YOUR LOCAL MARKET UPDATE Courtesy of Ray White Macdonald Partners
Source: CoreLogic RP Data 1 January - 27 April 2023 3 6 9 12 0 EAST GOSFORD POINT FREDERICK 4 1. 4. NUMBER OF HOUSE SALES HIGHEST SALE PRICE 2. EAST GOSFORD $1,850,000 EAST GOSFORD $300,000 EAST GOSFORD $900,000 $3,850,000 POINT FREDERICK $880,000 POINT FREDERICK $3,800,000 POINT FREDERICK GOSFORD $585,000 GOSFORD $469,000 GOSFORD $520,000 WEST GOSFORD $450,000 WEST GOSFORD $450,000 WEST GOSFORD $ n/a 3. LOWEST SALE PRICE MEDIAN SALE PRICE WEST GOSFORD FAST FACTS GOSFORD, WEST GOSFORD, EAST GOSFORD, POINT FREDERICK GOSFORD 3 1 12
Population growth and a housing shortage are both now outweighing increases in the cost of finance with Australian house prices having increased by another 0.6 per cent in March. Price growth has now been occurring since December consistently across every capital city. WHAT WILL HAPPEN TO THE PROPERTY MARKET Houses and units are recovering losses from 2022 Median price –Distribution index – 8 capital cities combined 800K 600K 400K 200K 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Neoval Houses Units
THIS YEAR? Leading the charge is Sydney with the median up 4.1 per cent since December. In every capital city, prices are now back to where they were mid last year. If the current rate of growth continues, there is the potential for declines seen in 2022 to be completely reversed by the second half of 2023. Despite high interest rates and an expectation that the economy will be slow this year, there are also other factors contributing to an increase in home prices. Sydney leads the nationwide recovery Median price difference from 2022 low to March 2023 –Houses Low date Mar-23 Difference (%) SYDNEY December 31, 2022 $1,586,692 4.1% MELBOURNE December 31, 2022 $1,076,577 3.0% CANBERRA December 31, 2022 $1,087,029 2.7% HOBART December 31, 2022 $758,023 2.0% BRISBANE December 31, 2022 $847,465 1.8% DARWIN November 30, 2022 $598,122 1.2% PERTH September 30, 2022 $669,150 1.1% ADELAIDE November 30, 2022 $709,971 1.1% Capital city combined December 31, 2022 $916,629 2.4% AUSTRALIA December 31, 2022 $735,983 1.9% Source: Neoval
According to CoreLogic director of research, Tim Lawless, the increase in housing values in March can be attributed to a combination of factors, including low stock levels, high demand from immigration, and a tight rental supply. Advertised properties have been below average since September last year, with capital city listing numbers ending March almost 20% below the previous fiveyear average. With rental markets this tight, it’s also causing some people to consider buying instead, but high mortgage rates could prevent some from qualifying for a loan. Similarly, with net overseas migration at record levels and rising, there is a chance more permanent or long-term migrants who can afford to, will skip the rental phase and fast track to purchasing a home due to the difficulties finding rental accommodation. While population growth and a housing shortage are the major drivers of price increases right now, it is also likely that we are now at the peak of the interest rate cycle. Breaking the cycle of consecutive cash rate increases, the Reserve Bank of Australia (RBA) elected to pause the cash rate at 3.60% at its April meeting, driven by a greater than expected fall in inflation, and consumer spending suggested that previous hikes were finally having the desired effect. Even if there are further interest rate rises, this pause has given confidence that the end of the rate hike cycle is in sight, with subsequent optimism that rates may soon fall again. This renews the impetus for property price growth to continue for the remainder of the year. Like every downturn, we have seen prices fall far less than what is generally predicted. Housing markets almost always surprise with strength on the upside and see far less robust declines when the market turns. Andrew Macdonald, Principal | Ray White Macdonald Partners
RECENT SALES BY RAY WHITE MACDONALD PARTNERS SOLD $765,000 SOLD $1,660,000 SOLD $1,075,000 SOLD $810,000 SOLD $425,000 SOLD $1,010,000 3 2 2 3 1 1 3 3 2 4 2 1 2 1 1 4 3 2 3 Tania Drive, Point Clare 312 Glenrock Parade, Tascott 45 Victory Parade, Tascott 40 Bayline Drive, Point Clare 36/2 Adcock Avenue, West Gosford 6/23-27 Hills Street, Gosford
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. Sold Median Price Trend Jul - Sep 19 Oct - Dec 19 Jan - Mar 20 Apr - Jun 20 Jul - Sep 20 Oct - Dec 20 Jan - Mar 21 Apr - Jun 21 Jul - Sep 21 Oct - Dec 21 Jan - Mar 22 Apr - Jun 22 $200k $300k $400k $500k $600k $700k $800k $900k $1.0M $1.1M $1.2M $1.3M 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 Gosford, East Gosford, Point Frederick and West Gosford 10 8 7 6 5 4 3 2 Map data ©2022 Google No. Address Features Price 1 601/63 Masons Parade, Poi… $1.20m 2 39/72 Mann Street, Gosford 2 Beds, 2 Baths, 1 Car $460k 3 40 Wells Street, East Gosfo… 2 Beds, 1 Bath, 2 Cars $835k 4 4/13 Beane St W, Gosford 2 Beds, 1 Bath, 1 Car $545k 5 29/92 John Whiteway Driv… 3 Beds, 2 Baths, 2 C… $650k 6 16 Webb Street, East Gosfo… 5 Beds, 2 Baths, 5 C… $1.23m 7 26/3 Joseph Lloyd Close, G… 2 Beds, 1 Bath, 1 Car $470k 8 11/35 Central Coast Highw… 2 Beds, 1 Bath, 1 Car $405k 9 207/5 Duke Street, Point Fr… $950k 10 305/7 Lynn Avenue, Point F… 3 Beds, 2 Baths, 2 C… $1.05m Ray White Macdonald Partners 47 Brisbane Water Drive | Point Clare, NSW 2250 (02) 4324 6122 raywhitemacdonaldpartners.com.au Market Snapshot Gosford 2022 Provided by Lachlan Macdonald, Ray White Macdonald Partners Total Sales by Quarter 2022 2021 2020 Oct - Dec — 192 149 Jul - Sep — 143 115 Apr - Jun 109 172 75 Jan - Mar 123 172 103 Median House Sale Price $1,155,000 35.1% change vs. last year Median Unit Sale Price $587,000 4.8% change vs. last year Sales By Price Range (Jul 2021 – Jun 2022) $0. - 300k $300 - 600k $600 - 900k $900k - 1.2M $1.2 - 1.5M $1.5 - 1.8M $1.8 - 2.0M $2.0 - 8.6M 0 20 40 60 80 100 120 140 160 180 200 220 240 260 Houses Units Data disclaimer: raywhite.com/data-disclaimers v0.5.1 | 2022-10-21T00:34:50.185Z Lachlan Macdonald Property Advisor | Estate Agent | Auctioneer raywhitemacdonaldpartners.com.au HOW MUCH IS MY PROPERTY WORTH? Contact us to receive your free personalised report of your property today! 02 4324 6122 | raywhitemacdonaldpartners.com.au SAMPLE E lachlan.macdonald@raywhite.com M 0409 032 938 T 02 4324 6122 SAMPLE
Fantastic connections Andrew and Lachlan have been great to work with. They have a very professional and pragmatic approach. They are established in the local area, with fantastic knowledge and connections. Thoroughly recommend the team at Ray White Macdonald Partners. FRANK HOLMES Wealth of knowledge Working with Andrew on the sale of our property has been great. He displayed a wealth of knowledge of the local area & his experience, professionalism, communication and negotiating skills have achieved an outstanding result for us. NERIDA MUS YOUR LOCAL AREA EXPERTS Andrew Macdonald 0415 433 957 andrew.macdonald @raywhite.com Lachlan Macdonald 0409 032 938 lachlan.macdonald @raywhite.com
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