MARKET UPDATE Courtesy of Alliance Real Estate MAY - AUGUST 2023
With spring underway for 2023 we have made a few observations regarding the local property market. Thankfully and mercifully the Reserve Bank of Australia (RBA) has not increased the cash rate for the last 3 months which has been received with a sigh of relief for those clients that are looking to buy or own a home with a mortgage. The market currently is delicately poised as there are a few external pressures that are supporting a rise in the market. A forecasted increase in immigration will drive up property demand without adequate supply to meet it. That means properties that are made available either to be sold or rented will have greater competition thereby increasing both rents and sales prices. The reason why immigration is needed is due to skills shortages across several industries. With sharp increases in rents, many tenants are now entering the property market to buy as in some cases, mortgages are coming in much less than rentals. This of course is expected to add buyers to the market and increase competition and prices. Newly built duplexes have been coming onto the market in the last few months after there was a long shortage due to COVID and access to building materials and trades. These properties have sold at encouraging prices and are providing interest in the local area for more development. The other main change that has occurred was on 23 June 2023, when the Canterbury Bankstown Local Environment Plan 2023 and the Development Control Plan 2023 became active. The Local Environment Plan has seen considerable changes in the zoning of our area especially around the suburb centres and train stations. Please feel free to reach out to us if you have any questions regarding these changes. Should you wish to know what your home might be worth in this market for rent or for sale then please call our large, very experienced, and successful team to assist you. We look forward to hearing from you soon. WELCOME LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH? Call us today on 9771 6115 for an obligation-free Market Appraisal. Theo Kalinderidis Principal Jenny Fisher Sales Consultant Tony Kalinderidis Sales Manager Trang Lazcano Sales Consultant Rebecca Hughes Sales Support Tatiana Rodrigues Sales Support
Source: CoreLogic RP Data FAST FACTS: PANANIA, PICNIC POINT, EAST HILLS & MILPERRA PANANIA PICNIC EAST MILPERRA POINT HILLS $1,230,000 $1,380,000 $1,300,000 $1,190,000 $750 $785 $700 $695 Median sale price (Houses) Total sold (Houses) Median weekly rental (Houses) May-August 2023 65 36 24 18 28 42 34 27 Average Days on Market
80 Lang Street, Padstow 23 Edinburgh Drive, Revesby Heights 46 Pozieres Avenue, Milperra 115 Lambeth Street, Panania 11 Selems Parade, Revesby SOLD in your neighbourhood by 5 2 4 3 2 4 4 2 4 1 1 4 3 1 3 $1,250,000 $1,400,000 $1,325,000 $1,860,000 $1,425,000
119 Malvern Street, Panania 10a Duke Street, East Hills 7 Kiora Street, Panania 3 Amberdale Avenue, Picnic Point 12 Eileen Street, Picnic Point 14 Colleen Avenue, Picnic Point 3 1 2 4 2 2 3 1 4 4 2 5 4 2 5 5 4 2 $1,450,000 $1,400,000 $1,300,000 $1,415,000 $1,450,000 $1,417,000
Source: CoreLogic RP Data FAST FACTS: REVESBY, REVESBY HEIGHTS, PADSTOW, PADSTOW HEIGHTS REVESBY REVESBY PADSTOW PADSTOW HEIGHTS HEIGHTS $1,220,000 $1,310,000 $1,230,000 $1,300,000 29 25 29 40 $728 $800 $650 $800 Average Days on Market Median sale price (Houses) Total sold (Houses) Median weekly rental (Houses) January-April 2023 67 13 65 17
A WORD FROM OUR CLIENTS Can’t rate Jenny Fisher high enough Jenny’s market knowledge and professionalism are second to none,and her communication skills are excellent. Her friendly attitude always made her a pleasure to deal with. I felt when I was dealing with Jenny that I was in good hands. My whole experience with the team at Alliance Real Estate has been unfaultable. Greg - 17 Claverdon Avenue, Picnic Point Professional service and approachable style Jenny, Theo and the whole team at Alliance Real Estate made the process of selling our property easy. They kept us well informed with open lines of communication throughout. Jenny was happy to answer all our questions while guiding us with her extensive knowledge and experience. It was a seamless process with a friendly no-pressure approach. We felt confident that the team were doing their best to secure a sale and that they did with a price that exceeded all our expectations! Brett and Ann – 115 Lambeth Street, Picnic Point Fantastic service During the recent auction of my home I found Trang, at all times, to be very professional and most helpful. She gave me nothing but good advice. I would recommend Trang, without reservation to anyone wishing to sell their home. John - 13 Roslyn Avenue, Panania Absolutely brilliant From the moment we met Trang we felt an immediate relief - we both knew we were in very safe hands. We received over an hour of her time discussing recent sales and current homes in our area that were also up for sale. Trang explained how she goes about getting the top dollar every time and she certainly didn't disappoint. So do yourself a favour and book your consult with Trang, the only agent you will ever need. Rod & Shellie – 7 Kiora Street, Panania Stress free Theo and Jenny from Alliance Real Estate are the best agents I have ever come across. Honest, friendly, professional and very approachable. They sold our duplex in Panania very quickly and we were very happy with the outcome. The whole process was smooth and stress free. I would highly recommend Alliance to anyone wanting to sell and I can’t say enough about Theo and Jenny. Saadallah - 35 Garnsey Avenue, Panania
Recipe shared by Jenny Fisher Prep 10mins | Cook 25mins | Makes 16 pieces Ingredients 1¼ cup self-raising flour ¾ cup desiccated coconut ½ cup caster sugar 125g butter, melted 395g can sweetened condensed milk Juice of 1- 2 lemons Pulp of 2-3 passionfruit Method 1. Preheat oven to 180°C. Lightly grease a 20x30cm slice pan. Line base and sides with baking paper. 2. In a large bowl, combine flour, coconut, and sugar. Add butter, stirring until combined. 3. Press mixture firmly into prepared pan, smooth with back of a spoon. Bake for 12-15 minutes, until golden. Cool slightly. 4. Meanwhile, in a medium bowl, combine condensed milk, juice, and passionfruit. Pour over base and bake for a further 5-10 minutes or until set. 5. Cool in a pan then chill until required. Serve cut into squares. Alliance Real Estate 167 Tower Street, Panania NSW 2213 02 9771 6115 | www.allianceaust.com.au PASSIONFRUIT & LEMON SLICE
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