Thornleigh & Westleigh Property Report W I N T E R 2 0 2 2 Courtesy of RayWhite Cherrybrook | Thornleigh | West Pennant Hills
WHAT’S HAPPENING IN OUR MARKET? With a new federal government comes changes in leadership, policies, and the way the country is run. The changing of the guard also comes at an interesting time for our economy and our property markets, with significant change in both since the start of the year. At this stage, we know there will be a number of areas that the new government will focus on when it comes to housing. The first is sustainability, the second is first home buyers and the third is social housing. All areas that need to be addressed as we move forward from the pandemic. Ray White sales results in May were very strong. They were up 29% year on year to $6.2 billion. That means the market is operating at speed, with many “willing sellers” and “willing buyers”, and that they aren’t so far apart that a transaction can’t be reached. Is stock “piling up”, as is so widely reported? We’re seeing strong levels of new stock coming to market, in line with last year. Total stock on the market is up about 15% from last year and is increasing, trending up towards longer term averages. If you’d like an update on the value of your home in the current market, get in touch to arrange a no obligation appraisal today. Nathan Leuzzi & Dion Verzeletti Directors & Principals, LREA
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*Sales made by Ray White and other real estate companies RECENT SALES IN YOUR AREA SOLD $2,000,000 SOLD $2,900,000 SOLD $2,300,000 SOLD $2,500,000 SOLD $2,200,000 SOLD $2,150,000 1 1 2 2 1 4 2 2 4 2 2 5 3 2 6 3 3 5 Eddy Street, Thornleigh Dartford Road, Thornleigh De Saxe Close, Thornleigh Dartford Road, Thornleigh Kooringal Avenue, Thornleigh Kooringal Avenue, Thornleigh
*Sales made by Ray White and other real estate companies SOLD $1,920,000 SOLD $1,970,000 SOLD $2,250,000 SOLD $2,110,000 SOLD $2,080,000 SOLD $2,155,000 2 2 4 2 2 4 3 3 4 2 2 5 3 2 5 2 2 4 Billarga Road, Westleigh Silver Crescent, Westleigh Quarter Sessions Road, Westleigh Duneba Drive, Westleigh Westleigh Drive, Westleigh Coora Road, Westleigh
Source: CoreLogic RP Data 1 January – 31 May 2022 THORNLEIGH WESTLEIGH Sold properties Houses Units Houses Units HIGHEST $3,000,000 $1,400,000 $2,250,000 0 LOWEST $1,280,000 $680,000 $1,150,000 0 MEDIAN $1,740,000 $1,195,000 $1,870,000 0 NUMBER SOLD 41 19 30 0 Properties for lease MEDIAN RENT $700 per week $550 per week $950 per week $0 per week JANUARY – MAY 2022 HOUSE PRICE SEGMENTATION (LAST 12 MONTHS) Thornleigh Westleigh PRICE ($) NUMBER OF SALES 0 30 60 90 120 150 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 500 1000 1500 2000 HOUSE SALES & GROWTH YEAR NUMBER OF SALES MEDIAN PRICE ($) Thornleigh Westleigh FAST FACTS THORNLEIGH & WESTLEIGH 0 10 20 30 40 50 60 >3m 2.5-3m 2m-2.5m 1.5m-2m 1.2m-1.5m 1m-1.2m 800k-1m 600k-800k 500k-600k <500k
TOP 10 TIPS FOR ADDING VALUE TO YOUR INVESTMENT 1. Kitchen New cupboard doors and handles can transform a kitchen and it’s a relatively inexpensive way to give the whole room a makeover. Colour dates a kitchen too, you can’t go wrong with white. 2. Tapware Fitting new, matching tapware throughout will benefit the look of a property and is a simple way to modernise a dated home. 3. Bathrooms Consider re-grouting tiled areas and think about ventilation; a fan, window stays to allow secure openings, or a shower dome to prevent the build-up of moisture. 4. Paint Painting the property can instantly lift its mood and look. A contemporary colour palette on walls brings a sense of modernism and can increase the potential tenant pool, as well as the asking price. 5. Gardens and outdoor areas Invest the time to ensure all the gardens are in a tidy state and are low-maintenance, where possible. Use a high pressure hose to give paths and driveways a good clean and improve their overall appearance. Assess the available outdoor spaces and the possibility of creating new ones. With effective links to the interior, your house will appear larger and more functional to prospective tenants. 6. Light switches Replacing old light switches is a cost effective, easy way to refresh the look of your property and can also help prevent future maintenance issues. 7. Window treatments Curtains and blinds are another area which reflect the era of a property and can easily date a home. If replacing the window treatments think about the long term functionality. Look at options that are hard wearing, easy to clean and repair (or replace). 8. Entrance First impressions can heavily influence a tenant’s decision to rent a home as well as what they are willing to pay. Consider how the entrance could be improved with minor expenditure e.g. security lighting, painting the door, quality lock/s, new doormat, letterbox etc. 9. Lighting Modern, energy efficient LED fittings can dramatically improve the look of an older property and reduce tenant’s electricity bills, whilst saving you future maintenance. 10. Burglar alarm Consider installing a burglar alarm or similar security devices (such as window locks). Occupants want to feel safe in any property that they’re renting and this increases the appeal for families as well as the chances of you getting the best possible rental return. We understand the importance of effectively maintaining a property to ensure the best possible rental returns but also the long term capital gains. There are certain areas where your money is better spent to prevent overcapitalising and these include:
YOUR RAY WHITE TEAM Ray White Cherrybrook | Thornleigh | West Pennant Hills 1 Hillcrest Road, Pennant Hills NSW2120 (02) 9481 8600 | raywhitectwph.com.au Dion Verzeletti Director & Principal LREA 0413 753 695 dion.verzeletti@raywhite.com Nathan Leuzzi Director & Principal LREA 0412 975 190 nathan.leuzzi@raywhite.com Karen Page Sales Professional LREA 0418 643 264 karen.page@raywhite.com Alex Gayl Sales Professional LREA 0425 280 454 alex.gayl@raywhite.com Pearly PohWong Sales Professional LREA 0407 880 255 pearlypohsuan.wong@raywhite.com Don Hoult Sales Professional LREA 0428 255 954 don.hoult@raywhite.com Amy Kaslar Sales Professional LREA 0438 404 444 amy.kaslar@raywhite.com SamOutch Sales Professional LREA 0450 303 065 sam.outch@raywhite.com Mitchell Hann Sales Professional LREA 0424 484 119 mitchell.hann@raywhite.com Giuseppe Murace Sales Professional LREA 0408 009 963 giuseppe.murace@raywhite.com Rashna Govekar Sales &Marketing Professional 0415 141 123 rashna.govekar@raywhite.com Julian Leuzzi Sales &Marketing Professional 0403 871 828 julian.leuzzi@raywhite.com Isabella Santilli Sales &Marketing Professional 0450 775 996 isabella.santilli@raywhite.com Shweta Sahani Sales &Marketing Professional 0433 413 099 shweta.sahani@raywhite.com Emily Ashman Associate to Amy Kaslar 0451 007 804 emily.ashman@raywhite.com Mitchell Skulander Senior Property Manager 0424 028 600 seniorpm.ctwph@raywhite.com Sarah Costello Business Development and Leasing Manager 0424 028 606 bdm1.ctwph@raywhite.com Alana Tawfik Property Manager 0420 286 061 pm1.ctwph@raywhite.com Irene Fung Property Manager 0416 742 052 pm3.ctwph@raywhite.com Nicole Dunlop Administration admin.ctwph@raywhite.com Monika Pindoria Marketing Administration marketing1.ctwph@raywhite.com Sarah Bell Marketing Administration reception.ctwph@raywhite.com
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