Quarterly Market Update SPRING 2024 Courtesy of Ray White Bensville & Empire Bay
Recent months have seen continued growth in Australian residential property values, albeit at a slower pace. Nationally, houses appreciated by 0.5 per cent, while units saw a slight 0.3 per cent monthly gain. The Australian property market is showing increasing variation across states and regions, reflecting growing differences in local economic conditions. Over the past year, house prices in regional New South Wales climbed 3.3 per cent, bringing the mean value to $731,604. Unit prices have also risen, increasing by 2.0 per cent annually to reach a mean of $602,606. Since early 2023, auction participation has shown a consistent pattern, with fluctuations only during holiday periods. Last month, auctions attracted an average of 4.5 registered bidders, with 2.8 typically engaging actively in the bidding process. These figures mirror those from a year ago. With interest rate cuts unlikely before 2025, market urgency and sentiment have cooled. This is expected to lead to fewer property listings and sales as buyers adopt a more cautious and deliberate approach to purchases. This hesitancy is reflected in declining listing numbers. The market appears to be in a holding pattern, with participants reluctant to make moves amid economic uncertainties. This trend could persist, potentially leading to further reductions in available properties and a more competitive environment for the limited stock on offer. If you’re considering your options, get in touch with us for a chat about local market conditions. We look forward to helping you realise your property goals. 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 16 Tungarra Parade, MacMasters Beach 137 Empire Bay Drive, Empire Bay 104 Humphries Road, Kincumber South 12A Gordon Road, Empire Bay 55 Kallaroo Road, Bensville 26 Starboard Avenue, Bensville 10 Sorrento Road, Empire Bay 3/6 King Street, Umina Beach FOR SALE FOR SALE FOR SALE FOR SALE SOLD $1,300,000 SOLD $1,250,000 SOLD $1,850,000 SOLD $775,000 4 2 1 3 2 1 4 2 3 4 2 2 4 3 2 4 2 2 3 2 1 2 1 1
FAST FACTS BENSVILLE 8 1. 3. 4. 5. Compared to five years ago, the median sales price for houses in Bensville has increased 70.2% which equates to a compound annual growth rate of 11.2%. PROPERTIES SOLD LAST QUARTER HOUSES AVERAGE DAYS ON MARKET SALES HOUSES MEDIAN $1,250,000 HIGHEST $1,535,000 LOWEST $500,000 Source: CoreLogic RP Data 27 May - 27 August 2024 2. 60 BENSVILLE LEASE MEDIAN HOUSE (4 BED) $860 RENT PER WEEK $1.0M 20 $1.2M 40 $1.4M 60 $800K 0 2020 2021 2022 2023 MEDIAN HOUSE SALE PRICE NUMBER SOLD 2024
FAST FACTS EMPIRE BAY 11 1. 3. 4. 5. Compared to five years ago, the median sales price for houses in Empire Bay has increased 31.3% which equates to a compound annual growth rate of 5.6%. PROPERTIES SOLD LAST QUARTER HOUSES AVERAGE DAYS ON MARKET SALES HOUSES MEDIAN $1,240,000 HIGHEST $1,670,000 LOWEST $330,000 Source: CoreLogic RP Data 27 May - 27 August 2024 2. 59 EMPIRE BAY LEASE MEDIAN HOUSE (4 BED) $775 RENT PER WEEK $900K 20 $1.0M 40 $1.1M 60 $800K 0 2020 2021 2022 2023 MEDIAN HOUSE SALE PRICE NUMBER SOLD 2024
When it comes time to sell your home, usually you have two goals. The first is to get as much as possible for it; the second is to get the sale done as quickly as possible. When you want to sell your car, you clean it up beforehand to make it easier to sell. Even though the job is bigger with a property, the same rules apply. Styling a home makes it easier to sell and can help get the best price, here are five reasons why: Decluttering A stylist will declutter your home, making it look more spacious. Even small rooms seem airy if they are not full of your belongings, and that sense of space comes across in photos and in person, making the property seem bigger for potential buyers. Depersonalising Along with decluttering, a stylist will depersonalise, removing your pictures and other items to leave a neutral space. This presents your home as a blank canvas, which is effective as it allows the potential buyer to see the property as their own. When confronted with family photos, mementos from trips and so on, there are always reminders that this is someone else’s home. Take those away and buyers can begin imagining it as theirs, an important step in the buying process. Bright and welcoming A good stylist will present your home in a way that accentuates light and space. With bright walls along with decluttering and careful furniture choice, they open up spaces and create a welcoming interior. This makes the viewer feel at home as soon as they enter the property. Highlight the best features No property is perfect, but they all have something you can fall in love with. From a large window with spectacular views to a beautiful kitchen or anything else. A stylist can arrange rooms to draw attention to those features so that potential buyers see the property in its best light every time. Ready to move in Once styled and decluttered, the overall effect is that the property looks ready to move into. A staged home hints to a buyer that they could be living in it that afternoon, and this encourages buyers further. Together, these stylist tricks make a big difference. They allow the buyer to see the home as their own, not in the future, but now, a blank canvas to paint their lives on. It makes selling easier, and by highlighting the best features of the home, helps get the best offer. FIVE REASONS TO STYLE YOUR HOME FOR SALE
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 We are a highly experienced team with a proven record of success Tiffany Mooney SALES 0406 398 432 tiffany.mooney @raywhite.com Lucy Jaggard SALES ADMIN 0433 000 540 sales.bensville @raywhite.com Matthew Kidd SELLING PRINCIPAL 0417 230 732 matthew.kidd @raywhite.com Carley Eder RENTALS PRINCIPAL 0432 945 578 carley.eder @raywhite.com Amee Pigram PROPERTY MANAGER 0402 419 882 amee.pigram @raywhite.com
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