Courtesy of Ray White Cherrybrook | Thornleigh | West Pennant Hills N O R MA N H U R S T P R O P E R T Y R E P O R T S UMM E R 2 0 2 2 - 2 0 2 3
WHAT’S HAPPENING IN OUR MARKET? Economists, politicians, real estate experts and even the local barista love to comment on the state of the real estate market, what was and what could be. Truth be told, there are so many factors that could influence where we may be heading, and history only tells us where we have been. The last 3 years has seen unprecedented growth in house prices, with interest rates and changes in lending criteria and government policies. 2020 and 2021 saw property prices in our area grow in excess of 40% on average, which now seems so long ago as people try to understand the slight change we’ve had in 2022. With interest rates rising and so much negativity in the media of late, it’s nice to know that the market isn’t as bad as predicted, and rest assured the Northern Districts and Upper North Shore have not seen the correction that the media talk about as a whole. Sydney has an 80 km radius, and can’t be put into one category. Averaging out, the past 3 years has still seen growth at more than double expectation and normality. If you’re considering a move, buying and selling in the same market is important. No one rings a bell at the top or bottom of a market, so if the time is right, the time is right. Give the largest team in the region a call, should you be looking to buy, sell or lease a property, so you know you’re being taken care of correctly. 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 $1,315,000 SOLD $1,120,000 SOLD $2,300,000 SOLD $2,040,000 SOLD $2,600,000 SOLD $1,840,000 2 2 3 2 2 3 2 2 4 3 2 4 2 2 4 2 2 4 The Grove Way, Normanhurst Huddart Avenue, Normanhurst Campbell Avenue, Normanhurst Bluegum Street, Normanhurst Harris Road, Normanhurst Pennant Hills Road, Normanhurst
SOLD $2,335,000 SOLD $1,795,000 SOLD $1,371,000 SOLD $2,100,000 SOLD $2,350,000 SOLD $1,243,000 3 2 5 3 2 5 1 1 4 2 3 5 2 2 4 2 1 3 Fraser Road, Normanhurst Palm Grove, Normanhurst Redgrave Road, Normanhurst Oak Street, Normanhurst Redgrave Road, Normanhurst Currawong Avenue, Normanhurst
Source: CoreLogic RP Data 1 June - 1 December 2022 JUNE - DECEMBER 2022 NORMANHURST Sold properties Houses Units HIGHEST $2,600,000 $1,675,000 LOWEST $1,165,000 $708,000 MEDIAN $1,555,000 $1,142,000 NUMBER SOLD 29 11 Properties for lease MEDIAN RENT $802 per week $500 per week 0 5 10 15 20 25 2.5m-3m 2m-2.5m 1.5m-2m 1.2m-1.5m 1m-1.2m 900k-1m 800k-900k 700k-800k 600k-700k 500k-600k HOUSE PRICE SEGMENTATION (LAST 12 MONTHS) PRICE ($) NUMBER OF SALES 0 20 40 60 80 100 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 500k 1m 1.5m 2m HOUSE SALES & GROWTH (LAST 10 YEARS) YEAR NUMBER OF SALES MEDIAN PRICE ($) FAST FACTS NORMANHURST
8 EASY WAYS TO MAXIMISE RENTAL INCOME If you’re a landlord or seeking your first investment property, it’s a great idea to periodically assess your rental for potential improvements that will enhance tenant appeal and increase rental income and capital value. Here are eight ideas to inspire you: 1 Create an extra bedroom Make a note of any large rooms that might be remodelled to create an additional bedroom. Large master bedrooms or an empty attic often hold the greatest potential for this type of upgrade. Make sure there’s room for a double bed and a wardrobe, otherwise you might not get a good payback from the work. 2 Note the building codes If you undertake any structural work, ensure you meet all the building codes. Failure to obtain the right permissions may end with you having to reverse the job, and that will mean a loss of thousands of dollars. 3 Add a half-bath If the bathroom is a little shabby and there’s sufficient room, pull out the existing shower and install a half-bath with a shower unit. Perhaps a smaller sink and toilet might create the space you need. Use the existing plumbing layout as changing the location of pipes is expensive and disruptive. 4 Upgrade the kitchen A quality kitchen will drive up your potential rental income. Replace damaged benchtops and consider lightening and brightening. If you replace the doors and handles of the cupboards and drawers, prospective tenants will believe they’re walking into a brand new kitchen. 5 Laundry ideas It’s still possible to find older apartments without plumbing for a laundry. If there’s no obvious location, integrate it into the kitchen. Pay a plumber to install connections for a frontloader in a kitchen cupboard. However, think carefully about whether you should provide the washing machine. If that’s an expense you’re prepared to take on, make sure a higher rent compensates you. 6 Don’t get into hot water Check the state of the water heater. Find out its age and when it will need replacing. Please don’t wait until it breaks down or, worse, floods your property because the bill will be higher when that happens. 7 Floor your tenants Great flooring has an enormous impact on tenants and the amount of rent you can charge. Fresh carpet is excellent, but many tenants prefer a timber floor these days. There’s a vast choice of flooring that covers every budget. This upgrade is well worth consideration. 8 Brushstrokes of genius Top everything off with a fresh coat of paint. Keep your colours neutral and consistent. Make a note of the paint colours you use for future touch-ups and preparation of the property between tenants.
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 Pearly PohWong Sales Professional LREA 0407 880 255 pearlypohsuan.wong@raywhite.com Don Hoult Sales Professional LREA 0428 255 954 don.hoult@raywhite.com Rashna Govekar Sales & Marketing Professional 0415 141 123 rashna.govekar@raywhite.com Amy Kaslar Sales Professional LREA 0438 404 444 amy.kaslar@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 Julian Leuzzi Sales & Marketing Professional 0403 871 828 julian.leuzzi@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 & 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 Sales Administration admin.ctwph@raywhite.com Sarah Bell Marketing Administration marketing.ctwph@raywhite.com Lucy Porvaznik Marketing Administration marketing1.ctwph@raywhite.com YOUR RAY WHITE TEAM Ray White Cherrybrook | Thornleigh | West Pennant Hills 1 Hillcrest Road, Pennant Hills NSW 2120 (02) 9481 8600 | raywhitectwph.com.au
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