1 OCTOBER - 31 DECEMBER 2022 | Courtesy of P&G Real Estate NARRE WARREN NORTH Q U A R T E R L Y R E P O R T
WELCOME Welcome to our latest property market update that covers property statistics for the October to December 2022 period. Despite all the challenges thrown at our property market in the last quarter, including extensive floods, the uncertainty of the State Election and the continuation of interest rate rises, the housing market remained remarkably resilient through 2022. There are still strong fundamentals underpinning our housing market including the shortage of properties for sale and virtually no rentals available. There has been a 23% decrease in the number of sales in the last 12 months compared to the previous year. International immigration is increasing and the unemployment rates are at historically low levels. All these factors are preventing a drastic market crash. Our sales department are still attracting steady buyer activity with busy openfor-inspections and successful sales. In the property management market, our rental team continues to experience a strong demand for homes available to rent. With low stock levels most of the properties are being successfully leased in less than a week. The median rent continues to rise, in 2022, Melbourne’s median rent increased by 9.6%. If you’re thinking of making a move in 2023, we highly recommend exploring your options sooner rather than later, with low stock levels and high buyer activity helping create a competitive environment. Kind regards, P&G Real Estate 03 9587 8881 admin@pgrealestate.au Photo by Maarten Deckers from Unsplash
- - 5 4 4 4 - - 2 3 2 2 - - 4 3 3 2 1,000sqm 2,746sqm 689sqm 5,363sqm 2,021sqm 2,045sqm SOLD NOT DISCLOSED SOLD $1,080,000 SOLD $1,400,000 SOLD $1,400,000 SOLD NOT DISCLOSED SOLD $965,000 74-76 St Helens Crescent 42 Montbrae Circuit 37-38 Carolyn Close 18 Arnott Place 89 Brundrett Road 11 Memorial Drive
SOLD IN NARRE WARREN NORTH 4 4 7 6 5 4 2 2 2 3 2 2 2 3 7 6 8 2 2,110sqm 4,853sqm 4,018sqm 4,048sqm 5,646sqm 4,044sqm SOLD $1,550,000 SOLD $1,550,000 SOLD NOT DISCLOSED SOLD NOT DISCLOSED SOLD $1,450,000 SOLD $1,400,000 4 Oatlands Road 13-14 Branca Court 25-27 Rade Macut Court 11 McKenzie Lane 95 Abeckett Road 5 Tom Gearon Court
BETWEEN 1 JULY – 30 SEPTEMBER 2022 4 4 4 5 4 4 2 2 4 2 3 3 7 3 2 3 3 2 2,197sqm 3,191sqm 1,995sqm 4,004sqm 2,719sqm 2,033sqm SOLD $1,900,000 SOLD $1,820,000 SOLD NOT DISCLOSED SOLD $1,700,000 SOLD $1,680,000 SOLD $1,630,000 36 Cranston Close 29-31 Memorial Drive 29-30 Rockman Court 21 Cantwell Road 17 Glenwood Road 10 Roselea Place
Source: CoreLogic RP Data 7 4 5 6 5 7 3 2 3 5 5 4 2 4 4 6 20 6 3,996sqm 4,000sqm 4,082sqm 3,995sqm 5,202sqm 81,689sqm SOLD NOT DISCLOSED SOLD $2,700,000 SOLD $2,385,000 SOLD $2,240,000 SOLD $1,950,000 SOLD NOT DISCLOSED 39-40 Carolyn Close 15-16 Bailey Views Court 37-38 Harries Court 53 Ebeli Close 47-57 Aurisch Drive 1 Fox Road
NARRE WARREN NORTH Houses sold last quarter FAST FACTS Median House Sale Price | Narre Warren North PROPERTIES SOLD LAST QUARTER 24 AVERAGE DAYS ON MARKET 37 HOUSE SALE PRICE Highest $2,700,000 Lowest $965,000 Median $1,760,000 Source: Core Logic RPData 1 October - 31 December 2022 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $ 1.8M 1.7M 1.6M 1.5M 1.4M 1.3M 1.2M 1.1M 1.0M 900K 800K 700K 600K
MEET THE TEAM Paul Organtzidis Director/Licensed Agent /Auctioneer –––––– 0431 646 115 paul@pgrealestate.au –––––– Noah Rezaie Sales Agent –––––– 0477 799 015 noah@pgrealestate.au –––––– Rachel Seal Sales Marketing Coordinator –––––– (03) 9587 8881 rachel@pgrealestate.au –––––– Kailey Wilson Property Manager –––––– 0474 542 657 kailey@pgrealestate.au –––––– Gina Organtzidis Director –––––– (03) 9587 8881 gina@pgrealestate.au –––––– Ahmed Mahmoud Sales Agent –––––– 0449 269 767 ahmed@pgrealestate.au –––––– Stephanie Lui Office Manager –––––– (03) 9587 8881 stephanie@pgrealestate.au –––––– Rick Kothari Sales Agent /Licensed Agent –––––– 0412 767 574 rick@pgrealestate.au –––––– Stella Rose Investor Portfolio Manager –––––– 0412 664 721 stella@pgrealestate.au –––––– Sales & Rentals 15 Magna Vista Rise, Narre Warren VIC 3805 03 9587 8881 pgrealestate.au
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