Q U A R T E R LY MA R K E T U P D AT E Courtesy of Ray White Macdonald Partners Point Clare
Source: CoreLogic RP Data 1 June - 31 August 2022 5 10 15 20 0 KOOLEWONG 1 WESTGOSFORD 1 1. 4. NUMBER OF HOUSE SALES HIGHEST SALE PRICE 2. KOOLEWONG $700,000 KOOLEWONG $700,000 KOOLEWONG Not enough sales for median value $1,110,000 WEST GOSFORD $1,110,000 WEST GOSFORD Not enough sales for median value WEST GOSFORD POINT CLARE $1,300,000 POINT CLARE $790,000 POINT CLARE $1,000,000 TASCOTT $2,185,000 TASCOTT $795,000 TASCOTT $980,000 3. LOWEST SALE PRICE MEDIAN SALE PRICE TASCOTT 8 FAST FACTS POINT CLARE, TASCOTT, KOOLEWONG, WEST GOSFORD POINT CLARE 14
You’re probably wondering what’s the right thing to do at present. Should you buy, should you sell, or should you just wait a little longer? With interest rates now the highest they’ve been since 2016, there is no doubt many of us are feeling the impact. These rate increases have definitely curtailed buyers’ enthusiasm and borrowing capacities, which resulted in the current downtrend in our property market. This downtrend also happened during a slower time in the year as our property market felt the winter chills and with people entering a period of travel “no-matter what”, travel plans had been left largely unchanged despite macroeconomic headwinds of rising inflation. At a national level, this means that properties are taking slightly longer to sell than they were during the property boom of last year. However, 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. In the meantime, we’re seeing conversation shift to the rental market as vacancy rates plummet and rental prices begin to climb across Sydney and the Central Coast. The demand for homes has been driven by multiple factors, including a high returning number of people migrating back to Australia from overseas countries and capital cities becoming increasingly attractive for renters to move to. This means that investors are now flooding back to the market due to high rental yields across Sydney and the Central Coast. On a positive note, it’s likely that the interest rate hiking cycle may be “short and sharp”, with financial markets and many economic WHAT’S HAPPENING IN OUR MARKET?
forecasters now factoring in inflation peaking at the end of this year and interest rates dropping in the second half of next year. Early signs the market is approaching the bottom as auction clearance rates have risen despite more properties being offered for sale. With the auction clearance rate at 62%, quality properties and unique offerings are still attracting really strong interest as well as the upper end market, i.e. luxury homes. So for those who’ve bought recently and who are worried about the value of their property long term, we certainly wouldn’t be. The Central Coast is poised to play a vital role in the growth of Greater Sydney over the next decade. The past 18 months has well and truly put the Central Coast on the map, highlighting its importance as a region, and subsequently putting it right in the crosshairs of government spending. We’ve all heard it so often we will believe it when we see it, but a university campus for Gosford CBD and the possibility of fast rail between Wyong and Sydney are finally seeming like a genuine possibility. The Coast has become more desirable than ever, and suburbs within a commutable distance to Sydney, especially those near the train and M1, will be insulated from broader price falls. What does that mean for you as a seller? It means that even if you sell for a little less than you would have 12 months ago, if you’re moving elsewhere, it’s likely you’ll pick up a bigger discount when you buy your next home. And if you’re staying local? Well value is all relative when you buy and sell in the same marketplace. Those looking to buy and thinking they might hold off? We strongly believe you can buy with confidence and that 10 years on with all the development and growth taking place in the region that today’s prices will seem like an absolute steal. What will matter more is the time you spend enjoying the lifestyle that made you want a home in that area to begin with! With record low unemployment, a big push for skilled immigration and population growth, and a construction and materials crisis underpinning the value of existing dwellings, we’d be willing to bet that those who go against the crowd and make property moves now will be significantly rewarded in the years to come… The next big test for the housing market will be in the upcoming Spring selling season in the coming months. It will be interesting to see how the property market responds. So far we are seeing good signs with increased volumes of quality homes and plenty of interest from genuine buyers, resulting in good prices still being achieved. Andrew Macdonald Principal, Ray White Macdonald Partners Point Clare
RECENT SALES BY RAY WHITE MACDONALD PARTNERS SOLD $925,000 SOLD $1,025,000 SOLD $995,000 SOLD $897,000 SOLD $950,000 SOLD $625,000 2 2 4 3 2 4 4 2 1 1 3 2 2 3 2 1 2 1 420 Glenrock Parade, Tascott 63 Wendy Drive, Point Clare 21 Sunshine Drive, Point Clare 15 Brentwood Avenue, Point Clare 32 Singleton Road, Point Clare 10/73-75 Victoria Road, Woy Woy
SOLD $885,000 SOLD $1,150,000 SOLD $890,000 SOLD $880,000 SOLD $1,060,000 SOLD $2,201,500 2 3 4 2 2 5 5 2 1 1 3 1 2 3 5 3 1 6 73 The Broadwaters, Tascott 28 Penang Street, Point Clare 10 Golden Avenue, Point Clare 4 Sage Place, Point Clare 21 Nimala Avenue, Koolewong 38-40 Dora Street, Lisarow
Are you curious to know the new value of your property in today’s market? Request a free market appraisal and we’ll provide you with a snapshot for your suburb, recent sales and listing activity and more. Lachlan Macdonald lachlan.macdonald@raywhite.com Property Advisor | Estate Agent | Auctioneer M 0409 032 938 T 02 4324 6122 raywhitemacdonaldpartners.com.au HOW MUCH IS MY PROPERTY WORTH? Contact us to arrange your obligation free market appraisal 02 4324 6122 | raywhitemacdonaldpartners.com.au SAMPLE SAMPLE
Andrew Macdonald 0415 433 957 andrew.macdonald @raywhite.com Lachlan Macdonald 0409 032 938 lachlan.macdonald @raywhite.com Lara Thompson 0401 907 048 lara.thompson @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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