QUARTERLY MARKET UPDATE Courtesy of Ray White Macdonald Partners
Source: CoreLogic RP Data 1 July - 30 September 2023. Please note, only publicly disclosed sale prices are included in these figures. 12 24 36 48 0 18 2 NUMBER OF SALES HOUSE UNITS FAST FACTS GOSFORD, WEST GOSFORD, EAST GOSFORD AND POINT FREDERICK 1 44 HOUSES UNITS 1 3 10 22 HIGHEST SALE PRICE HOUSES UNITS $750,000 $1,650,000 $1,695,000 $800,000 $1,250,000 $1,350,000 LOWEST SALE PRICE $750,000 $601,000 $1,410,000 $335,000 $530,000 $547,500 $490,000 MEDIAN SALE PRICE $750,000 $895,000 $1,553,000 $500,000 $560,000 $687,000 $857,500 HOUSES UNITS HOUSES UNITS EAST GOSFORD POINT FREDERICK WEST GOSFORD GOSFORD GOSFORD WEST GOSFORD EAST GOSFORD POINT FREDERICK GOSFORD WEST GOSFORD EAST GOSFORD POINT FREDERICK GOSFORD WEST GOSFORD EAST GOSFORD POINT FREDERICK
The housing market has experienced a steady upward trajectory in prices since the beginning of the year. This growth can be attributed in large part to a significant shortage of properties available for sale. But with listings increasing again, does it mark the end of the market's strong growth phase? The housing market is far more complex to be driven by just a single factor alone and the outlook is not solely determined by a change in the number of properties available for sale. Both supply and demand of properties are being driven by a range of varying influences. A first consideration is the reason behind the surge in the number of properties available for sale. A distressed market where a significant number of homeowners are struggling to pay their mortgages or changes in policies may make owning property less desirable, would likely result in a decline in prices. Conversely, in a buoyant market where sellers believe they can get their desired price due to strong momentum, the opposite effect could occur. The current surge in property listings may be attributed to a blend of factors, some positive and some negative. On the downside, high interest rates have made owning properties less appealing and more challenging. On the upside, the momentum in the market has led to significant price hikes since the beginning of the year, prompting more sellers to enter the market. The demand for housing has become increasingly complex and has intensified over the past several months. In Australia, the population surged by 500,000 people in the previous year, necessitating the construction of an additional 200,000 homes. Regrettably, only 173,000 new homes were built, resulting in a significant deficit. As a result, the competition for available homes has risen significantly. Furthermore, the rental market has become increasingly competitive, with the pandemic driving up rental prices as people relocated, resulting in a shortage of available rental properties once migration resumed. As a result, many people found it more financially feasible or appealing to invest in the established housing market, further increasing the demand for homes. The challenges in construction have also led to an increased demand for established properties. With the rise in construction costs, it has become increasingly difficult to find builders, making it more expensive to build. Consequently, many prospective homeowners who would have otherwise opted for a new home have turned to the established property market. WILL RISING LISTINGS SLOW THE MARKET THIS SPRING?
Finally, interest rates have likely peaked. The past year brought about a lot of uncertainty, which had a tight grip on the market. In fact, the biggest decline in prices occurred in June of 2022, the first month after interest rates started to rise. This decline was coupled with a decrease in the number of properties for sale, as fewer vendors were willing to sell in such an uncertain environment. However, although interest rates are currently still higher than before, the market is now much more stable, which is definitely positive for the housing market. For now, properties available for sale are on the rise and price growth remains strong. In August, house prices increased by 0.4 per cent even though listings increased by 9.4 per cent. Only time will tell whether this momentum will continue throughout Spring. Andrew Macdonald Principal, Ray White Macdonald Partners - Point Clare
RECENT SALES BY RAY WHITE MACDONALD PARTNERS SOLD RECORD PRICE SOLD $872,800 SOLD $790,000 SOLD $780,000 SOLD $1,300,000 SOLD $500,000 7 4 6 3 2 2 3 1 1 1 3 2 2 2 21-23 Kurrawa Avenue, Point Clare 9 Elizabeth Street, Wyoming 5/19 Melbourne Street, East Gosford 7 North Crescent, North Gosford 12 Coogee Road, Point Clare 48 Lynnette Crescent, East Gosford
WEEKEND RENOS TO FUTURE PROOF YOUR HOME Treating your home like a long-term commitment sometimes seems like a forgotten art. With so many trends and new things that demand all of your attention right now, it can be difficult to think 10, 20, 30 years down the track. There are plenty of ways to improve your home’s functionality, beauty, and longevity. Simon Clark, one of the founders of Sustainable Homes, is very passionate about this idea. “Any work that you do, you want it to last as long as it can. For every economic and sustainability reason you could imagine,” Mr Clark says. Install Quality Blinds and Curtains Blinds and curtains are incredible insulators for your home. No matter your location, we need to be thinking about how to keep our homes cool or warm without breaking the bank. Picking out curtains or blinds that suit your home and your climate is quite a fun job. Paint a Wall or Two We all know how a lick of paint can make a huge difference. Whether you are just wanting to refresh a space or introduce a bold statement, painting a wall or two is actually very simple. The key thing to remember with painting is to do the prep work right. Tape off your wall correctly, secure your drop sheet, and invest in the right wall paints and highquality rollers and brushes. Insulate! Insulation is a must. Easy if you are building your home from scratch, but if you have moved into an existing house this can be a little more difficult. “Insulating under your floor can improve a home’s performance by 20%,” Mr Clark notes. It is important that your insulation job is done well, so this might be more of a long-term plan. Make Your Home A Place You Enjoy Being Making sure your home is a place that you want to be is vital to the longevity of your property. Hang art and shelves, decorate spaces with intention, and make your home as comfortable as possible. “Just make your home a place that you’d love to be – the more you can do that, it’ll improve your life, your relationships and the value of your home,” Mr Clark says. These are just some small ways you can start actively improving your home’s functionality, beauty, and efficiency, and the more you keep this in mind, the longer your home will serve you.
Contact us to receive your free personalised report of your property today Are you curious to know the value of your home in today’s market? Understanding how much your home is worth can help you make smarter financial decisions by knowing your net worth. We can create a free personalised report tailored for your property that includes the following: • An estimate of the current market value of your home • Recent sales of comparable properties and listing activity in your area • Real-time market trends and insights to help you make educated decisions. Lachlan Macdonald Property Advisor | Estate Agent | Auctioneer raywhitemacdonaldpartners.com.au Sold Median Price Trend Mar - May 20 Jun - Aug 20 Sep - Nov 20 Dec 20 - Feb 21 Mar - May 21 Jun - Aug 21 Sep - Nov 21 Dec 21 - Feb 22 Mar - May 22 Jun - Aug 22 Sep - Nov 22 Dec 22 - Feb 23 $100k $200k $300k $400k $500k $600k $700k $800k $900k $1.0M $1.1M $1.2M Houses Units We hope you found this market update helpful. If you’d like any further information on the market please don’t hesitate to get in touch. Lachlan Macdonald 0409 032 938 lachlan.macdonald@raywhite.com Recent Market Sales in Point Clare 10 9 8 7 6 5 4 3 2 1 Map data ©2023 Google No. Address Features Price 1 6 Manooka Road, Point Clare 3 Beds, 2 Baths, 2 C… $980k 2 26 Penang Street, Point Cla… 4 Beds, 1 Bath, 1 Car $920k 3 3 Tania Drive, Point Clare 4 Beds, 2 Baths, 1 Car $765k 4 39 Brisbane Water Drive, P… 2 Beds, 1 Bath, 1 Car $755k 5 13 Golden Avenue, Point Cl… 3 Beds, 1 Bath, 1 Car $790k 6 16 Talinga Avenue, Point Cl… 3 Beds, 2 Baths, 2 C… $820k 7 33 Sunshine Drive, Point Cl… 5 Beds, 2 Baths, 2 C… $1.10m 8 39 Sunshine Drive, Point Cl… 3 Beds, 1 Bath, 1 Car $780k 9 8/219 Brisbane Water Driv… 2 Beds, 1 Bath, 1 Car $515k 10 29 Takari Avenue, Point Cla… 2 Beds, 1 Bath, 2 Cars $830k Ray White Macdonald Partners 47 Brisbane Water Drive | Point Clare, NSW 2250 (02) 4324 6122 raywhitemacdonaldpartners.com.au E lachlan.macdonald@raywhite.com M 0409 032 938 T 02 4324 6122 Market Snapshot Point Clare 2023 Provided by Lachlan Macdonald, Ray White Macdonald Partners Total Sales by Quarter 2023/22 2022/21 2021/20 Jun - Aug — 13 24 Mar - May — 20 18 Dec - Feb 5 24 15 Sep - Nov 12 24 22 Median House Sale Price $1,130,000 11.3% change vs. last year Median Unit Sale Price $710,000 18.3% change vs. last year Sales By Price Range (Mar 2022 – Feb 2023) $200 - 700k $700 - 800k $800 - 900k $900k - 1.0M $1.0 - 1.1M $1.1 - 1.2M $1.2 - 1.3M $1.3 - 1.4M $1.4 - 1.5M $1.5 - 1.9M 0 1 2 3 4 5 6 7 8 9 10 11 Houses Units Data disclaimer: raywhite.com/data-disclaimers v0.5.1 | 2023-06-30T04:16:44.508Z SAMPLE HOW MUCH IS MY PROPERTY WORTH? SAMPLE
Andrew Macdonald 0415 433 957 andrew.macdonald @raywhite.com Lachlan Macdonald 0409 032 938 lachlan.macdonald @raywhite.com Above and beyond Lachlan and Andrew Macdonald not only marketed and sold the property, which was a deceased estate, but they also managed the clean up of the house, arranged the repairs, suggested enhancements to the house before sale, arranged painters, arranged carpet laying and organised building inspection. They did virtually everything. Their communication was excellent. Their marketing got a great response. They sold beyond our expectations. GDC RAY WHITE MACDONALD PARTNERS Family owned & serving the Central Coast for over 45 years raywhitemacdonaldpartners.com.au Unlike any other agent – a rare find We dealt with Lachlan during our purchase of a site he was selling and honestly, he was fantastic. We had some bad experiences with other agents prior and were worried that would happen again, but not with Lachlan! Talk about being transparent and professional! He was kind, efficient and made sure both parties got what they wanted. He kept us in the loop and the exchange was quick and seamless. Will certainly use him if we sell in the future and would without a doubt buy from him again. Highly, highly recommend if you want someone trustworthy and professional to handle your sale or purchase. CASSANDRA W. YOUR LOCAL AREA EXPERTS
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