Swan Hill Property Report S P R I N G 2 0 2 2 Courtesy of Ray White Swan Hill
Australia’s median house price increased by 32% from March 2020 to December 2021, making it the fastest period of price growth we have ever experienced. Since the end of last year, the market has slowed considerably. We are continuing to move into a much more normal market than what we have experienced over the past two years. Depending on what data set you are using, the extent of the slowdown differs however there is consensus that as interest rates rise, we are at the start of a new cycle. Strong inflation, rising interest rates and a subsequent economic slowdown that results in rising unemployment will be challenging for pretty much everyone. A slow down to fast house price growth in contrast will be a relief to most. The fact is people buy and sell houses every day. They upsize, downsize, move away and move home as everyone’s personal circumstances are different. Selling is a personal decision. Our job has always been the same. To create competition for our sellers – and we can do that in any market. The process remains the same: to market our properties as far and widely as possible for our sellers. We’ve never lost sight of that. If you are considering a move, we can help you to achieve the best possible sales outcome. We invite you to get in touch and experience the Ray White difference for yourself. Cameron Smits & Fiona Hawley Selling Principals, Ray White Swan Hill WHAT’S HAPPENING IN OUR MARKET?
If you own real estate in Australia, you may consider placing the responsibility of your rental in the hands of a registered property manager, employed by a licensed real estate agency. This can help you avoid the day-to-day worries of rental properties, thus making your life easier. In light of this, what can you expect from your property manager? Here is a guide for both landlords and tenants. WHAT CAN YOU EXPECT FROM YOUR PROPERTY MANAGER? What does a property manager do for you as a landlord? Their primary duties are to market your rental, choose tenants and then, as the name suggests, manage your property. You can assign a manager to do one or more of these main responsibilities, depending on your needs and agreement – here are a few of the more specific tasks. – Negotiate and collect an appropriate rent – Prepare a tenancy agreement – Lodge and collect bond payments – Carry out regular inspections – Arrange for repairs and/or maintenance – Provide relevant notices and financial statements to the landlord – Pay council rates and taxes (from the rent) – Issue termination notices to difficult tenants An experienced manager will have a good understanding of the local market, and how potential changes could affect your investment. What does a property manager do for you as a tenant? Their commission is paid for by the landlord, therefore the service is completely free for a tenant. – Provide a selection of houses for rent – Prepare a tenancy agreement – Collect all payments – Receive requests for maintenance, damages, noise complaints and the like – Act on these promptly – Respect your peace and privacy How do you choose? The days when the management of rental properties just entailed collecting money are well and truly over. Besides being welltrained and highly skilled, one of the main things you should be looking for in a property manager is a deep knowledge of the area you’re looking to invest in (or have already invested in). When asked, they should be able to give you a detailed record of all the services they offer, including fees. The Real Estate Institute of Australia recommends asking questions like: – What are your processes in choosing good tenants? – Can you explain your charges and how much exactly I will be paying? – How will you assist in maximising my return and optimising capital growth? – How much would you market the property for, and why? Provided that the answers supplied are satisfactory, you may have found the manager for you. But just like any relationship, don’t feel the need to rush into anything. Having a manager dedicated to your property will assist you too, as all demands should be met swiftly and effectively.
RECENT SALES IN YOUR AREA 71 acres 92 acres 3 2 3 2 3 2 3 2 3 2 2 1 SOLD SOLD SOLD SOLD SOLD SOLD SOLD SOLD $400,000 $595,000 $495,000 $690,000 $489,000 $315,000 $292,000 $425,000 14 Nowie Street, Swan Hill 345 Woorinen Road, Swan Hill 19 Wonnon Court, Swan Hill 117 Back Boga Road, Swan Hill 14 Sugarwood Drive, Swan Hill 78 Thurla Street, Swan Hill 9/21 Splatt Street, Swan Hill 2/29 Pritchard Street, Swan Hill
4 2 3 1 4 2 3 2 3 2 4 2 3 2 3 2 SOLD SOLD SOLD SOLD SOLD SOLD SOLD SOLD $340,000 $436,000 $545,000 $285,000 $987,000 $665,000 $665,000 $670,000 8 Buchan Street, Swan Hill 4 Randell Street, Swan Hill 4 El Alamein Avenue, Swan Hill 22 Brown Street, Swan Hill 15 Maddern Court, Swan Hill 16 Saltbush Drive, Swan Hill 4 Rankin Street, Swan Hill 106B Splatt Street, Swan Hill
FAST FACTS SWAN HILL 44 1. 3. 4. 5. Compared to five years ago, the median sales price for houses in Swan Hill has increased 55% which equates to a compound annual growth rate of 9.15%. HOUSES SOLD LAST QUARTER HOUSES MEDIAN DAYS ON MARKET SALES UNITS SOLD LAST QUARTER HOUSES MEDIAN $450,000 HIGHEST $750,000 LOWEST $200,000 UNITS MEDIAN $366,000 HIGHEST $490,000 LOWEST $176,000 Source: Core Logic RPData 16 May - 16 August 2022 8 2. 20 SWAN HILL $300K 150 $350K 200 $400K 250 $250K 100 2018 2019 2020 2021 2022 MEDIAN HOUSE SALE PRICE NUMBER SOLD LEASE MEDIAN HOUSE (3 BED) $370 MEDIAN UNIT (2 BED) $360 RENT PER WEEK
HOT TIPS FOR A SUMMER SALE Most properties simply look better under a blue sky and in the summer sunlight – here’s some advice to help you nab a better sale price too. PREPARE YOUR HOME WITH THE WEATHER IN MIND During summer, your outdoor space is a key selling point for your home so you need to make sure it’s in great shape for open homes and marketing material. Mow the lawns, trim your hedges, sweep porches & paths, tidy the garden. If your home needs it, apply a fresh coat of paint to its exterior, but at the very least, water blast to remove dust and grime. It’s essential that your home feels comfortable when viewers attend open homes. Open your windows and doors to your outdoor area to make the space feel airy. If it’s particularly hot, have your aircon on and place a jug of inviting, icy cold water garnished with lemon, cucumber & mint on the kitchen bench. Don’t forget the glasses! Last of all, it’s always a good idea to make sure the windows are crystal clean as buyers get excited about sunlight streaming into a living room or master bedroom. CHOOSE YOUR OPEN TO VIEW TIMES CAREFULLY During the morning or evening, temperatures may be more comfortable for viewers. On the other hand, if your home doesn’t see a lot of natural light, midday might be the best time. CONSIDER HOME STAGING OPTIONS If you’re not quite sure how you can arrange your space to make it appealing to potential buyers, then you might want to consider a professional staging company. Home staging can come with a price, but if you’re willing to invest, it can be worthwhile. Stylists know what picky home buyers are looking for when they come through your house, so they’ll keep up with the latest trends and help you get set up for success. HIGHL IGHT YOUR INDOOR-OUTDOOR L IVING SPACE During summer home viewings your indooroutdoor space needs to shine. It should be easy for prospective buyers to visualise themselves entertaining friends, or having a drink after work in the spaces. New outdoor furniture, a sunshade, or even a comfy bench under a tree at the end of your garden can make all the difference.
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