2023 – A year of R&R What an interesting year 2023 has been! It could probably be defined as a year of R & R - Resilience and Recovery. As the previous year came to a close, many thought the market in 2023 was heading toward some very tough times with a plummet in prices predicted. Since May 2022 there have been 13 interest rate rises, five of those occurring in 2023. Naturally, as we farewelled 2022 and commenced 2023, the impact of so many interest rate rises were always going to make its mark. Consequently, January to April bore the brunt of the slowdown, with declining prices and longer days on the market. Strangely then, July became the turning point of the market. From a NSW perspective, listing volumes across the Ray White network increased by 30%. Normally, with such high volumes of listings increasing so rapidly, one would expect that an ‘oversupply’ of houses would cause another dip in prices and a further extension of longer time frames to sell. This was not to be. Demand kept up with supply. Our buyer inquiries and number of attendees at open homes surged. Hence, the market became resilient and prices recovered. Looking ahead to 2024, we feel the market will continue to remain strong in the 2261 postcode area. We are still seeing good demand from both investors and owner occupiers from Sydney who consider this area to be a great real estate investment/lifestyle choice. All except one suburb in the 2261 postcode offers a direct link to the lake or the ocean, making living close to the water an attractive option for many. A MESSAGE FROM OUR DIRECTORS
RkJQdWJsaXNoZXIy MTI3ODI1