L O C A L MA R K E T U P D AT E 2 0 2 2 Courtesy of Ray White Macdonald Partners
Source: CoreLogic RP Data 1 January - 16 November 2022 10 20 30 40 0 EAST GOSFORD POINT FREDERICK 23 1. 4. NUMBER OF HOUSE SALES HIGHEST SALE PRICE 2. EAST GOSFORD $1,556,500 EAST GOSFORD $545,000 EAST GOSFORD $1,010,000 $9,000,000 POINT FREDERICK $615,000 POINT FREDERICK $1,552,500 POINT FREDERICK GOSFORD $1,100,000 GOSFORD $520,500 GOSFORD $809,000 WEST GOSFORD $1,135,000 WEST GOSFORD $670,000 WEST GOSFORD $812,500 3. LOWEST SALE PRICE MEDIAN SALE PRICE WEST GOSFORD FAST FACTS GOSFORD, WEST GOSFORD, EAST GOSFORD AND POINT FREDERICK GOSFORD 7 7 38
We experienced a roller coaster ride in property values in 2022, didn’t we? The Sydney property market hit its peak value in February, dwelling values surging 27.9% from the COVID trough to peak. However, with the mix of successive cash rate hikes, strong inflation levels, and high household debt, buyers’ enthusiasm and borrowing capacities have definitely curtailed over the last couple of months, which resulted in the downtrend in our property market. According to CoreLogic, Sydney home values are down -9.5% since May, and -10.1% since peaking in February this year. This is contrary to what we saw last year where rates dropped and prices soared. However, despite the -10.1% decline so far, Sydney home values still have a way to go before wiping out the capital gains accrued over the recent growth cycle. Home values would need to fall a further -11.4% to get back to the levels seen prior to COVID-19. We’ve also started to see the Reserve Bank of Australia (RBA) ease the pace of interest rate increases which has helped to shift the tone of what we can expect for the rest of the year and next year. A LOOK BACK ON THE PAST YEAR AND THE OUTL +27.9% -10.1% -3% +12.9% Dwelling values COVID declared a global pandemic Housing values find a floor Sydney property market peaks Housing values peak 1,250,000 1,000,000 750,000 500,000 250,000 0 Jan 2020 Mar 2020 May 2020 Jul 2020 Sep 2020 Nov 2020 Jan 2021 Mar 2021 May 2021 Jul 2021 Sep 2021 Nov 2021 Jan 2022 Mar 2022 May 2022 Jul 2022 Sep 2022
OOK FOR OUR HOUSING MARKET IN 2023 We’re noticing that conditions are easing, with rising auction clearance rates, consumer sentiment improving and with supply normalising from its record low, providing buyers with more diverse choice, and the opportunity to negotiate. We’re also noticing that the rate of decline in home values has slowed, especially in Sydney and the Central Coast. With rising overseas migration and short-term visa holders returning, we’re also starting to see an improvement in investment activity which, in time, will also provide more rental opportunities. While property prices and stock on the market may be lower, properties are still reaching expectations. We simply aren’t seeing the competition drive prices above expectations as had been the case the past couple of years. With 2023 within arm’s reach, what does Central Coast’s property market have in store for us? There is absolutely no doubt we face a new set of challenges, a changing economic landscape, and vastly different market conditions to what we’ve experienced the past 12 months. Property prices may continue their downward trajectory until the peak of the cash rate rise is reached. Financial markets are predicting that the cash rate may reach its peak in the first half of 2023. However, between the impact of seasonality and homeowners increasingly reassessing whether or not to list their homes, we’re seeing that the pace of price falls is easing and that the absolute worst of the downturn is behind us. The money market analysis showed house prices were about 7% above their expected trend values as of the end of last year - this was modeled on various economic and demographic factors such as income, credit rates, population and interest rates. It’s definitely been a tempestuous year, but we cannot thank our loyal clients enough for their support, and we look forward to helping you successfully navigate the new marketplace over the next year. LachlanMacdonald &AndrewMacdonald RayWhiteMacdonald Partners
GOSFORD POPULATION GROWTH 2021 P E O P L E 2016 +5.6% 169,053 178,427 2021 M E D I A N A G E 2016 43yo 44yo 2021 N U M B E R O F O C C U P I E D P R I V A T E D W E L L I N G S 2016 +8.5% 63,193 69,590 2021 A V E R A G E W E E K L Y H O U S E H O L D I N C O M E 2016 +21.4% $1,330 $1,615 Owned Rented Other % O F O W N E R O C C U P I E R S V S T E N A N T E D U N E M P L O Y M E N T 41.2% C o u p l e s w i t h c h i l d r e n 40.6% C o u p l e s w i t h o u t c h i l d r e n 17.1% O n e p a r e n t f a m i l i e s 25.7% 69.4% 4.9% 2016 26.4% 68.9% 4.7% 2021 4.3% 2021 6.2% 2016 F A M I L I E S I N 2 0 2 1
CENTRAL COAST PROPERTY INVESTMENT MARKET The Central Coast Regional Plan 2036 sets out a new vision that will see Gosford and the wider region grow with improved professional, government and health services, better transport and public open spaces. This will be underpinned by the hundreds of millions of dollars the NSW Government is investing in the Central Coast: – $550 million for Gosford and Wyong hospitals – $9 million for schools – More than $600 million for road improvements – $3.3 billion into express rail network to connect Newcastle to Sydney – Community consultation ongoing currently for the master plan to upgrade Gosford’s waterfront Sources: Australian Bureau of Statistics Census Gosford, SQM Research Central Coast, RDACC (Regional Development of Australia - Central Coast), CoreLogic G R O S S R E N T A L Y I E L D 2022 4.1% 3% 2021 4.3% 2.8% Houses Units M E D I A N A S K I N G R E N T I N 2 0 2 2 C E N T R A L C O A S T I N C R E A S E D I N F R A S T R U C T U R E Houses $624/week +4.9% Increase from last year Units $498/week +12.4% Increase from last year
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 Provide d b y Lachla n Macdonald, Ra y Whit e Macdonal d 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
Andrew Macdonald 0415 433 957 andrew.macdonald @raywhite.com Lachlan Macdonald 0409 032 938 lachlan.macdonald @raywhite.com A true professional Lachlan recently sold our property in Killarney Vale. From our initial meeting to the sale, we were delighted with Lachlan’s services. With a clear, upfront proposal we were provided with all of the information, including proposed selling strategies and upfront costs. We were kept up-to-date at all times & knew that we had someone pushing strongly on our behalf to achieve the best possible sale price. A true professional at what he does. I would highly recommend Lachlan and his team. N. GUY Effective and efficient Andrew’s sales proposal was clear, had a great strategy, and included the largest database of buyers in this suburb - so we chose him to sell our Point Clare property. Selling with Andrew proved to be the best choice we made, as he achieved a higher than expected price with minimal time on the market. Importantly for us being busy, Andrew took up very little of our time with only one face to face meeting and only several phone calls to complete the sale. Andrew also provided simple cost effective maintenance advice which helped to present the property in open homes. I would certainly use Andrew to sell property again, based on this experience! D. DALTON YOUR LOCAL AREA EXPERTS
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