QUARTERLY MARKET UPDATE AUTUMN 2024 Courtesy of Ray White Bensville & Empire Bay
Australian house and unit prices have taken a break from robust increases in recent weeks, with both house and unit property types recording no significant change in median prices. While volumes have been down, both vendors and purchasers were a little quiet during the month of March waiting for the Easter period and subsequent school holidays to end. Sentiment, however, remains high with expectations surrounding interest rate reductions still on the cards, likely to result in greater activity in May and beyond. The median Australian house price currently sits at $869,843, representing a 10.4 per cent improvement over the last 12 months. Units continue to grow at a slower pace, recording a 7.9 per cent increase over the same period to a median of $643,086. Total median house price growth in regional Australia has moved similarly to metropolitan results, in the quest for affordable housing choices or investment opportunities. This is most apparent in the improved prices across New South Wales and Victoria, both up by 0.4 per cent in March, yet growth lags behind on an annual basis. The outlook for price growth is a problem for affordability. Unfortunately, rising construction costs have made building new homes far more expensive and this price growth of existing homes has to occur to make buying new homes relatively cost effective. Right now, many people, particularly first home buyers, are being pushed into the established home market given it’s cheaper to buy than build. If you’re considering a move, get in touch with us for a chat about local market conditions and options. We look forward to helping you realise your property goals. Matthew Kidd Principal, Ray White Bensville/ Empire Bay WHAT’S HAPPENING IN OUR MARKET?
Are you curious to know the new value of your property in today’s market? At Ray White Bensville & Empire Bay we design marketing packages which are completely tailored to your specific needs and goals. Request a free market review and we’ll provide you with an area profile, recent sales and listing activity and more. Simply scan the QR code, enter your details and we will contact you to arrange a detailed property appraisal. Matthew Kidd | 0417 230 732 HOW MUCH IS MY PROPERTY WORTH?
RECENT ACTIVITY IN YOUR AREA 26 Starboard Avenue, Bensville 40 Rosella Road, Empire Bay 2 Boongala Avenue, Empire Bay 45 Greenfield Road, Empire Bay 21 Union Street, Bensville 49 Rickard Road, Empire Bay 508 Empire Bay Drive, Bensville 89 Daley Avenue, Daleys Point FOR SALE FOR SALE SOLD $1,500,000 SOLD $930,000 SOLD $1,070,000 SOLD $882,000 SOLD $1,210,000 SOLD $1,300,000 2 2 5 2 4 4 3 3 5 1 1 2 4 2 1 3 1 1 3 5 3 1 4
FAST FACTS BENSVILLE 5 1. 3. 4. 5. Compared to five years ago, the median sales price for houses in Bensville has increased 68% which equates to a compound annual growth rate of 10.9%. PROPERTIES SOLD LAST QUARTER HOUSES AVERAGE DAYS ON MARKET SALES HOUSES MEDIAN $1,210,000 HIGHEST $1,575,000 LOWEST $1,070,000 Source: CoreLogic RP Data 15 January - 15 April 2024 2. 44 BENSVILLE LEASE MEDIAN HOUSE (3 BED) $750 RENT PER WEEK $1.0M 20 $1.2M 40 $1.4M 60 $800K 0 2020 2021 2022 2023 MEDIAN HOUSE SALE PRICE NUMBER SOLD 2024
FAST FACTS EMPIRE BAY 8 1. 3. 4. 5. Compared to five years ago, the median sales price for houses in Empire Bay has increased 25% which equates to a compound annual growth rate of 4.6%. PROPERTIES SOLD LAST QUARTER HOUSES AVERAGE DAYS ON MARKET SALES HOUSES MEDIAN $1,177,500 HIGHEST $2,400,000 LOWEST $861,000 Source: CoreLogic RP Data 15 January - 15 April 2024 2. 39 EMPIRE BAY LEASE MEDIAN HOUSE (3 BED) $645 RENT PER WEEK $900K 20 $1.0M 40 $1.1M 60 $800K 0 2020 2021 2022 2023 MEDIAN HOUSE SALE PRICE NUMBER SOLD 2024
WEEKEND RENOS TO FUTURE PROOF YOUR HOME Treating your home like a long-term commitment sometimes seems like a forgotten art. With so many trends and new things that demand all of your attention right now, it can be difficult to think 10, 20, 30 years down the track. There are plenty of ways to improve your home’s functionality, beauty, and longevity. Simon Clark, one of the founders of Sustainable Homes, is very passionate about this idea. “Any work that you do, you want it to last as long as it can. For every economic and sustainability reason you could imagine,” Mr Clark says. Install Quality Blinds and Curtains Blinds and curtains are incredible insulators for your home. No matter your location, we need to be thinking about how to keep our homes cool or warm without breaking the bank. Picking out curtains or blinds that suit your home and your climate is quite a fun job. Paint a Wall or Two We all know how a lick of paint can make a huge difference. Whether you are just wanting to refresh a space or introduce a bold statement, painting a wall or two is actually very simple. The key thing to remember with painting is to do the prep work right. Tape off your wall correctly, secure your drop sheet, and invest in the right wall paints and highquality rollers and brushes. Insulate! Insulation is a must. Easy if you are building your home from scratch, but if you have moved into an existing house this can be a little more difficult. “Insulating under your floor can improve a home’s performance by 20%,” Mr Clark notes. It is important that your insulation job is done well, so this might be more of a long-term plan. Make Your Home A Place You Enjoy Being Making sure your home is a place that you want to be is vital to the longevity of your property. Hang art and shelves, decorate spaces with intention, and make your home as comfortable as possible. “Just make your home a place that you’d love to be – the more you can do that, it’ll improve your life, your relationships and the value of your home,” Mr Clark says. These are just some small ways you can start actively improving your home’s functionality, beauty, and efficiency, and the more you keep this in mind, the longer your home will serve you.
YOUR RAY WHITE TEAM Ray White Bensville Shop 5, 32 - 34 Kallaroo Road, Bensville NSW 2251 02 4369 2268 Ray White Empire Bay 2B Kendall Road, Empire Bay NSW 2257 02 4369 6618 raywhitebensvilleempirebay.com.au We are a highly experienced team with a proven record of success Carley Eder RENTALS PRINCIPAL 0432 945 578 carley.eder @raywhite.com Tiffany Mooney SALES 0406 398 432 tiffany.mooney @raywhite.com Matthew Kidd SELLING PRINCIPAL 0417 230 732 matthew.kidd @raywhite.com Amee Pigram PROPERTY MANAGER 0402 419 882 amee.pigram @raywhite.com Quinta Jamieson LEASING AGENT 0411 624 887 quinta.jamieson @raywhite.com Natalie Hall PROPERTY OFFICER 0466 899 295 natalie.hall @raywhite.com
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