an active marketplace — provided the strategy is right from day one.