The first 6 months of 2023 left economists scratching their heads! The continual interest rate hikes were predicted to take the exuberance out of the housing market, yet selling conditions remained strong and prices increased month on month. Just weeks after the Christmas break, our average open home numbers in the 4121-post-code trebled, with the return of large multiple offer negotiations after the opening weekend, and an increase in auction clearance rates across our brand. Stock levels have remained remarkably low in 2023, tracking over 25% below the previous five-year average. Take Tarragindi for example, with 202 sales recorded in 2021, dropping to 148 sales in 2022, and currently tracking to be below that number again in 2023. For the statisticians: Tarragindi’s average sale price dropped in Q1 and Q2 of the first half of the FY but has rebounded in Q3 and Q4 with a 12-month average of 0.8% growth. Average sale price is currently sitting at $1.21mil. Holland Park has seen a decline in the average sale price over the same 12-month period of 2.6%, sitting at $1.12mil. Holland Park West has the strongest performing 12-month period with 4.8% growth and an average sale price of $1.1mil. Rental yields are up by approximately 3% in all 3 suburbs, reflecting the sentiment felt when chatting to those trying to find a rental property! As we close out the FY of 2023, I wanted to take the opportunity to wish you the best of luck in the coming 12 months ahead and to let you know that I am here and available to assist with your property needs. Mark Diamond MARKET REPORT
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