QUARTERLY MARKET REPORT Courtesy of Ray White Cranbourne
We don’t have a crystal ball but here are some of the things that I think will happen in residential property markets in 2023. 1. Interest rates to peak We’re yet to see the peak of interest rates but at this point, it’s likely to happen early this year. Conditions can of course change quickly however, as of writing, fuel prices have pulled back, supply chain blockages are improving and most recently, we saw inflation pull back slightly. 2. House price growth to start again House price data from Neoval, a new property analytics company backed by the White family, has already recorded house prices stabilising across Australia. While this may just be a temporary reprieve, at some point, increasing population growth and a shortage of homes will lead to price pressures that will overtake higher interest rates. Already this is showing up in rental levels. 3. Regional population movement to continue (but slow) The pandemic sparked the biggest movement to regional Australia ever recorded. It’s likely that this movement has now slowed considerably, however it’s unlikely to have ended. The main reason for this is that population movement was already occurring prior to 2020, driven by affordability and improvements to transport links to regional areas. This trend will continue and will particularly benefit those areas close to capital cities that offer high levels of amenity. 4. Rental pain to continue Population growth and restrictions to housing supply show up most quickly in the rental market. With population growth accelerating, as well as construction problems continuing to slow down housing supply, rents will keep increasing. One balancing factor will be lower levels of household formation. Moving out of home, or leaving a shared house, will become less likely as rents and the cost of living continue to rise. And one thing we know for sure: no one rings a bell at the top or bottom of a market, so if the time is right, the time is right! If you’re considering a move, buying or selling, give us a call. We look forward to being of service to you in 2023. The Sales Team Ray White Cranbourne WHAT’S HAPPENING IN OUR MARKET?
SET STRATEGIC INSPECTION TIMES When is the best time to host opens according to your agent? Ask their opinion on the times and days that could ensure the best buyer traffic. Also consider particular times of day that your street presents well. Avoid rubbish day, and if you’re in an apartment complex, when is the weekly common area cleaning carried out, and your block looking its best? These considerations cost nothing and can improve the buyers’ perception of your home. A QUICK FACELIFT The first thing any buyer will assess is your house in the context of neighbouring houses. Work to make your house the most attractive from the street. Look at it with fresh eyes. Could a few flowering potted plants liven up the front? Inexpensive, quick fixes like a new doormat and touching up any chipped paintwork around the front door are worthwhile to ensure it’s in pristine condition. PAINT KEY PARTS Painting is one of the most cost-effective improvements. A neutral palette keeps more buyers interested as it allows them to imagine living in your home with their own furniture and style. Just make sure you allow enough time before inspections begin for that new paint smell to disappear. A recent study revealed that it takes only an average of eight minutes for home hunters to decide whether or not to buy a particular property. That’s quick! Especially considering a home is the single biggest purchase a person will make in their lifetime. Here’s some tips for leaving the best impression on potential buyers to increase competition and give you a better chance of achieving a premium price for your property. YOU’VE GOT 8 MINUTES TO IMPRESS! YOUR OUTDOOR CARPET Home-owners, take note. Surveys have shown that buyers will pay considerably more for a house with a good lawn. We relish the idea of relaxing in the backyard, getting kids away from screens, and quality time with family and friends in the sunlight. Laying turf may be one quick and relatively inexpensive fix to put the finishing touches on your property. YOUR INDOOR CARPET It may seem silly to be investing in carpet you’ll never walk on but the reality is that dated, worn and damaged carpets are a significant deterrent for buyers. Of course, you don’t want to overspend on superhigh-end improvements that will never pay you back, but carpet is one of those items that can make or break a sale (unless you’re selling as a renovators dream!) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
RECENT SALES IN YOUR AREA SOLD $900,000 SOLD $1,230,000 SOLD $870,000 SOLD $657,500 SOLD $855,000 SOLD $652,000 3 2 2 4 2 4 4 2 2 3 2 2 5 3 2 3 2 2 6 Auburn Grove, Botanic Ridge 82 Settlers Run, Botanic Ridge 13 Forest Drive, Clyde North 15 Oates Court, Cranbourne North 43 Fitzwilliam Circuit, Clyde North 25 Cochrane Street, Cranbourne
SOLD $705,000 SOLD $955,000 SOLD $671,000 SOLD $995,000 SOLD $950,000 SOLD $762,000 4 2 2 4 2 8 4 2 2 4 2 4 4 2 4 4 2 2 83 Marylyn Place, Cranbourne 1 Maddock Drive, Cranbourne East 13 Olympus Crescent, Cranbourne West 16 Raisell Road Cranbourne West 29 Mermaid Grove, Lyndhurst 46 Alysha Avenue, Lyndhurst
Source: Core Logic RP Data 20 November 2022 - 20 February 2023 MEDIAN HOUSE SALE PRICE NUMBER OF HOUSE SALES Botanic Ridge 20 Clyde 39 Clyde North 80 Cranbourne 54 Cranbourne East 52 Cranbourne North 51 Cranbourne West 47 Lyndhurst 7 FAST FACTS SOLD $850,000 $677,500 $710,000 $670,000 $713,000 $663,750 $690,000 $1,007,500
Loan Market Pty Ltd | Australian Credit Licence 537463 | If you’d prefer not to receive marketing messages from me, no problem, just email or call me. Make the call. 4 No obligation 4 Choice of over 60 lenders and 1,000 loan options 4 Expert advice and fast turn around times 4 Totally confidential Purchasing a property is a big investment for your future. Whether you're buying your first home, consolidating and paying off your debts or investing in your property portfolio, you need a lender who will support your long term goals. I'm here to help you find them. As an experienced mortgage broker with over 20 years in the industry, working with a broad portfolio of lenders, I would love to help you develop your strategy and find a mortgage to suit your needs. We lead our team with one focus - our clients. Whatever it is that you are looking for, we are here to help; - Purchase - Construction - Refinance - Debt Consolidation - Self Employed - Low Doc Lending - Car Loans - Personal Loans Let us help you today. Peter Dee, Principal Broker M: 0474775393 E: peter.dee@loanmarket.com.au A: 2/350 Charman Road, Cheltenham VIC 3192 Introducing Peter Dee
LOCAL EXPERTS WORKING FOR YOU Ray White Cranbourne Level 1, 7/9 Bakewell St, Cranbourne VIC 3977 (03) 5995 2003 raywhitecranbourne.com After a fantastic result? Call Casey’s most awarded Real Estate Agents! Ray White Cranbourne
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