QUARTERLY MARKET UPDATE Courtesy of Ray White Macdonald Partners
Source: CoreLogic RP Data 1 April - 30 June 2023. Please note, only publicly disclosed sale prices are included in these figures. 5 10 15 20 0 KOOLEWONG WEST GOSFORD 6 1 TASCOTT NUMBER OF SALES HOUSE UNITS FAST FACTS POINT CLARE, TASCOTT, KOOLEWONG, WEST GOSFORD POINT CLARE 14 6 HOUSES UNITS 11 0 3 0 HIGHEST SALE PRICE HOUSES UNITS POINT CLARE TASCOTT KOOLEWONG WEST GOSFORD $1,400,000 $1,100,000 $1,230,000 $510,000 $635,000 n/a n/a $750,000 LOWEST SALE PRICE POINT CLARE TASCOTT KOOLEWONG WEST GOSFORD $780,000 $790,000 $1,230,000 $510,000 $426,000 n/a n/a $555,000 MEDIAN SALE PRICE POINT CLARE TASCOTT KOOLEWONG WEST GOSFORD $1,015,000 $1,000,000 $1,230,000 $510,000 $562,500 n/a n/a $610,000 HOUSES UNITS HOUSES UNITS
Soaring interest rates, mortgage cliffs, more households in financial stress; it seems whatever is thrown at the real estate market at the moment is brushed aside as property prices keep rising. Property prices are now firmly on the move everywhere in Australia, having increased by 3.5% since the beginning of the year. This growth is expected to continue, and if it does, house prices will be back to their 2022 peaks within the next two months. THE PROPERTY MARKET IS THE BEST SINCE THE B BUT WILL IT LAST? The price growth had been fueled by strong migration, low listing volumes, and expectations the cash rate was at or close to a peak, however rents continue to skyrocket, retail spending goes on unabated and inflation refuses to budge. RBA Governor, Philip Lowe has been consistent that inflation is the most pressing issue and that rate hikes are necessary to reduce goods and service prices, despite the financial pressure it may cause some households. With the cash rate the highest since April 2012, interest rates are closer to their peak than not, and the shock of rate rises has lessened. High rates have seen the number of loans written for the construction of new property falling to the lowest level since 2008. This will see the number of homes commencing construction slow, as population growth accelerates. Additionally, a home shortage exacerbated by high construction costs will also underpin values as population growth increases. The arrival of around 235,000 people per year from overseas means around 100,000 homes or more need to be found. This comes at a time when the government is trying to address a shortfall of a million homes by building 200,000 a year. So it’s going to be at least a decade for that shortfall to be overcome. PRICE GROWTH HAS RETURNED NATIONALLY Median price by property type ($) – Australia 800K 700K 600K 500K 400K 300K 200K 100K 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Source: Neoval Houses Units
A surge in overseas migrants and international students coupled with a significant shortfall in rental listings has led to the strongest annual rental increase on record for Australia’s capital cities. Since the onset of COVID, capital city rents have risen 25.7% and regional rental values have increased 29.2%. More than 40% of Australian house and unit markets have recorded a double-digit rent increase in the past year. It's now cheaper to buy than rent in many areas. The cocktail of low supply, strong demand from migration and the tight rental market is fueling a faster-than-expected turnaround in the market. The number of new properties listed for sale is almost 25% lower than the previous five year average. These currently lean stock levels are helping to drive clearance rates and property prices higher. OOM. Will the increase in house prices continue for the rest of the year? We expect home prices to continue to lift in the months ahead, buoyed by population growth, rental market tightness, and an undersupply of new homes, with a return to positive annual price growth expected across most capital city markets in the coming months. Experts warn should property prices continue to grow as it has been in recent months, Aussies can expect to be seeing a new peak in the market by next year. The latest PropTrack Market Insight Report has found if property prices continue to grow at the same pace as it has been over the past quarter, then the new peak could be within the next six months. Andrew Macdonald Principal, Ray White Macdonald Partners - Point Clare NEW LISTINGS CONTINUE TO FALL FROM 2022 HIGHS New listings – Year on year difference (%) – 3 month 5.0% 0.0 -5.0 -10.0 -15.0 -20.0 Jun 2022 Jul Aug Sept Oct Nov Dec Jan 2023 Feb Mar Apr May 2023 Includes all listings across a range of portals including Domain, realestate.com.au, Homely and Zargo Source: Neoval New Listings
RECENT SALES BY RAY WHITE MACDONALD PARTNERS SOLD $1,100,000 SOLD $830,000 SOLD $1,030,000 SOLD $1,000,000 SOLD $1,110,000 SOLD $1,100,000 5 2 2 2 1 4 2 2 5 3 4 2 2 4 2 2 4 33 Sunshine Drive, Point Clare 29 Takari Avenue, Point Clare 12 Matthews Parade, Point Clare 12 Bayline Drive, Point Clare 5 Manooka Road, Point Clare 272 Glenrock Parade, Tascott
SET STRATEGIC INSPECTION TIMES When is the best time to host opens according to your agent? Ask their opinion on the times and days that could ensure the best buyer traffic. Also consider particular times of day that your street presents well. Avoid rubbish day, and if you’re in an apartment complex, when is the weekly common area cleaning carried out, and your block looking its best? These considerations cost nothing and can improve the buyers’ perception of your home. A QUICK FACELIFT The first thing any buyer will assess is your house in the context of neighbouring houses. Work to make your house the most attractive from the street. Look at it with fresh eyes. Could a few flowering potted plants liven up the front? Inexpensive, quick fixes like a new doormat and touching up any chipped paintwork around the front door are worthwhile to ensure it’s in pristine condition. PAINT KEY PARTS Painting is one of the most cost-effective improvements. A neutral palette keeps more buyers interested as it allows them to imagine living in your home with their own furniture and style. Just make sure you allow enough time before inspections begin for that new paint smell to disappear. A recent study revealed that it takes only an average of eight minutes for home hunters to decide whether or not to buy a particular property. That’s quick! Especially considering a home is the single biggest purchase a person will make in their lifetime. Here’s some tips for leaving the best impression on potential buyers to increase competition and give you a better chance of achieving a premium price for your property. YOUR OUTDOOR CARPET Home-owners, take note. Surveys have shown that buyers will pay considerably more for a house with a good lawn. We relish the idea of relaxing in the backyard, getting kids away from screens, and quality time with family and friends in the sunlight. Laying turf may be one quick and relatively inexpensive fix to put the finishing touches on your property. YOUR INDOOR CARPET It may seem silly to be investing in carpet you’ll never walk on but the reality is that dated, worn and damaged carpets are a significant deterrent for buyers. Of course, you don’t want to overspend on superhigh-end improvements that will never pay you back, but carpet is one of those items that can make or break a sale (unless you’re selling as a renovators dream!) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | YOU’VE GOT 8 MINUTES TO IMPRESS!
Contact us to receive your free personalised report of your property today 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. Lachlan Macdonald Property Advisor | Estate Agent | Auctioneer raywhitemacdonaldpartners.com.au Sold Median Price Trend Mar - May 20 Jun - Aug 20 Sep - Nov 20 Dec 20 - Feb 21 Mar - May 21 Jun - Aug 21 Sep - Nov 21 Dec 21 - Feb 22 Mar - May 22 Jun - Aug 22 Sep - Nov 22 Dec 22 - Feb 23 $100k $200k $300k $400k $500k $600k $700k $800k $900k $1.0M $1.1M $1.2M 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 Point Clare 10 9 8 7 6 5 4 3 2 1 Map data ©2023 Google No. Address Features Price 1 6 Manooka Road, Point Clare 3 Beds, 2 Baths, 2 C… $980k 2 26 Penang Street, Point Cla… 4 Beds, 1 Bath, 1 Car $920k 3 3 Tania Drive, Point Clare 4 Beds, 2 Baths, 1 Car $765k 4 39 Brisbane Water Drive, P… 2 Beds, 1 Bath, 1 Car $755k 5 13 Golden Avenue, Point Cl… 3 Beds, 1 Bath, 1 Car $790k 6 16 Talinga Avenue, Point Cl… 3 Beds, 2 Baths, 2 C… $820k 7 33 Sunshine Drive, Point Cl… 5 Beds, 2 Baths, 2 C… $1.10m 8 39 Sunshine Drive, Point Cl… 3 Beds, 1 Bath, 1 Car $780k 9 8/219 Brisbane Water Driv… 2 Beds, 1 Bath, 1 Car $515k 10 29 Takari Avenue, Point Cla… 2 Beds, 1 Bath, 2 Cars $830k Ray White Macdonald Partners 47 Brisbane Water Drive | Point Clare, NSW 2250 (02) 4324 6122 raywhitemacdonaldpartners.com.au E lachlan.macdonald@raywhite.com M 0409 032 938 T 02 4324 6122 Market Snapshot Point Clare 2023 Provided by Lachlan Macdonald, Ray White Macdonald Partners Total Sales by Quarter 2023/22 2022/21 2021/20 Jun - Aug — 13 24 Mar - May — 20 18 Dec - Feb 5 24 15 Sep - Nov 12 24 22 Median House Sale Price $1,130,000 11.3% change vs. last year Median Unit Sale Price $710,000 18.3% change vs. last year Sales By Price Range (Mar 2022 – Feb 2023) $200 - 700k $700 - 800k $800 - 900k $900k - 1.0M $1.0 - 1.1M $1.1 - 1.2M $1.2 - 1.3M $1.3 - 1.4M $1.4 - 1.5M $1.5 - 1.9M 0 1 2 3 4 5 6 7 8 9 10 11 Houses Units Data disclaimer: raywhite.com/data-disclaimers v0.5.1 | 2023-06-30T04:16:44.508Z SAMPLE HOW MUCH IS MY PROPERTY WORTH? SAMPLE
Andrew Macdonald 0415 433 957 andrew.macdonald @raywhite.com Lachlan Macdonald 0409 032 938 lachlan.macdonald @raywhite.com Excellent communication Lachlan recently sold us our first property in Point Clare. He was very understanding about our lack of knowledge in the process and helpful in providing further information. Communication was excellent and professional, we would definitely use their agency to sell a property in the future. A STRONG RAY WHITE MACDONALD PARTNERS Family owned & serving the Central Coast for over 45 years raywhitemacdonaldpartners.com.au High recommended My brother and I chose Andrew Macdonald to sell our deceased mother’s estate in Point Clare. Andrew was personable, experienced and a good communicator. He guided us through the process from marketing to the auction, gave regular feedback and responded to our questions promptly. We highly recommend Andrew & Lachlan. An outstanding professional real estate team. N COLLINS YOUR LOCAL AREA EXPERTS
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