2261 MARKET REPORT JANUARY – DECEMBER 2023 Courtesy of Ray White Long Jetty
2023 – A year of R&R What an interesting year 2023 has been! It could probably be defined as a year of R & R - Resilience and Recovery. As the previous year came to a close, many thought the market in 2023 was heading toward some very tough times with a plummet in prices predicted. Since May 2022 there have been 13 interest rate rises, five of those occurring in 2023. Naturally, as we farewelled 2022 and commenced 2023, the impact of so many interest rate rises were always going to make its mark. Consequently, January to April bore the brunt of the slowdown, with declining prices and longer days on the market. Strangely then, July became the turning point of the market. From a NSW perspective, listing volumes across the Ray White network increased by 30%. Normally, with such high volumes of listings increasing so rapidly, one would expect that an ‘oversupply’ of houses would cause another dip in prices and a further extension of longer time frames to sell. This was not to be. Demand kept up with supply. Our buyer inquiries and number of attendees at open homes surged. Hence, the market became resilient and prices recovered. Looking ahead to 2024, we feel the market will continue to remain strong in the 2261 postcode area. We are still seeing good demand from both investors and owner occupiers from Sydney who consider this area to be a great real estate investment/lifestyle choice. All except one suburb in the 2261 postcode offers a direct link to the lake or the ocean, making living close to the water an attractive option for many. A MESSAGE FROM OUR DIRECTORS
Within the 2261 postcode, you will find such a diverse range of properties, from entry-level units, knock-down rebuild houses or fixer-uppers, family-size homes, seaside mansions, waterfront houses, and apartments, to a variety of acreages. From a business perspective, in 2023 we are proud to say that we once again played an active part in your local community. Thank you to Bateau Bay Primary Public School for allowing us to sponsor the Weekly Citizenship Award. We hosted the annual Westpac Helicopter Service Melbourne Cup day, supported Central Coast Kids In Need, sponsored the Josh Rose Soccer Academy Soccer Teams, the Long Jetty Festival, and Michael Melville from our sales team sponsored a weekly award at Killarney Vale Public School. We also embraced potential school leavers from Central Coast Sports College and The Entrance High School in offering them an opportunity to be part of our team as they undertook their work experience duties. A huge congratulations to Michael Melville from our sales team, for again making it into the top five regional salespeople in the Ray White NSW network. This is a wonderful achievement and we’re all so proud. Finally, thank you again to all our vendors, buyers, landlords, and tenants whom we have helped this year. Peter & Janelle Moran Ray White Long Jetty
YOUR LOCAL AREA EXPERTS Peter Moran Director / Licensed Real Estate Agent 0409 102 320 peter.moran@raywhite.com Janelle Moran Principal 02 4360 4360 janelle.moran@raywhite.com Michael Melville Licensed Real Estate Agent 0418 499 813 michael.melville@raywhite.com Trent Vegter Licensed Real Estate Agent 0411 819 530 trent.vegter@raywhite.com
Jessica Sclater Senior Property Manager / LREA 02 4360 4360 jessica.sclater@raywhite.com Jonathan McCaig Senior Property Manager / LREA 02 4360 4360 jonathan.mccaig@raywhite.com Lily Morris Property Manager / LREA 02 4360 4360 lily.morris@raywhite.com Amanda Irwin Sales Administration 02 4360 4360 amanda.irwin@raywhite.com Katie Trevelyan Sales Administration 02 4360 4360 katie.trevelyan@raywhite.com Mia Church Reception & Administration 02 4360 4360 mia.church@raywhite.com Ray White Long Jetty 1/393 The Entrance Road, Long Jetty, NSW 2261 02 4360 4360 raywhitelongjetty.com.au
Compared to five years ago, the median house sales price in Bateau Bay has increased 38.9% which equates to a compound annual growth rate of 6.8%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS BATEAU BAY 4. SALES HOUSES MEDIAN $950,000 HIGHEST $2,575,000 LOWEST $325,000 UNITS MEDIAN $645,000 HIGHEST $950,000 LOWEST $265,000 1. $600K $800K $1M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 62 BATEAU BAY 156 HOUSES SOLD UNITS SOLD 23 2. 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Compared to five years ago, the median house sales price in Berkeley Vale has increased 44.2% which equates to a compound annual growth rate of 7.6%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS BERKELEY VALE 108 HOUSES SOLD UNITS SOLD 22 2. 4. SALES HOUSES MEDIAN $815,000 HIGHEST $1,950,000 LOWEST $525,000 UNITS MEDIAN $455,000 HIGHEST $1,110,000 LOWEST $260,000 1. $500K $700K $900K $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 60 BERKELEY VALE 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Compared to five years ago, the median house sales price in Blue Bay has increased 16.5% which equates to a compound annual growth rate of 3.1%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS BLUE BAY 1. $1M $1.5M $2M $500K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 47 BLUE BAY 10 HOUSES SOLD UNITS SOLD 12 2. 4. SALES HOUSES MEDIAN $1,558,000 HIGHEST $5,200,000 LOWEST $1,005,000 UNITS MEDIAN $1,240,000 HIGHEST $2,305,000 LOWEST $605,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Compared to five years ago, the median house sales price in Chittaway Bay has increased 38.2% which equates to a compound annual growth rate of 6.7%. Source: CoreLogic RP Data 1 January - 15 December 2023 1. $500K $700K $900K $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 40 CHITTAWAY BAY FAST FACTS CHITTAWAY BAY 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 37 HOUSES SOLD UNITS SOLD 1 2. 4. SALES HOUSES MEDIAN $850,000 HIGHEST $1,565,000 LOWEST $448,500 UNITS MEDIAN $ unavailable HIGHEST $ unavailable LOWEST $ unavailable
Compared to five years ago, the median house sales price in Chittaway Point has increased 32% which equates to a compound annual growth rate of 5.7%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS CHITTAWAY POINT 1. $600K $800K $1.0M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 88 CHITTAWAY POINT 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 13 HOUSES SOLD UNITS SOLD - 2. 4. SALES HOUSES MEDIAN $950,000 HIGHEST $1,400,000 LOWEST $506,250 UNITS MEDIAN $ unavailable HIGHEST $ unavailable LOWEST $ unavailable
Compared to five years ago, the median house sales price in Glenning Valley has increased 22.4% which equates to a compound annual growth rate of 4.1%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS GLENNING VALLEY 35 HOUSES SOLD UNITS SOLD 1 2. 4. SALES HOUSES MEDIAN $862,750 HIGHEST $2,350,000 LOWEST $478,000 UNITS MEDIAN $ unavailable HIGHEST $ unavailable LOWEST $ unavailable 1. $600K $800K $1.0M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 50 GLENNING VALLEY 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
A SELECTION OF 2023 SALES IN 2261 SOLD $1,065,000 SOLD $1,550,000 SOLD $1,750,000 SOLD $1,565,000 SOLD $1,905,000 SOLD $1,070,000 SOLD $975,000 SOLD $2,350,000 4 2 2 3 2 6 4 3 2 5 3 8 5 3 9 2 1 1 4 2 1 6 3 3 20 Macintrye Street, Bateau Bay 535 Brush Road, Glenning Valley 19 Burrawong Street, Bateau Bay 181 Hansens Road, Tumbi Umbi 16 Corona Lane, Glenning Valley 50 Waterview Street, Long Jetty 8 Adelaide Street, Killarney Vale 7 Greenacres Close, Glenning Valley
SOLD $1,025,000 SOLD $1,250,000 SOLD $1,100,000 SOLD $1,625,000 SOLD $1,550,000 SOLD $2,380,000 SOLD $995,000 SOLD $1,950,000 3 2 2 3 3 3 2 2 5 2 6 5 3 2 4 3 2 3 2 2 4 2 8 12 Neale Street, Long Jetty 27 Thompson Street, Long Jetty 33 Flinders Avenue, Killarney Vale 29 Oaks Avenue, Long Jetty 30 Papala Avenue, Bateau Bay 12 Currawong Street, Blue Bay 22 Carlyon Street, Killarney Vale 23 Lakedge Avenue, Berkeley Vale
Compared to five years ago, the median house sales price in Killarney Vale has increased 37.2% which equates to a compound annual growth rate of 6.5%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS KILLARNEY VALE 1. $500K $700K $900K $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 31 KILLARNEY VALE 111 HOUSES SOLD UNITS SOLD 10 2. 4. SALES HOUSES MEDIAN $821,000 HIGHEST $1,730,000 LOWEST $360,000 UNITS MEDIAN $687,500 HIGHEST $1,310,000 LOWEST $475,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Compared to five years ago, the median house sales price in Long Jetty has increased 62.1% which equates to a compound annual growth rate of 10.1%. Source: CoreLogic RP Data 1 January - 15 December 2023 1. $600K $900K $1.2M $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 35 LONG JETTY FAST FACTS LONG JETTY 80 HOUSES SOLD UNITS SOLD 44 2. 4. SALES HOUSES MEDIAN $1,135,000 HIGHEST $2,400,000 LOWEST $403,000 UNITS MEDIAN $770,300 HIGHEST $990,000 LOWEST $370,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Compared to five years ago, the median house sales price in Magenta has increased 44.2% which equates to a compound annual growth rate of 7.6%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS MAGENTA 1. $1M $1.3M $1.6M $700K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET MAGENTA 6 HOUSES SOLD UNITS SOLD 6 2. 4. SALES HOUSES MEDIAN $1,504,345 HIGHEST $2,100,000 LOWEST $1,290,000 UNITS MEDIAN $970,000 HIGHEST $1,060,000 LOWEST $755,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 100
Compared to five years ago, the median house sales price in Shelly Beach has increased 57.3% which equates to a compound annual growth rate of 9.5%. Source: CoreLogic RP Data 1 January - 15 December 2023 1. $800K $1.2M $1.6M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 63 SHELLY BEACH FAST FACTS SHELLY BEACH 25 HOUSES SOLD UNITS SOLD 2 2. 4. SALES HOUSES MEDIAN $1,450,000 HIGHEST $3,500,000 LOWEST $650,000 UNITS MEDIAN $1,283,000 HIGHEST $1,640,000 LOWEST $925,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Compared to five years ago, the median house sales price in The Entrance has increased 35.7% which equates to a compound annual growth rate of 6.3%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS THE ENTRANCE 1. $600K $900K $1.2M $300K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 48 THE ENTRANCE 37 HOUSES SOLD UNITS SOLD 90 2. 4. SALES HOUSES MEDIAN $950,000 HIGHEST $3,190,000 LOWEST $685,000 UNITS MEDIAN $620,000 HIGHEST $1,300,000 LOWEST $190,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Compared to five years ago, the median house sales price in The Entrance North has increased 58.7% which equates to a compound annual growth rate of 9.7%. Source: CoreLogic RP Data 1 January - 15 December 2023 1. $700K $1.0M $1.3M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 56 THE ENTRANCE NORTH FAST FACTS THE ENTRANCE NORTH 16 HOUSES SOLD UNITS SOLD 30 2. 4. SALES HOUSES MEDIAN $1,325,000 HIGHEST $3,400,000 LOWEST $832,200 UNITS MEDIAN $595,000 HIGHEST $2,315,000 LOWEST $224,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Compared to five years ago, the median house sales price in Toowoon Bay has increased 74.7% which equates to a compound annual growth rate of 11.8%. Source: CoreLogic RP Data 1 January - 15 December 2023 FAST FACTS TOOWOON BAY 1. $1.0M $1.5M $2.0M $500K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET TOOWOON BAY 5 HOUSES SOLD UNITS SOLD 6 2. 4. SALES HOUSES MEDIAN $1,930,000 HIGHEST $3,500,000 LOWEST $1,600,000 UNITS MEDIAN $1,107,500 HIGHEST $1,825,000 LOWEST $717,500 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TOO FEW SALES FOR DATA
Compared to five years ago, the median house sales price in Tumbi Umbi has increased 33% which equates to a compound annual growth rate of 5.9%. Source: Core Logic RPData 1 January - 15 December 2022 1. $600K $800K $1M $400K 10 YEARS 3. HOUSES AVERAGE DAYS ON MARKET 40 TUMBI UMBI FAST FACTS TUMBI UMBI 65 HOUSES SOLD UNITS SOLD 4 2. 4. SALES HOUSES MEDIAN $920,000 HIGHEST $3,500,000 LOWEST $510,000 UNITS MEDIAN $580,000 HIGHEST $580,000 LOWEST $420,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Although the market conditions have changed lately, the acreage market is still performing well. Buyers are still looking for more space and privacy, including the flexibility to work from home. The appeal of being secluded and on a large block that is so close to all amenities, the beaches and the M1 is still bringing buyers forward in solid numbers. Our exclusive acreage database is full of finance-ready quality buyers looking to spend between $1,500,000 - $3,500,000, with flexible settlement terms available. If you have been considering a move then now is the perfect time. ACREAGE SUMMARY Successive rate rises in the early part of the year, and a general increase in the cost of living cast a shadow over the rental market for much of 2023. There was plenty of cause for concern. Landlords wondered where the extra money was coming from to cover the increasing holding costs of their investment property. Tenants often already walking a fine line of affordability contemplated what the future might hold if rents were to increase further. Thankfully the good news was that for the most part investors and tenants alike managed to navigate their way through the process. A recent article from Macquarie Bank called the response to rate rises an “orderly unwind as opposed to a big downturn”, and we think that is a pretty good assessment of what we have seen in the local rental market throughout 2023. Rental prices have remained strong throughout 2023 despite a doubling in vacancy rates compared to this time last year. While the media like to throw around the term rental crisis, this needs to be qualified in light of more localised market trends to get a true reflection of what is really happening. Some of the local drivers for an increase in vacancy rates this year are workers returning to the city, younger tenants taking the opportunity to travel overseas or move back home to save money, homeowners reacting to the lockdown experience taking a year out to travel Australia and renting their homes to help fund the trip, and people converting holiday lettings into longer term rentals. We regularly monitor days on market through the lens of tenant inquiry, inspections, and application numbers across a range of properties to look for emerging trends that may impact landlords, and help them incorporate this information into their decision making. What 2023 will be most remembered for, however, at least at Ray White Long Jetty, was our very own Senior Property Manager Jess Sclater becoming a mum for the first time, as she and Jeremy celebrated the arrival of baby Emma Olive. Reminding us all that despite all the negative talk of interest rate rises, real estate crashes, and rental crises, life is a precious gift and always will be. PROPERTY MANAGEMENT OVERVIEW Michael Melville Licensed Real Estate Agent & Acreage Specialist Lily Morris Property Manager Jonathan McCaig Senior Property Manager
FAST FACTS LEASING Suburb Median weekly house rent Median weekly unit rent Bateau Bay $620 $530 Berkeley Vale $590 $420 Blue Bay $600 $540 Chittaway Bay $590 n/a Chittaway Point $560 n/a Glenning Valley $650 n/a Killarney Vale $565 $460 Long Jetty $535 $470 Magenta $680 $560 Shelly Beach $750 n/a The Entrance $520 $460 The Entrance North $650 $500 Toowoon Bay $550 $500 Tumbi Umbi $610 $385 Source: CoreLogic RP Data 1 January -15 December 2023
BUYING? SELLING? LEASING? “We‘ve got you covered.” Ray White Long Jetty Ph 4360 4360 longjetty.nsw@raywhite.com
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