2261 Market Report J A N UA R Y– D E C EMB E R 2 0 2 2 Courtesy of Ray White Long Jetty
What a year it has been. When we look back at the year 2022, we can reflect on a year of change. The signs of a softening market emerged towards late 2021, as we saw an uptake in the supply of housing come to market. For the first time in a long while, the talk in the media was that the market boom was coming to an end as the threat of interest rate rises began to take effect. This led to changed market conditions with more properties for buyers to choose from, as well as waning demand from buyers hesitant to purchase, fearing interest rate rises and falls in property prices were to come. As 2022 began there were also external factors influencing the property market. Suddenly, we had a combination of floods, the rising cost of living, rising petrol prices, the war in Ukraine, a Federal election pending, and the very real prospect of interest rate rises occurring. All of which created negative forces impacting any further rise in property prices. As we moved throughout the year it was quite clear that it was not only these factors but also then the reality of interest rate rises that led to market conditions changing very rapidly. We sensed the real turning point came around March 2022, where for the first time we started to see a decline in prices. Consequently, the impact of seven back-to-back interest rate rises, and still speculation of more to come, affected property prices. In most parts of the Central Coast, we have seen declines between 10% to 20% in a short space of time. Whilst this drop in value has been a shock for most people, the reality is that we’ve had rapid and phenomenal growth in prices in the two years prior. We are still seeing property prices hold values significantly greater than they were 3+ years ago. The time properties are taking to sell has increased, to nearly double the length of time compared to the previous two years. The number of properties sold each month has also decreased, and the rate of properties withdrawn from sale is increasing as not all sellers are prepared to meet the change in the market value of their home. A MESSAGE FROM OUR DIRECTORS
For experienced agents, these conditions are not new. It means working smarter. Communicating constantly with vendors to help them make decisions, implementing technology changes, offering the choice of methods of sale between auction and private treaty, and knowing how to run a successful campaign for both. It means servicing buyers to the utmost, having the support of a large franchise brand with their finger on the pulse to keep you informed of market conditions and data, and an intricate local market knowledge. All of which, as your local Ray White office, we are providing for our clients. Testimony to our agency’s ability to adapt to the changing market quickly is our extremely low days on market compared to our competitors. In a recent report released from Domain.com, our average days on market was just 38 days, compared to 94 days for properties sold by other agents in the same period. In essence, lower days on market mean higher sale prices. As for the rental market, rents have increased on the back of the Covid boom, and landlords have instigated rent rises in some cases to adjust to higher mortgage payments. Demand is still relatively strong with our vacancy rate at very low levels. However, we have not seen a rapid spike in rents as many Sydneysiders who moved to the Coast during the Covid period have now returned to Sydney. A more detailed summary from our senior Property Managers can be found later in this booklet. There are mixed messages about the direction the property market may take in 2023. We feel there will be a slow start to the year with further interest rate rises and a State election in the mix. By mid to end next year we believe we will see stabilising prices. We are already seeing new stock entering the market at corrected prices meaning shorter days on market. If buyers see the value, they will buy. In 2022 we continued our support of local schools and community organisations. We presented weekly awards at Bateau Bay Public School and Michael Melville sponsored a weekly award at Killarney Vale Public School. We helped Central Coast Kids In Need through their annual Christmas collection, raised funds for the Westpac Helicopter Rescue Service through their annual Magenta Golf Club Day, and by hosting their Melbourne Cup Luncheon, and supported Samara Nieddu for the World’s Greatest Shave. Thank you to all our team for their hard work. A big congratulations to Michael Melville from our sales team for making it into the top 5 regional salespeople in the Ray White network at their 2022 annual awards. Our business continues to go from strength to strength, and we have some exciting ideas planned for 2023. Finally, a massive thank you to all our tenants, landlords, buyers, and sellers whom we have been able to assist in 2022. Peter Moran Director / Licensed Real Estate Agent Janelle Moran Principal
YOUR LOCAL AREA EXPERTS Peter Moran Director / Licensed Real Estate Agent 0409 102 320 peter.moran@raywhite.com Janelle Moran Principal 02 4360 4360 janelle.moran@raywhite.com Leisa McGuire Licensed Real Estate Agent 0414 974 680 leisa.mcguire@raywhite.com Karen Wardle Sales Associate 0424 143 520 karen.wardle@raywhite.com Danielle Hartley Licensed Real Estate Agent 0416 371 123 danielle.hartley@raywhite.com Michael Melville Licensed Real Estate Agent 0418 499 813 michael.melville@raywhite.com Trent Vegter Licensed Real Estate Agent 0411 819 530 trent.vegter@raywhite.com Brian Moran Sales Associate 0412 023 883 brian.moran@raywhite.com
Jessica Sclater Senior Property Manager / LREA 02 4360 4360 jessica.sclater@raywhite.com Jonathan McCaig Senior Property Manager / LREA 02 4360 4360 jonathan.mccaig@raywhite.com Lily Morris Property Officer / LREA 02 4360 4360 lily.morris@raywhite.com Mikayla Ford Property Officer 02 4360 4360 mikayla.ford@raywhite.com Amanda Irwin Sales Administration 02 4360 4360 amanda.irwin@raywhite.com Katie Trevelyan Sales Administration 02 4360 4360 katie.trevelyan@raywhite.com Phoebe Chaseling Reception 02 4360 4306 phoebe.chaseling@raywhite.com Ray White Long Jetty 1/393 The Entrance Road Long Jetty, NSW 2261 02 4360 4360 raywhitelongjetty.com.au
Compared to five years ago, the median house sales price in Bateau Bay has increased 53.2% which equates to a compound annual growth rate of 8.9%. Source: Core Logic RPData 1 January - 15 December 2022 FAST FACTS BATEAU BAY 4. SALES HOUSES MEDIAN $1,065,000 HIGHEST $3,020,000 LOWEST $350,000 UNITS MEDIAN $681,500 HIGHEST $1,365,000 LOWEST $395,000 1. $600K $800K $1M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 39 BATEAU BAY 230 HOUSES SOLD UNITS SOLD 15 2. 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in Berkeley Vale has increased 48.7% which equates to a compound annual growth rate of 8.3%. Source: Core Logic RPData 1 January - 15 December 2022 FAST FACTS BERKELEY VALE 192 HOUSES SOLD UNITS SOLD 20 2. 4. SALES HOUSES MEDIAN $870,000 HIGHEST $2,100,000 LOWEST $560,000 UNITS MEDIAN $350,000 HIGHEST $725,000 LOWEST $78,000 1. $500K $700K $900K $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 31 BERKELEY VALE 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in Blue Bay has increased 126% which equates to a compound annual growth rate of 17.7%. Source: Core Logic RPData 1 January - 15 December 2022 FAST FACTS BLUE BAY 1. $1M $1.5M $2M $500K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 48 BLUE BAY 18 HOUSES SOLD UNITS SOLD 13 2. 4. SALES HOUSES MEDIAN $2,262,500 HIGHEST $4,350,000 LOWEST $1,250,000 UNITS MEDIAN $860,000 HIGHEST $915,000 LOWEST $440,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in Chittaway Bay has increased 42.9% which equates to a compound annual growth rate of 7.4%. Source: Core Logic RPData 1 January - 15 December 2022 28 HOUSES SOLD 2. 4. SALES HOUSES MEDIAN $890,000 HIGHEST $1,900,000 LOWEST $660,000 1. $500K $700K $900K $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 34 CHITTAWAY BAY FAST FACTS CHITTAWAY BAY 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in Chittaway Point is stable. Source: Core Logic RPData 1 January - 15 December 2022 FAST FACTS CHITTAWAY POINT 17 HOUSES SOLD 2. 4. SALES HOUSES MEDIAN $880,000 HIGHEST $1,300,000 LOWEST $525,000 1. $600K $800K $1.0M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 32 CHITTAWAY POINT 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in Glenning Valley has increased 56.6% which equates to a compound annual growth rate of 9.4%. Source: Core Logic RPData 1 January - 15 December 2022 FAST FACTS GLENNING VALLEY 44 HOUSES SOLD UNITS SOLD 1 2. 4. SALES HOUSES MEDIAN $1,010,000 HIGHEST $3,300,000 LOWEST $813,000 UNITS MEDIAN $780,000 HIGHEST N/A LOWEST N/A 1. $600K $800K $1.1M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 22 GLENNING VALLEY 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
RECENT SALES IN YOUR AREA SOLD $2,050,000 SOLD $1,260,000 SOLD $1,225,000 SOLD $915,000 SOLD $780,000 SOLD $2,085,000 SOLD $2,350,000 SOLD 3 3 4 2 3 4 2 2 4 2 2 3 1 1 3 3 3 6 3 4 4 3 5 4 155 Bateau Bay Road, Bateau Bay 1 Margherita Avenue, Bateau Bay 55 Bundeena Road, Berkeley Vale 2/41 Boondilla Road, Blue Bay 6 Aston Wilde Avenue, Chittaway Bay 5a Corona Lane, Glenning Valley 72 Glenning Road, Glenning Valley 3 Bower Bird Close, Glenning Valley
SOLD $858,000 SOLD $1,400,000 SOLD $1,350,000 SOLD $941,000 SOLD SOLD SOLD $2,200,000 SOLD $1,465,000 4 2 4 2 5 2 3 4 1 2 2 4 2 4 3 1 3 5 3 6 2 2 4 11 Bushlands Avenue, Killarney Vale 5 Killarney Street, Killarney Vale 10 Surf Street, Long Jetty 27 Oaks Avenue, Long Jetty 3 Waterview Street, Long Jetty 22 Gosford Avenue, The Entrance 20 Palm Valley Road, Tumbi Umbi 10 Beckingham Road, Tumbi Umbi
Compared to five years ago, the median house sales price in Killarney Vale has increased 43.0% which equates to a compound annual growth rate of 7.4%. Source: Core Logic RPData 1 January - 15 December 2022 FAST FACTS KILLARNEY VALE 1. $500K $700K $900K $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 33 KILLARNEY VALE 158 HOUSES SOLD UNITS SOLD 7 2. 4. SALES HOUSES MEDIAN $858,000 HIGHEST $1,910,000 LOWEST $350,000 UNITS MEDIAN $675,000 HIGHEST $745,000 LOWEST $572,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in Long Jetty has increased 60.8% which equates to a compound annual growth rate of 9.9%. Source: Core Logic RPData 1 January - 15 December 2022 1. $600K $900K $1.2M $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 44 LONG JETTY FAST FACTS LONG JETTY 87 HOUSES SOLD UNITS SOLD 42 2. 4. SALES HOUSES MEDIAN $1,150,000 HIGHEST $3,100,000 LOWEST $300,000 UNITS MEDIAN $641,000 HIGHEST $1,325,000 LOWEST $250,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in Magenta has increased 51.4% which equates to a compound annual growth rate of 8.7%. Source: Core Logic RPData 1 January - 15 December 2022 FAST FACTS MAGENTA 1. $1M $1.3M $1.6M $700K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET TOO FEW SALES FOR DATA MAGENTA 11 HOUSES SOLD UNITS SOLD 11 2. 4. SALES HOUSES MEDIAN $1,650,000 HIGHEST $3,450,000 LOWEST $765,000 UNITS MEDIAN $890,000 HIGHEST $1,500,000 LOWEST $781,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in Shelly Beach has increased 79.6% which equates to a compound annual growth rate of 12.4%. Source: Core Logic RPData 1 January - 15 December 2022 1. $800K $1.2M $1.6M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 55 SHELLY BEACH FAST FACTS SHELLY BEACH 14 HOUSES SOLD UNITS SOLD 4 2. 4. SALES HOUSES MEDIAN $1,320,000 HIGHEST $2,880,000 LOWEST $985,000 UNITS MEDIAN $1,100,000 HIGHEST $1,550,000 LOWEST $745,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in The Entrance has increased 59.0% which equates to a compound annual growth rate of 9.7%. Source: Core Logic RPData 1 January - 15 December 2022 FAST FACTS THE ENTRANCE 1. $600K $900K $1.2M $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 48 THE ENTRANCE 29 HOUSES SOLD UNITS SOLD 132 2. 4. SALES HOUSES MEDIAN $1,070,000 HIGHEST $1,618,000 LOWEST $665,000 UNITS MEDIAN $630,000 HIGHEST $2,120,000 LOWEST $179,500 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in The Entrance North has increased 77.8% which equates to a compound annual growth rate of 12.2%. Source: Core Logic RPData 1 January - 15 December 2022 1. $700K $1.0M $1.3M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 59 THE ENTRANCE NORTH FAST FACTS THE ENTRANCE NORTH 21 HOUSES SOLD UNITS SOLD 11 2. 4. SALES HOUSES MEDIAN $1,410,000 HIGHEST $5,520,000 LOWEST $850,000 UNITS MEDIAN $610,000 HIGHEST $1,310,000 LOWEST $370,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Compared to five years ago, the median house sales price in Toowoon Bay has increased 70.1% which equates to a compound annual growth rate of 11.2%. Source: Core Logic RPData 1 January - 15 December 2022 FAST FACTS TOOWOON BAY 1. $1.0M $1.5M $2.0M $500K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET TOOWOON BAY 5 HOUSES SOLD UNITS SOLD 5 2. 4. SALES HOUSES MEDIAN $1,625,000 HIGHEST $2,430,000 LOWEST $1,575,000 UNITS MEDIAN $962,500 HIGHEST $1,700,000 LOWEST $850,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 TOO FEW SALES FOR DATA
Compared to five years ago, the median house sales price in Tumbi Umbi has increased 48.1% which equates to a compound annual growth rate of 8.18%. Source: Core Logic RPData 1 January - 15 December 2022 1. $600K $800K $1M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 15 TUMBI UMBI FAST FACTS TUMBI UMBI 65 HOUSES SOLD UNITS SOLD 2 2. 4. SALES HOUSES MEDIAN $1,000,000 HIGHEST $3,225,000 LOWEST $665,000 UNITS MEDIAN $740,000 HIGHEST $750,000 LOWEST $730,000 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Although the market conditions have changed lately, the acreage market is still performing well. Buyers are still looking for more space and privacy, some of which now have the flexibility to work from home part time or full time due to Covid. The appeal of being secluded and on a large block that is so close to all amenities, the beaches and the M1 is still bringing buyers forward in solid numbers. Our exclusive acreage buyer database is full of quality buyers looking to spend between $1,500,000 - $3,500,000 who are finance ready with flexible settlement terms available. If you have been considering a move then now is the perfect time. ACREAGE SUMMARY 2022 what a year - Covid in the community, Liberals out, Labour in, masks off, rates up and then down came the rain. Despite the rollercoaster ride we have all been on, in the Property Management department at Ray White Long Jetty our focus was getting back to business as usual to bring some consistency and confidence to our clients, both landlords and tenants alike. Rental prices have remained strong throughout 2022 driven by low vacancy rates, especially in the first half of the year. While the media like to throw around the term rental crisis, this needs to be qualified in light of more localised market trends to get a true reflection of what is really happening. We regularly monitor days on market through the lens of tenant enquiry, inspections and application numbers across a range of properties to look for emerging trends that may impact landlords. This showed that locally tenant enquiry did start to ease off a little towards the middle of the year as more properties became available for lease. This trend continued throughout the spring months, causing rent prices to level out. Nothing for investors to panic about, this was simply a return to a more normal rental market post Covid. However this did mean that not every property was in a position to increase rent and ease the burden of mortgage payments as rates rose. One thing that remains true no matter the market variables, it is important to have a Property Management team that you can trust and communicate with, as no two properties or clients are exactly the same. PROPERTY MANAGEMENT OVERVIEW Michael Melville Licensed Real Estate Agent & Acreage Specialist Jessica Sclater Senior Property Manager Jonathan McCaig Senior Property Manager
FAST FACTS LEASING Suburb Median weekly house rent Median weekly unit rent Bateau Bay $600 $440 Berkeley Vale $590 $370 Blue Bay $635 $368 Chittaway Bay $590 $350 Chittaway Point $640 n/a Glenning Valley $620 $320 Killarney Vale $550 $450 Long Jetty $575 $430 Magenta n/a n/a Shelly Beach $695 n/a The Entrance $450 $450 The Entrance North $490 $450 Toowoon Bay $890 $530 Tumbi Umbi $550 $450 Source: Core Logic RPData 1 January - 15 December 2022
Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714. WBC01539C 1020 HELPING YOU GET THE HOME YOU REALLY WANT Pei Sze or Diana, your local Home Finance Manager can help: Pei Sze 0481 458 123 or Diana 0479 190 353 peisze.chambers@westpac.com.au diana.roderjan@westpac.com.au Central Coast NSW
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