MAROUBRA PROPERTY REPORT AUTUMN 2023 Courtesy of Ray White Maroubra | South Coogee
WHAT’S HAPPENING IN OUR MARKET? We’re now consistently seeing house price growth across every Australian capital city. Like every downturn, we’ve seen prices fall far less than what’s generally predicted. Housing markets almost always surprise with strength on the upside and see far less robust declines when the market turns. It’s certainly the case this cycle with peak to trough decline of Australian capital city house prices of 6.5%, compared to COVID driven price growth of 36%. The complexities of the economic landscape mean that there’s still a fair amount of negative media coverage which we know has a big impact on buyer and seller sentiment. This is an example of the perception of the facts not actually being the reality of the facts. With the clocks winding back and the days getting shorter, the temptation for some sellers is to batten down the hatches and wait it out until spring, although that may be a missed opportunity. In this breath, between the perception of a tougher market and the realisation of more positive selling conditions, there’s the chance to capitalise on competing with fewer similar properties. If you’ve ever heard about selling in isolation versus selling in competition, there’s a clear advantage to selling when there’s less choice for buyers – more eyeballs and inspections per property means greater likelihood of multiple offers and therefore a premium price. Inspection numbers are climbing against the same period last year and we’re now seeing 24% more people through our open homes. Buyers are out, prices are increasing, interest rates are on hold. There are some very positive reasons to sell now! Phillip Elmowy Anthony Vella Alex Santelli DIRECTOR DIRECTOR DIRECTOR
SOLD 105 Moverly Road, South Coogee House SOLD 3/17 Hayward Street, Kingsford Townhouse SOLD 31/37 Morley Avenue, Rosebery Apartment SOLD 9/135-137 Duncan Street, Maroubra Apartment SOLD 141 Boundary Street, Clovelly House SOLD 101/263-265 Maroubra Road, Maroubra Apartment SOLD 5/64 Rhodes Street, Hillsdale Apartment SOLD 23/16 Morgan Street, Botany Apartment RECENT RESIDENTIAL SALES
Compared to five years ago, the median sales price for houses in Maroubra has increased 19% which equates to a compound annual growth rate of 3.5%. FAST FACTS MAROUBRA 1. 5. 3. HOUSES AVERAGE DAYS ON MARKET 40 MAROUBRA HOUSES UNITS MEDIAN $2,302,500 MEDIAN $943,500 HIGHEST $6,700,000 HIGHEST $1,800,000 LOWEST $650,000 LOWEST $445,000 4. LEASE MEDIAN HOUSE RENT (3 BED) $1,100 MEDIAN UNIT RENT (2 BED) $800 Source: Core Logic RPData 3 February - 3 May 2023 2. SALES $2.0M 100 $2.5M 200 $3.0M 300 $1.5M 0 2019 2020 2021 2022 2023 MEDIAN HOUSE SALE PRICE NUMBER HOUSES SOLD 17 HOUSES SOLD LAST 3 MONTHS UNITS SOLD LAST 3 MONTHS 31 59% HOUSE AUCTION CLEARANCE RATE
LEASED 693B Botany Road, Rosebery Industrial/Warehouse LEASED 37/45 Green Street, Banksmeadow Industrial/Warehouse SOLD 402/69-75 King Street, Sydney Offices SOLD 31 Lexington Place, Maroubra Retail SOLD 1553-1555 Botany Road, Botany Industrial/Warehouse LEASED 1/55 Miller Street, Pyrmont Offices SOLD 4/14 Anderson Street, Banksmeadow Industrial/Warehouse LEASED 1/505 Bunnerong Road, Matraville Retail RECENT COMMERCIAL ACTIVITY
YOUR RAY WHITE TEAM DIRECTORS Anthony Vella 02 8347 6085 0412 232 904 Phillip Elmowy 02 8347 6060 0425 285 444 RESIDENTIAL TEAM No.1 NSW/ACT Property Management Business of the Year 2019/2020 & 2020/2021 No.3 NSW/ACT Property Management Business Development of the Year 2019/2020 No.9 Blue Office Settled Commission 2019/2020 Premier Business Leader 2020/2021 & 2021/2022 RAY WHITE MAROUBRA SOUTH COOGEE RAY WHITE COMMERCIAL SOUTH SYDNEY 781 Anzac Parade Maroubra NSW 2035 (02) 8347 6000 rwre.com.au 11 Joynton Avenue Zetland NSW 2017 (02) 9101 8000 rwcss.com COMMERCIAL TEAM Amber Halil New Business Development Amy Vella Licensed Real Estate Agent Dean Cassidy Property Manager Dennis Theodorou Property Manager Dianah Farhat Sales Accounts Eden Elmowy Licensed Real Estate Agent Faye Miao Financial Controller Helena Apostolatos Property Manager James Papachristou Property Manager Jason Malouf Licensed Real Estate Agent Jeremy Elmowy Licensed Real Estate Agent Joan Gannon Property Management Administration Joanne McNamara Receptionist Karrisa Lisha Property Manager Katrina Vassiliadis Receptionist Kaye Lui Property Management Accounts Koxan Oey Leasing Consultant Matt Skene Property Manager Michael Guirguis Property Manager Mona Piankerd Property Management Support Natasha Arifin Marketing Manager Orazio Palazzolo Property Manager Sienna Elmowy Reception/Administration Sophie Sutinen Sales Coordinator Tim Psaltis Property Manager Alex Santelli 02 9101 8008 0403 104 146 Domenic Severino Leasing Executive Eddie Petro Special Projects & Capital Markets John Skufris Licensed Real Estate Agent Kerrie Pelayias Commercial Sales & Leasing Mary Dudley Commercial Administrator Tamara Shakespeare Operations Manager Tina Dimarchos Commercial Administrator
RkJQdWJsaXNoZXIy MTI3ODI1