Wooloomooloo Market Report | Jul - Dec 2022 averton & Wollstonecraft. Christian Percuoco | 0433 588 871 Ben Scott | 0457 179 185 belleproperty.com/Crows Nest
$91.924m Total Sales Value $8.1m Highest Price 27.81 Avg Days on Market 93.02% List to Sell Clearance $1.998m Avg Sale Price Our 2022 Statistics The Sydney property market has not been immune to this year's frenzied events. With the RBA deciding to dramatically increase rates to curb an ever increasing inflation problem. Since April this year the official cash rate target has risen every month. This recent increase has marked the eighth straight rate hike, taking borrowing costs to a level not seen since April 2013. Fortunately, we live in a very resilient and respected part of Sydney, where the majority of finances are secure and safe. This coupled with the reduction of stock in our area (approximately 30%) has meant that there is still a strong appetite for buying in our neighbourhoods. That being said, we are not immune to change. We have seen an overall softening of our market compared to 2021. With values coming off anywhere between 0% “ultra- high end” to 15% for “less desirable” properties.. The market has become incredibly specific to Who (demographic), What (description of property), Where (location, location) and Why (motivation). Different people have been affected in different ways and the value of your property is therefore directly correlated. Furthermore, the appetite for renovations has also dropped considerably. With renovated properties selling at a premium versus those that are not. This is mainly due to the challenge of finding tradespeople, the drastic change in cost and significant time that is now required to renovate. What the last couple of years has taught us, is that we cannot predict the future. Therefore, I will refrain from doing so. Instead, I will leave you with a wise auctioneer proverb; “Waverton & Wollstonecraft – welcome to god’s country” I know that much will not change. With 2022 now a distant memory, it’s worth taking the time to cast our mind back through its entirety. We then realise, we have all witnessed another momentous & eventful year; Covid19, the death of England’s longest reigning monarch, disastrous flooding, the War in Ukraine, Elon Musk purchasing Twitter.. to name a few. A word from Christian & Ben Welcome. Christian Percuoco | 0433 588 871 Ben Scott | 0457 179 185
Did You Know? The founder of the suburb - Edward Wollstonecraft, was the eldest brother of Mary Wollstonecraft. Edward arrived in Sydney on board the ship Grenada on 31 August 1819. One of the reasons the young man sought to build a life away from England was to escape the notoriety attached to his aunt, author of A Vindication of the Rights of Woman. House Sales Wollstonecraft Townhouse Sales Wollstonecraft Apartment Sales Waverton Townhouse Sales Waverton 9 13 Apartment Sales Wollstonecraft 118 House Sales Waverton 13 3 41 *Mary Wollstonecraft is pictured on the front cover Local Knowledge.
Sold $1,795,000 3 a 2 b 2 v 1/13-15 Morton Street, Wollstonecraft SOLD Our Stand Out Sales. Jul - Dec 2022 3 a 1 b 2 e Sold $1,625,000 4/19 Sinclair Street, Wollstonecraft SOLD 2 a 2 b 1 v Undisclosed 10/102 Bay Road, Waverton SOLD 2 a 2 b 1 v Sold $1,575,000 3/1-5 Russell Street, Wollstonecraft SOLD 4 a 2 b 1 e Highest House Sale 2022 51 King Street, Wollstonecraft SOLD 3 a 2 b Sold $3,205,000 7 McKye Street, Waverton SOLD 2 a 2 b 1 v Sold $1,415,000 12/14 Carlyle Street, Wollstonecraft SOLD 3 a 2 b 2 e Sold $2,100,000 6/19 Rocklands Road, Wollstonecraft SOLD 3 a 2 b 1 v Sold $1,940,000 6/15 Rocklands Road, Wollstonecraft SOLD
Rental Market. Median Rental Price Houses Median Rental Price Houses -9.3% Median Rental Price Units While this has had a surplus effect for apartments, houses in the area haven’t been as lucky as families are slower to migrate back into the inner city areas and are still looking for that suburb lifestyle. The stats on the left depict both Wollstonecraft & Waverton with Wollstonecraft applying to the top two bubbles and Waverton the two below. Michael Gabriel New Business Manager 0422 378 865 Median Rental Price Units -15.3% +21.8% +11.1% *Source: Realestate.com & SQM Research The second half of the year saw an incredible boost of the rental market in Sydney, with prices increasing up to 20% due to the shortage of stock and rise of demand. Waverton & Wollstonecraft have seen a dramatic increase in demand for apartments as people are flooding back into central areas after covid and the need for easy access to public transport, shops and CBD have returned.
The Cash Rate is increasing but what does that mean for you? After 10 years of low interest rates, in May 2022 the RBA started a cycle of cash rate hikes attempting to curb inflation. This came as a shock to many Australian households, especially given the rhetoric from RBA Governor Phillip Lowe repeating that such changes were not to be expected until circa 2024. Increases to the RBA cash rate have had a significant impact on how lenders in Australia set their own home loan interest rates for both new and existing borrowers which has played a significant role in the property market activity for the second half of calendar year 2022. The RBA hiked 0.25% in December, taking the cash rate to 3.1%. The general consensus of Australian senior bank economists is that we will likely still yet see a further 0.50% - 1.00% in cash rate increases over the coming months before inflation is addressed, rates stabilize and then start to taper back sometime mid to late calendar year 2023. The only thing you can do to “preserve” your borrowing capacity is to secure your preapproval sooner than later, as most lenders will use the assessment rate on the day of lodgement of the pre-approval. This means once you’re pre-approved for ‘x’ amount, the majority of lenders will honour this for the entire 3 months irrespective of what happens to interest rates. So, even if you weren’t considering purchasing a property in the immediate term, lodging your pre-approval proactively now will lock in and maximise your borrowing capacity for the next 3 months. Finance Update. Harry Favetti | 0416 478 120 Azura Financial
Life Updates. Ben Scott Ben and his now wife Holly, spent 3 weeks in Europe in September, visiting friends before eloping to get married themselves in Venice. It was a very special day, filled with plenty of champagne and boat rides on the grand canal. Back in Sydney, Ben and Holly invited their family and friends to attend their ‘happily ever after party’. Belle’s very own auctioneer, Andrew Robinson, was their celebrant and they made their marriage official on the rooftop of East Village in Darlinghurst. Ben is looking forward to spending Christmas in Tweed Heads with his grandparents and extended family. A year that was... Christian Percuoco Like my colleague Ben, I am lucky enough to have enjoyed a beautiful European holiday. Unlike my colleague Ben and much to the disappointment of my family I did not tie the knot. Once you surpass the age of 30 years old in an Italian family, one’s sole purpose in life is to get married. Nonetheless, I like to think I enjoyed the holiday much the same, as did my beautiful girlfriend.. albeit ringless. Upon my return I was blessed to receive the news that my twin-sister and her husband are now expecting (can you imagine who the favourite is?). As a family, we start a new year, with a new addition to the family. I am henceforth known as Zio Christian.
belleproperty.com Information about this report: We (the agent/cy) have endeavoured to show all sales reported by all agents and individuals as listed on publicly available sources for the mentioned period. We believe this information to be accurate, whilst all care has been taken, no representation has been made and no responsibility is accepted for the accuracy of the whole or any part of this document. Individuals are directed to rely on their own enquiries. Please disregard this publication if your property is exclusively listed with another agent. Properties displayed are only those which have been publicly listed and sold by multiple agents/cies in the area. We advised you seek independent advice on your area statistics if you are thinking of buying or selling. Contact. Christian Percuoco | 0433 588 871 christian.percuoco@belleproperty.com Ben Scott | 0457 179 185 ben.scott@belleproperty.com Belle Property Crows Nest 9036 1050
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