Maroubra Property Report S UMM E R 2 0 2 3 Courtesy of Ray White Maroubra | South Coogee
WHAT’S HAPPENING IN OUR MARKET? We don’t have a crystal ball but here are some of the things that we 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. 3. Apartment living to become more popular Inner city living wasn’t much fun during the pandemic. Much of what makes it great such as great restaurants and entertainment were not available. In addition, living in small places is more problematic when you need to work and study there every day. As a result, we saw record movement to regional areas and very high demand for bigger homes. This is now starting to change. 4. Rental pain to continue Population growth and restrictions to 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 the cost of living continues 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.
RECENT RESIDENTIAL SALES SOLD 3 Cowper Avenue, Pagewood House SOLD 144 Boyce Road, Maroubra House SOLD 12 Raleigh Street, Coogee House SOLD 6/18 Bona Vista Avenue, Maroubra Apartment SOLD 54 Wellington Street, Mascot House SOLD 86 Garrett Street, Maroubra House SOLD 13/27 Arcadia Street, Coogee Apartment SOLD 402/95 Brompton Road, Kensington Apartment
Compared to five years ago, the median sales price for houses in Maroubra has increased 22.8% which equates to a compound annual growth rate of 4.2%. FAST FACTS MAROUBRA 1. 5. 3. HOUSES AVERAGE DAYS ON MARKET 44 MAROUBRA HOUSES UNITS MEDIAN $2,560,000 MEDIAN $889,000 HIGHEST $3,875,000 HIGHEST $4,250,000 LOWEST $990,000 LOWEST $640,000 4. LEASE MEDIAN HOUSE RENT (3 BED) $1,070 MEDIAN UNIT RENT (2 BED) $700 Source: Core Logic RPData 23 October 2022 - 23 January 2023 2. SALES $2.0M 200 $2.5M 300 $3.0M 400 $1.5M 100 2018 2019 2020 2021 2022 MEDIAN HOUSE SALE PRICE NUMBER HOUSES SOLD 46 HOUSES SOLD LAST 3 MONTHS UNITS SOLD LAST 3 MONTHS 29 62% HOUSE AUCTION CLEARANCE RATE
RECENT COMMERCIAL ACTIVITY LEASED Shop 1/654-656 Botany Road, Alexandria Retail LEASED 787 Anzac Parade, Maroubra Retail SOLD Unit 6, Level 2, 88 Pitt Street, Sydney Offices SOLD 158 Longueville Road, Lane Cove Retail SOLD 72 & 74 Clarence Street, Port Macquarie Land Development LEASED 236 Coogee Bay Road, Coogee Retail SOLD Suite 603/84 Pitt Street, Sydney Offices LEASED Front Office, 88 Perry Street, Matraville Offices
YOUR RAY WHITE TEAM DIRECTORS Anthony Vella 02 8347 6085 0412 232 904 Phillip Elmowy 02 8347 6060 0425 285 444 RESIDENTIAL TEAM No.1 NSW/ACT Property Management Business of the Year 2019/2020 & 2020/2021 No.3 NSW/ACT Property Management Business Development of the Year 2019/2020 No.9 Blue Office Settled Commission 2019/2020 Premier Business Leader 2020/2021 & 2021/2022 RAYWHITE MAROUBRA SOUTH COOGEE RAYWHITE COMMERCIAL SOUTH SYDNEY 781 Anzac Parade Maroubra NSW 2035 (02) 8347 6000 rwre.com.au 11 Joynton Avenue Zetland NSW 2017 (02) 9101 8000 rwcss.com COMMERCIAL TEAM Amber Halil New Business Development Amy Vella Licensed Real Estate Agent Dean Cassidy Property Manager Dennis Theodorou Property Manager Dianah Farhat Sales Accounts Eden Elmowy Licensed Real Estate Agent FayeMiao Financial Controller Helena Apostolatos Property Manager James Papachristou Property Manager Jason Malouf Licensed Real Estate Agent Jeremy Elmowy Licensed Real Estate Agent Joan Gannon Property Management Administration JoanneMcNamara Receptionist Karrisa Lisha Property Manager Katrina Vassiliadis Receptionist Kaye Lui Property Management Accounts Koxan Oey Leasing Consultant Matt Skene Property Manager Michael Guirguis Property Manager Mona Piankerd Property Management Support Natasha Arifin Marketing Manager Orazio Palazzolo Property Manager Sienna Elmowy Reception/Administration Sophie Sutinen Sales Coordinator TimPsaltis Property Manager Alex Santelli 02 9101 8008 0403 104 146 Domenic Severino Leasing Executive Eddie Petro Special Projects & Capital Markets John Skufris Licensed Real Estate Agent Kerrie Pelayias Commercial Sales & Leasing Mary Dudley Commercial Administrator Tamara Shakespeare Operations Manager Tina Dimarchos Commercial Administrator
RkJQdWJsaXNoZXIy MTI3ODI1