Bensville & Empire Bay Property Report S P R I N G 2 0 2 2 Courtesy of Ray White Bensville & Empire Bay
After experiencing the strongest period of price growth ever recorded, the Australian market is now starting to slow. Year on year, capital city house prices are still up 6.4%, however they’ve declined by 3.5% since the start of the year. Why are prices not falling rapidly despite sharp increases in interest rates? Part of it is likely momentum in the market. Price growth doesn’t generally stop as soon as sentiment shifts and this is likely a driver of growth for now. The second is the inflation-proof nature of property and how this is impacting investor behaviour. Right now, we’re seeing very little evidence of investors trying to get out and lending to investors remaining high, despite the cost of financing increasing. While capital growth has stalled, rental rates are increasing which may balance out returns for many investors. Alternative investments to property are also being negatively impacted by high inflation and rising rates. Third: simple supply and demand. Population growth is starting up again at the same time that new development is stalling as a result of problems in the construction industry. While this has a more creeping impact on pricing, it’s set to become problematic over the next 12 months and is already showing up in rental growth. While the market takes a breather it’s important to reflect on historical trends in house price growth. House prices don’t zig zag in a regular fashion, pulling forward and backwards in equal measure, but rather operate in a more stepped pattern with strong surges in growth, followed by periods of either smaller declines in pricing or stability. This greater stability we’re seeing now is in many ways an easier market to transact in, whether you’re a buyer or a seller. Matthew Kidd Principal, Ray White Bensville/ Empire Bay WHAT’S HAPPENING IN OUR MARKET?
Are you curious to know the new value of your property in today’s market? At Ray White Bensville & Empire Bay we design marketing packages which are completely tailored to your specific needs and goals. Request a free market review and we’ll provide you with an area profile, recent sales and listing activity and more. Simply scan the QR code, enter your details and we will contact you to arrange a detailed property appraisal. Matthew Kidd | 0417 230 732 HOW MUCH IS MY PROPERTY WORTH?
RECENT ACTIVITY IN YOUR AREA FOR SALE FOR SALE SOLD $1,735,000 SOLD $1,200,000 SOLD $1,825,000 SOLD $925,000 SOLD $870,000 SOLD $1,150,000 2 2 5 1 1 2 3 4 4 2 2 4 2 3 3 3 1 6 1 1 3 2 2 4 20 Armstrong Close, Bensville 10 Sorrento Road, Empire Bay 6 Yowie Close, Bensville 91 Yarram Road, Bensville 95 Empire Bay Drive, Daleys Point 30 Kildare Street, Bensville 3 Erin Close, Bensville 26 Nerang Road, Bensville AUCTION
FAST FACTS BENSVILLE 4 1. 3. 4. 5. Compared to five years ago, the median sales price for houses in Bensville has increased 32.7% which equates to a compound annual growth rate of 5.83%. HOUSES SOLD LAST QUARTER HOUSES MEDIAN DAYS ON MARKET SALES HOUSES MEDIAN $1,100,000 HIGHEST $1,350,000 LOWEST $870,000 Source: CoreLogic RP Data 1 June - 31 August 2022 2. 44 BENSVILLE LEASE MEDIAN HOUSE (3 BED) $620 RENT PER WEEK $800K 30 $1.0M 40 $1.2M 50 $600K 20 2018 2019 2020 2021 MEDIAN HOUSE SALE PRICE NUMBER SOLD 2022
FAST FACTS EMPIRE BAY 5 1. 3. 4. 5. Compared to five years ago, the median sales price for houses in Empire Bay has increased 48.3% which equates to a compound annual growth rate of 8.19%. HOUSES SOLD LAST QUARTER HOUSES MEDIAN DAYS ON MARKET SALES HOUSES MEDIAN $1,135,,000 HIGHEST $1,700,000 LOWEST $255,000 Source: CoreLogic RP Data 1 June - 31 August 2022 2. 48 EMPIRE BAY LEASE MEDIAN HOUSE (3 BED) $600 RENT PER WEEK $800K 30 $1.0M 40 $1.2M 50 $600K 20 2018 2019 2020 2021 MEDIAN HOUSE SALE PRICE NUMBER SOLD 2022
A WORD FROM OUR CLIENTS Could not ask for more “We bought our new place through Ray White Bensville and cannot recommend them higher. From text message enquiries to agents Matthew Kidd and Tiffany Mooney about various properties in the area to meeting them at open houses, they were friendly, approachable and helpful. They made the whole process a breeze with nothing too much trouble for them. When our place settled and we picked up the keys, the team presented us with a lovely hamper stocked with champagne, nibblies and gifts. Upon arriving at our new home a beautiful yellow ribbon bow was attached to the front door to greet us. It’s these small details that make the Ray White Bensville team top of their class. We cannot recommend them high enough!” Buyer – Bensville By far the best “From the get go Matt made it easy to sell the property, from knowledge about the local market to dealing with purchasers and getting the job done. This is my third time working with Matt and the team at Ray White Bensville and again high expectations were met with ease of sitting back and letting the professionals do all the work. Matt and the team are by far one of the best real estates I’ve worked with.” Vendor – Bensville Professional and helpful “Scott Phillips was easy to communicate with regarding the sale of my mother’s property on St Huberts Island. He was professional and knowledgeable as we negotiated the best price for the sale of my mother’s property. A satisfactory outcome was attained. I would recommend Scott Phillips and would be happy to engage him as an agent for any future real estate transactions.” Vendor – St Huberts Island
YOUR RAY WHITE TEAM Ray White Bensville Shop 5, 32 - 34 Kallaroo Road, Bensville NSW 2251 02 4369 2268 Ray White Empire Bay 2B Kendall Road, Empire Bay NSW 2257 02 4369 6618 raywhitebensvilleempirebay.com.au Amee Pigram PROPERTY MANAGER 0402 419 882 amee.pigram @raywhite.com Quinta Jamieson PROPERTY OFFICER 0411 624 887 quinta.jamieson @raywhite.com We are a highly experienced team with a proven record of success Scott Phillips SALES EXECUTIVE 0419 290 030 scott.phillips @raywhite.com Tiffany Mooney SALES 0406 398 432 tiffany.mooney @raywhite.com Matthew Kidd SELLING PRINCIPAL 0417 230 732 matthew.kidd @raywhite.com Sonja Suaning SALES ADMIN – ASSISTANT TO MATTHEW KIDD 0435 089 925 sonja.suaning @raywhite.com Carley Eder RENTALS PRINCIPAL 0432 945 578 carley.eder @raywhite.com
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