meridienrealty.com.au QUARTERLY PROPERTY REPORT APRIL 2023 EDITION Prepared by James Holvander
If there was a word to sum up the current property market, particularly in Sydney, then “resilient” would be it! After the market posted a retreat that coincided with the introduction of the first of a number of interest rate rises last May of 2022, it has rallied in the face of further interest rate increases over the course of the 2023 March quarter. After 10 consecutive rate increases this is no mean accomplishment, considering that prior to the inception of the first cash rate increase last year the Reserve Bank hadn’t raised interest rates since November of 2010. What we can decipher from this is that there are factors beyond interest rates that are determining the current overall property market performance. Clearly the number one metric beyond any other that has dampened the overall effect of the interest rate rises is supply! The shortage in overall listing supply has actually worked to put a floor under property prices and when we take into account other important factors, such as the significantly increased migration levels since Covid measures were wound back, it’s completely understandable that property prices have stabilised. Many buyers that have been approaching the property market with too much caution have found that they are struggling to compete in what is a fairly competitive market for buyers given the current supply constraints. Hence when it was reported by Corelogic that the recent March quarter saw home prices rising nationally for the 3rd consecutive month, with prices in Sydney shifting north by 0.27% - more than any other Australian capital city, the news certainly put the market on notice. But for those of us on the ground it hasn’t really come as a surprise. Additionally, with the decision by the RBA to hold the cash rate at 3.6% it also sends a clear message that the RBA board are taking stock and assessing the economic impact of the rapid rate hiking cycle to date. Now whilst a pause doesn’t necessarily mean that the RBA won’t pull the trigger and raise the cash rate again, it does potentially point to a changing mindset by the RBA that’s reflecting the latest market trends. Based on the monthly CPI indicators, inflation appears to have potentially peaked and is now slowing faster than the RBA’s original forecasts. Now whilst there’s no guarantees that the latest March quarter results marks a turning point for housing values, it’s clear that the persistence of low supply, the tightest rental conditions on record and surging overseas migration are providing some positive momentum to housing markets. Furthermore, many economists believe that interest rates may potentially be entering a phase where they’re peaking for this cycle which would only serve to strengthen optimism in the property market. The performance of housing values will be an important trend to watch, as they’re a significant contributor to overall household wealth. The effects of this on consumer behaviour cannot be understated. If wealth effects from higher housing values trigger more consumer spending, this may have an impact on the trajectory of interest rates. If you’re considering selling or renting your home speak to our experienced team. With a thorough understanding of local buyer, tenant and local market trends we’re best positioned to help you on your journey. *Disclaimer: Please note, this report is strictly meant to be of an informative nature and does not constitute investment advice. Market Update 0411 330 208 jholvander@meridienrealty.com.au 2
Compared to five years ago, the median sales price for houses in Rouse Hill has increased 29% ESTABLISHED HOUSES SOLD LAST QUARTER 24 UNITS SOLD LAST QUARTER 20 HOUSE MEDIAN DAYS ON MARKET 42 Rouse Hill Fast Facts 0 50 100 150 200 250 2023 YTD 2022 2021 2020 2019 2018 600,000 750,000 900,000 1,050,000 1,200,000 1,350,000 1,500,000 2022 2023 YTD 2021 2020 2019 2018 0 50 100 150 200 250 2023 YTD 2022 2021 2020 2019 2018 600,000 750,000 900,000 1,050,000 1,200,000 1,350,000 1,500,000 2022 2023 YTD 2021 2020 2019 2018 NUMBER OF HOUSES SOLD SALES LEASE STATISTICS HIGHEST $2,220,000 Median house (4 bed) $750 per week HIGHEST $1,035,000 Median unit (2 bed) $520 per week LOWEST $1,060,000 LOWEST $500,000 Number of houses sold MEDIAN PRICE Price $ Houses Units Source: Core Logic RP Data & realestate.com.au 3
4 Compared to five years ago, the median sales price for houses in Kellyville has increased 31% ESTABLISHED HOUSES SOLD LAST QUARTER 62 UNITS SOLD LAST QUARTER 9 HOUSE MEDIAN DAYS ON MARKET 43 Kellyville Fast Facts 0 100 200 300 400 500 2023 YTD 2022 2021 2020 2019 2018 1,000,000 1,175,000 1,350,000 1,525,000 1,700,000 2022 2023 YTD 2021 2020 2019 2018 0 100 200 300 400 500 2023 YTD 2022 2021 2020 2019 2018 1,000,000 1,175,000 1,350,000 1,525,000 1,700,000 2022 2023 YTD 2021 2020 2019 2018 NUMBER OF HOUSES SOLD SALES LEASE STATISTICS HIGHEST $3,300,000 Median house (4 bed) $795 per week HIGHEST $815,000 Median unit (2 bed) $600 per week LOWEST $1,065,000 LOWEST $582,500 Number of houses sold MEDIAN PRICE Price $ Houses Units Source: Core Logic RP Data & realestate.com.au
Compared to five years ago, the median sales price for houses in Box Hill has increased 69%* ESTABLISHED HOUSES SOLD LAST QUARTER 49 UNITS SOLD LAST QUARTER 0 HOUSE MEDIAN DAYS ON MARKET 55 Box Hill Fast Facts 0 100 200 300 400 500 600 2023 YTD 2022 2021 2020 2019 2018 300,000 600,000 900,000 1,200,000 1,500,000 2022 2023 YTD 2021 2020 2019 2018 0 100 200 300 400 500 600 2023 YTD 2022 2021 2020 2019 2018 300,000 600,000 900,000 1,200,000 1,500,000 2022 2023 YTD 2021 2020 2019 2018 NUMBER OF HOUSES SOLD SALES LEASE STATISTICS HIGHEST $1,780,000 Median house (4 bed) $700 per week HIGHEST n/a Median unit (2 bed) n/a LOWEST $935,000 LOWEST n/a Number of houses sold MEDIAN PRICE Price $ Houses Units Source: Core Logic RP Data & realestate.com.au, *earlier 2018-2019 sales were vacant land with limited established house sales 5
7 Recent Sales in Rouse Hill Source: CoreLogic (1 January 2023 - 31 March 2023) 6 14 Highlands Way 23 Milford Drive 2 Hopkins Court 11 Greygum Avenue 7 Coachwood Close 23 Morrisey Way 11 Billabong Place 24 Kindilen Close 13 Yellowgum Avenue 7 Aberdour Avenue 26 Greensborough Avenue 28 Patriot Place 7 Spring Mill Avenue 12 Milford Drive 17 Stanford Crescent $2,220,000 $1,580,550 $1,675,000 $1,500,000 $1,426,800 $2,100,000 $1,575,000 $1,630,000 $1,480,000 $1,395,000 $1,791,000 $1,560,000 $1,590,000 $1,445,000 $1,300,000
Other Recent Sales Source: CoreLogic (1 January 2023 - 31 March 2023) 7 17 Balmoral Road, Kellyville 14 Garigal Road, North Kellyville 73 Arnold Avenue, Kellyville 82 Brampton Drive, Beaumont Hills 14 Beldale Street, Box Hill 2 Kurnell Place, North Kellyville 13 Gumnut Close, North Kellyville 44 Willcox Crescent, Kellyville 6 Balfour Avenue, Beaumont Hills 9 Newel Circuit, Box Hill 2 Harrison Close, Kellyville 11 Iwan Place, Beaumont Hills 52 Laughton Crescent, Kellyville 21 Sanctuary Drive, Beaumont Hills 6 Lacunar Street, Box Hill $3,300,000 $2,150,000 $2,900,000 $2,000,000 $1,780,000 $3,100,000 $2,125,000 $2,880,000 $1,936,000 $1,685,000 $3,000,000 $2,100,000 $2,380,000 $1,925,000 $1,685,000
8 If you’re putting your home on the market, getting it into tip-top shape is key to ensure it stands out from the competition. But when it comes to getting the best sale price, a DIY approach that saves you a few pennies may not always be the best option. Buyers can spot laziness and poor finishes from a mile away. An amateur renovation can give the impression that faults have been camouflaged and corners have been cut. Unless you’re able to achieve a professional result, call in the experts. CLEANING Open houses require an immaculate finish. Kitchens and bathrooms need special attention: under the sink, behind the loo, inside the oven and every shelf in every cupboard. Windows - both sides. Paths, eaves, decks must be free of dirt, moss and mould. Professional cleaners can provide a spotless finish in a fraction of the time it will take you to do it. They are well equipped with all the gear to get the job done fast and well, including exendable tools for hard-to-reach areas, pressure washers, stain removal solutions and more. PAINTING A fresh coat of a neutral coloured paint does wonders for the overall appeal of a house. Easily done right? Many of us will have attempted this seemingly basic task only to realise there is more to painting than being able to hold a brush. There are tricks and techniques to achieving a quality finish. Painters have all the equipment, skills and best of all, can get it done swiftly, so you’ll know the result will show off your home in the best light. STYLING TV makeovers, with their amazing wow factor transformation, give you inspiration. What the shows don’t reveal are the discounts and paid product placements, so great looks on tiny budgets are not real world scenarios. Home stylists know what target buyers will find appealing and use their industry connections to source inspiring furniture and accessories to achieve the right look. Save yourself a lot of time and effort by hiring their knowledge and flair. GARDENING Outdoor areas should look as spacious as possible. While you can hack bushes back and cut some tree limbs down, do you realise every type of tree and shrub has a different growing habit? Unless they are pruned with care, dead or naked branches will be exposed and foilage cover will be uneven and unattractive. Professional gardeners ensure your plants are both tidy and healthy - plus, they can remove the green waste. ELECTRICAL AND PLUMBING Unless it’s changing a lightbulb, just don’t. All plumbing and electrical work must be completed by a licensed tradesman so don’t attempt any of it yourself. The last thing you want is any sub-par work being discovered during inspection and used to negotiate your price downwards. Five DIY Don’ts When Preparing To Sell
The wait for the $300 million Rouse Hill Hospital has been seemingly like a mirage over the horizon for most Hills District locals. However, the horizon appears to be getting closer with the first sod turned and early works apparently set to commence in coming weeks. The milestone was celebrated by outgoing Health Minister Brad Hazzard, local members of Parliament and representatives from Western Sydney Health District and Infrastructure turning up on site in early March. “Growing communities from Rouse Hill to North Kellyville, Castle Hill and Marsden Park will benefit immensely from having this world-class, purpose-built hospital right on their doorstep,” Mr Hazzard said. Situated on the corner of Windsor Road and Mount Carmel Drive the new and almost complete Carmel Village in Box Hill is set to open over the course of April and will be a vibrant mixed-use retail and commercial space. It will feature a number of retail stores, food and beverage, a medical centre along with a variety of services. What’s Happening in Your Local Area Breaking Ground for the new Rouse Hill Hospital 9
Recent Leasing Success WHEN IT COMES TO MANAGING YOUR PROPERTY PORTFOLIO, NOTHING IS MORE POWERFUL THAN EXPERIENCE AND GREAT CUSTOMER SERVICE. IF YOU WANT TO LEARN MORE ABOUT OUR SERVICES, PLEASE REACH OUT TO ONE OF OUR TEAM. 8883 0777 With over 20 years of local experience you could not be in better hands. What’s the job we do for you as the landlord? We maximise rental return. We minimize vacancy by aligning lease end dates to peak tenant demand and by using a thorough tenant selection process. We reduce risk by the likes of proactive maintenance and maximize asset value for future resale. We become your eyes and ears for set and forget property management. 10 14 McCombe Aveue 6 Duxton Court 18 O’Reilly Ave 7 Coachwood Close 3 Hotham Avenue 23 Green Hills Drive $940pw $825pw $920pw $800pw $900pw $795pw
What Our Clients Say I trusted James with the sale of my parents’ home. I’ve bought from and sold with James with my own properties previously but the care he showed me at a difficult time cannot be understated. James showed his extraordinary knowledge of the local market and conditions, has an pipeline/database of customers looking to buy into this area and he presented our home to market in a way that I couldn’t be happier with. James brought all of his experience to the fore and our family have benefited greatly from it. I have no hesitation in recommending James Holvander and Meridien Realty. SCOTT COOPER | 7 COACHWOOD CLOSE Right from the start James and his team’s professionalism and knowledge was evident. The amount of time and effort he put into walking us through the process and their availability to provide information to make informed decisions is unbelievable. Not only did we feel like we had all the information but every decision that we made mattered to them. James proactively provided information, help set realistic expectations and he met them! Always so candid and provided perspective on matters which were relevant to our decision making. I truly appreciated his input and relied on it heavily. I would strongly recommend James and his team their attention to detail and dedication to their clients is outstanding. ANA FERREIRA | 14 CLEVELAND CLOSE We are extremely happy with James, Alexandra and their team from Meridien Realty. James was always professional and personable, with a constant eye on the developing market. James always kept us up to date on open houses and strategies, and was always positive we would achieve a good result. We were very pleased with the sale price he was able to achieve. GEOFF & CORAL SHUTE | 26 GREENSBOROUGH AVE James is an agent you can trust. Living in the area as long as I have I have always regarded him as the top selling agent over the years. He has extensive local knowledge and is very professional as well as honest, friendly and thoughtful. I cannot thank James, Alexandra and their team enough for their patience and reassurance through out this experience. They are outstanding plus the sale price achieved exceeded my expectations. Amazing result! SONIA MCNALLY | 8 MELINDA CLOSE 11
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