K I AMA P R O P E R T Y R E P O R T AU T UMN 2 0 2 3 Courtesy of Ray White Kiama
There has been a lot of talk around what the rising cash rate and ensuing mortgage interest rates means for people who already have a loan, but what about those who are wanting to enter the property market for the first time? There are several positives for first home buyers: 1. Falling property prices Property prices have dropped around the country - in some areas by up to 25% in 2022. It means homes may be more affordable than they were a year ago. It also means we are moving toward, if not in, a buyers’ market compared to last year’s seller’s market. 2. Increasing rents If you’ve looked for property to rent recently, you would know competition is high, the prices are up and other applicants are offering anything from higher rent to months upfront in a bid to secure a property. Variable rates for home loans are likely to increase and decrease over time, however rents on properties tend to continue to trend upward. Buying your home to live in helps you to get out of the rising-rate environment. 3. Projected flattening of interest rates The RBA has said it is open-minded about how many future rate increases it will make, however economists at the big four banks all predict the peak will happen at some stage in 2023. There are two potential pros for first home buyers. If we peak in 2023, you are unlikely to experience the same turbulence homeowners did last year. Secondly, the stress test applied to loan applications means you should remain within your “comfort” range on repayments if economic factors are brought into control as projected. 4. Higher savings rates The flip side of the rising cash rate is that the interest rate on savings accounts usually also increases. This is good news for people saving a deposit to purchase property. This combined with the decreasing property prices can put buyers in a better position to get onto the ladder. Michele Lay & Matthew Lay Licensee & Director, Ray White Kiama WHAT’S HAPPENING IN OUR MARKET?
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 extendable tools for hard-toreach areas, pressure washers, stain removal solutions and more. 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 foliage cover will be uneven and unattractive. Professional gardeners ensure your plants are both tidy and healthy - plus, they can remove the green waste. 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. 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. TV makeovers, with their amazing wow factor transformations, 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. STYLING CLEANING ELECTRICAL & PLUMBING GARDENING PAINTING 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. FIVE DIY DON’TS WHEN PREPARING TO SELL
RECENT LISTINGS IN YOUR AREA $590,000 - $620,000 $3,650,000 Auction Just Listed Just Listed $925,000 - $975,000 $750,000 - $800,000 Auction 2 2 3 3 2 4 2 1 2 1 1 3 3 3 4 Land 951.9m² DA Approved 11 Lots Land 954m² 11/10 King Street, Kiama 403/15 Bourrool Lane, Kiama 12 Darien Avenue, Bombo 30 Anembo Crescent, Kiama Heights 2a David Smith Place, Kiama Heights 38A Anembo Crescent, Kiama Heights Lot 4/37 Churchill Street, Jamberoo Lot 12 Barton Drive, Kiama Downs
RECENT SALES IN YOUR AREA SOLD $2,105,000 SOLD $1,740,000 SOLD $1,360,000 SOLD $1,156,500 SOLD $1,100,000 SOLD $1,090,000 SOLD $950,000 SOLD $915,000 4 0 5 2 2 3 2 2 3 1 1 3 3 2 4 1 1 3 2 2 3 1 2 3 157 Manning Street, Kiama 17 Merrick Circuit, Kiama 85 Johnson Street, Kiama Downs 21 Gibraltar Avenue, Kiama Downs Lot 2/55 Surfleet Place, Kiama Lot 1/55 Surfleet Place, Kiama 43 North Kiama Drive, Kiama Downs 52 Hillview Circuit, Kiama
FAST FACTS KIAMA 30 1. 3. 4. Compared to five years ago, the median house sales price in Kiama has increased 59% which equates to a compound annual growth rate of 9.7%. HOUSES SOLD LAST QUARTER HOUSES MEDIAN DAYS ON MARKET SALE PRICES LAST QUARTER UNITS SOLD LAST QUARTER HOUSES MEDIAN $1,270,000 HIGHEST $4,600,000 LOWEST $400,000 UNITS MEDIAN $894,000 HIGHEST $3,300,000 LOWEST $350,000 Source: CoreLogic RP Data 1 November 2022 - 31 January 2023 23 2. 39 KIAMA $1.0M 50 $1.2M 100 $1.4M 150 $800K 0 2019 2020 2021 2022 2023 MEDIAN HOUSE SALE PRICE NUMBER SOLD 5. LEASE MEDIAN HOUSE (3 BED) $715 MEDIAN UNIT (2 BED) $550 RENT PER WEEK
Could not be happier “Vitas kept us fully informed throughout the process. He gave excellent, knowledgeable and considered advice, and we felt he was doing his best at all times to give us a good result, which he did. As retired real estate professionals ourselves, we could not be happier with Vitas’ service.” Vendors - Hans & Susie The best agent in Kiama “Robert Moore is 100% the most professional agent in the area. Rob not only sells for the best possible price, he has integrity whilst doing so. His knowledge of Kiama has come from years of living and working here. We couldn’t think of listing our property with anyone else and would recommend him if you are looking for an agent who goes above and beyond for his clients.” Vendor - Yasmin Above and beyond expectations “Vitas was very helpful, he took time to explain everything to our family who were involved in selling our father’s house. Plus he organised local contacts for stylists, gardeners, handymen, and house clearance, which made the whole process easy for us to manage remotely. He kept in constant contact with us throughout the sales campaign. He was professional and very easy to deal with. We were happy with the result on auction night and felt Vitas was instrumental in getting my father’s house sold. We would highly recommend him to anyone looking for an agent in Kiama.” Vendor - Genevieve A WORD FROM OUR CLIENTS
YOUR RAY WHITE TEAM Ray White Kiama Shop 2, 44 Manning Street, Kiama NSW 2533 (02) 4232 3300 raywhitekiama.com.au Michele Lay Director | Licensee in Charge 0409 461 756 michele.lay@raywhite.com Matthew Lay Director | Sales Operations Manager 0448 440 609 matthew.lay@raywhite.com Jessica Lay Management | General Office Manager jessica.lay@raywhite.com Bruce Lay Director | Business Manager bruce.lay@raywhite.com Robert Moore Sales & Marketing Executive 0402 047 414 robert.moore@raywhite.com Melinda Budd JP Sales & Marketing Executive 0419 256 139 melinda.budd@raywhite.com Vitas Tulich Sales & Marketing Executive 0403 547 354 vitas.tulich@raywhite.com Rodney Clarke Sales Associate rodney.clarke@raywhite.com Jay Bennett Sales Associate 0435 715 829 jayden.bennett@raywhite.com Inez Keogh Sales Administrator inez.keogh@raywhite.com Jan Collyer Admin | Accounting jan.collyer@raywhite.com Susie Scobie Team Leader | Senior Property Manager susie.scobie@raywhite.com Matt Hamilton Senior Property Manager matt.hamilton@raywhite.com CameronWalker Property Manager cameron.walker@raywhite.com Dawn Fritsch Property Manager dawn.fritsch@raywhite.com Sam Scobie Leasing Consultant propertymanager.kiama@raywhite.com Nick Bocock JP Reception reception.kiama@raywhite.com Jordan Hartley Reception reception.kiama@raywhite.com
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