K I AMA P R O P E R T Y R E P O R T S UMM E R 2 0 2 2 - 2 0 2 3 Courtesy of Ray White Kiama
There is an old piece of investment advice that specifies that you should buy when the market is down and sell when it is up. Whilst sound, even buying at the absolute peak of the market almost always works out in the short term. Consider the worst property market downturn this century. In Sydney following the Global Financial Crisis, the median house price dropped by 17% over a 14-month time period to hit a low in February 2009. Within eight months, they were back at the initial high and price growth continued. Even if you had bought in Sydney at the absolute peak of the post GFC market, in less than two years, you would have been back to where you were and then seen a 14% further increase. It isn’t different this time around. Prices will come off and then they will pick up again. If you think through the fundamentals of property demand, now is a particularly interesting time. On one hand, interest rates are rising rapidly so this restricts people’s ability to borrow. But on the other hand, the fundamentals of property are supporting the market - international migration is starting up again and a construction crisis is restricting new supply. More housing is needed and for now, this is showing up in sharp rises in rents. Sooner rather than later, it will flow through to prices. What we need to remember is that while the economic landscape is a consideration to some people’s decision making, when it comes to a fundamental necessity of life - such as knowing ‘where will I live?’, most people will continue to buy and sell property irrespective of what the market conditions are. Michele Lay & Matthew Lay Licensee & Director, Ray White Kiama WHAT’S HAPPENING IN OUR MARKET?
RECENT LISTINGS IN YOUR AREA $1,050,000 - $1,100,000 Auction Price Guide $2,200,000 Auction Price Guide $2,950,000 - $3,200,000 Contact Agent $2,700,000 - $2,970,000 2 2 3 1 2 3 2 2 3 3 4 5 2 2 4 3 3 6 55 & 55a Surfleet Place, Kiama 52 Hillview Circuit, Kiama 48B Headland Drive, Gerroa 27-29 Saddleback Mountain Road, Kiama 5/154 Charles Avenue, Minnamurra 15 Larkins Lane, Yallah
RECENT SALES IN YOUR AREA SOLD $2,055,000 SOLD $1,760,000 SOLD $1,115,550 SOLD $2,226,000 SOLD $1,790,000 SOLD $1,700,000 1 1 2 2 2 3 2 2 4 2 2 4 3 2 5 3 2 5 34 Bong Bong Street, Kiama 43 Pheasant Point Drive, Kiama 18 Newing Circuit, Kiama Downs 21 Merrick Circuit, Kiama 50 Kalang Road, Kiama Heights 13 Darien Avenue, Bombo
FAST FACTS KIAMA 98 1. 3. 4. Compared to five years ago, the median house sales price in Kiama has increased 92% which equates to a compound annual growth rate of 13.9%. HOUSES SOLD LAST QUARTER HOUSES MEDIAN DAYS ON MARKET SALE PRICES LAST QUARTER UNITS SOLD LAST QUARTER HOUSES MEDIAN $1,510,000 HIGHEST $2,825,000 LOWEST $905,000 UNITS MEDIAN $885,000 HIGHEST $2,750,000 LOWEST $350,000 Source: CoreLogic RP Data 28 August - 28 November 2022 25 2. 35 KIAMA $1.0M 50 $1.2M 100 $1.4M 150 $800K 0 2018 2019 2020 2021 2022 MEDIAN HOUSE SALE PRICE NUMBER SOLD 5. LEASE MEDIAN HOUSE (3 BED) $680 MEDIAN UNIT (2 BED) $545 RENT PER WEEK
Reassured through the whole process “We were first introduced to Robert Moore in 2010 when Ray White sold another Minnamurra property for us. We were able to put our full trust in him again for this sale as we knew he has a deep understanding of the area and how the market works. His honesty and genuine manner was so appreciated by us as we were not always sure of which direction we should take. He managed to put us at ease to make a decision without us feeling we were being pushed one way or the other. Robert kept us totally and regularly informed both before the house went on the market and during the period leading into the day of the sale. His professional and friendly approach along with his much valued advice were greatly appreciated.” - Roy & Dianne A great first time sale experience “Vitas was helpful and professional from the outset to the completion of our sale. He was patient and able to explain the process clearly so that we understood exactly what was required and no detail was missed. As this was our first time selling a property, Vitas was a great help. His knowledge of the local market was also excellent and he was able to offer good advice. In the end we sold our property within the timeframe and price that we had hoped.” - Lee A wonderful combination “Olivia made our entire real estate journey such a happy and pleasant experience. From the time that we first started viewing properties to yesterday, our settlement day. Olivia is a wonderful combination of professionalism, real estate knowledge & attention to every detail, combined with a natural genuine warm personality. She was prompt and very efficient. We feel very fortunate to have had her as our agent.” - Glenys Real estate gems “Sam and the team at Ray White Kiama are a shining light in the real estate industry. Relatable, professional and caring!“ - Adele A WORD FROM OUR CLIENTS
YOUR RAY WHITE TEAM Ray White Kiama Shop 2, 44 Manning Street, Kiama NSW 2533 (02) 4232 3300 raywhitekiama.com.au Michele Lay Director | Licensee in Charge 0409 461 756 michele.lay@raywhite.com Matthew Lay Director | Sales Operations Manager 0448 440 609 matthew.lay@raywhite.com Jessica Lay Management | General Office Manager jessica.lay@raywhite.com Bruce Lay Director | Business Manager bruce.lay@raywhite.com Robert Moore Sales & Marketing Executive 0402 047 414 robert.moore@raywhite.com Melinda Budd JP Sales & Marketing Executive 0419 256 139 melinda.budd@raywhite.com Vitas Tulich Sales & Marketing Executive 0403 547 354 vitas.tulich@raywhite.com Olivia Anstee Sales & Marketing Executive 0400 759 696 olivia.anstee@raywhite.com Jay Bennett Sales Associate 0435 715 829 jayden.bennett@raywhite.com Rodney Clarke Sales Associate rodney.clarke@raywhite.com Inez Keogh Sales Administrator inez.keogh@raywhite.com Jan Collyer Admin | Accounting jan.collyer@raywhite.com Susie Scobie Team Leader | Senior Property Manager susie.scobie@raywhite.com Matt Hamilton Senior Property Manager matt.hamilton@raywhite.com CameronWalker Property Manager cameron.walker@raywhite.com Dawn Fritsch Property Manager dawn.fritsch@raywhite.com Sam Scobie Leasing Consultant propertymanager.kiama@raywhite.com Nick Bocock JP Reception reception.kiama@raywhite.com Jordan Hartley Reception reception.kiama@raywhite.com
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