meridienrealty.com.au QUARTERLY PROPERTY REPORT JULY 2023 EDITION Prepared by James Holvander
For a while I’ve been saying that correlation does not equal causation emphasising that interest rates are only one part of the property price equation. The end of June financial year has marked the 4th consecutive month of house value increases since they found a floor in February of this year. Since then, housing values have increased nationally by 3.4%. Sydney has led the charge with an upswing of 1.7% over the course of June, taking the cumulative rise since the January/ February trough to an impressive 6.7%. Despite this boon in housing values, driven primarily through lower supply, the overall pace of growth has slowed. This shortage in supply has been fuelled by a reluctance from owners in putting their property on the market in the belief that their wish price might be compromised. Ironically, in most cases this has resulted in the opposite with net capital city listings overall being nearly 10% below the previous five year average and “total inventory levels are more than a quarter below average” according to CoreLogic. So with this constrained supply the effects of interest rate rises have not dampened buyer enthusiasm as much as expected. This is playing out in the sales results we see locally, where those homes with any number of appealing points of difference, i.e. popular floorplans; generous block sizes; modern finishes; potential to add value; proximity to infrastructure… are continuing to garner strong buyer interest and often achieving results beyond expectations. We have seen the number of short-sellers (those buyers that purchased over the course of the last 2 years for instance) rising nationally. Many of these short-sellers have typically involved buyers that have become sensitive to the string of rate hikes and are trying to offload their homes to avoid the mounting pressures from an increase in mortgage repayments. Despite the fact that rental vacancies continue to be at record lows and are attracting strong rents, clearly the rise in mortgage repayments have started to bite amongst some investors who are opting to streamline their expenses. Keep in mind the higher rents still have not offset the steep rise in mortgage repayments for investors. In fact during the month of May approximately 36% of all listings were rental/investor stock. However, according to CoreLogic net overseas migration is expected to reach 400,000 this financial year, which is almost 27% above the previous record high recorded in 2008. Although housing values continue to record a broad-based upswing, the pace of growth across most capitals eased in June. “A slowdown in the pace of capital gains could be a reflection of a change in sentiment as interest rate expectations revise higher,” Mr Lawless from CoreLogic said. “Higher interest rates and lower sentiment will likely weigh on the number of active home buyers, helping to rebalance the disconnect between demand and supply.” If you’re looking to sell your property, now could be the sweet spot you’re looking for as there’s an under-supply of good property on the market. As with many things, timing is everything. *Disclaimer: Please note, this report is strictly meant to be of an informative nature and does not constitute investment advice. Market Update 0411 330 208 jholvander@meridienrealty.com.au 2
Median Average growth for free-standing homes over the April - June quarter: 1.45% ESTABLISHED HOUSES SOLD LAST QUARTER 33 UNITS SOLD LAST QUARTER 43 HOUSE MEDIAN DAYS ON MARKET 43 Rouse Hill Fast Facts 0 50 100 150 200 250 2023 YTD 2022 2021 2020 2019 2018 600,000 750,000 900,000 1,050,000 1,200,000 1,350,000 1,500,000 2022 2023 YTD 2021 2020 2019 2018 0 50 100 150 200 250 2023 YTD 2022 2021 2020 2019 2018 600,000 750,000 900,000 1,050,000 1,200,000 1,350,000 1,500,000 2022 2023 YTD 2021 2020 2019 2018 NUMBER OF HOUSES SOLD SALES LEASE STATISTICS HIGHEST $2,816,500 Median house (4 bed) $750 per week HIGHEST $1,240,000 Median unit (2 bed) $540 per week LOWEST $1,190,000 LOWEST $490,000 Number of houses sold MEDIAN PRICE Price $ Houses Units Source: Core Logic RP Data & realestate.com.au 3
4 Median Average growth for free-standing homes over the April - June quarter: 2.2% ESTABLISHED HOUSES SOLD LAST QUARTER 82 UNITS SOLD LAST QUARTER 13 HOUSE MEDIAN DAYS ON MARKET 41 Kellyville Fast Facts 0 100 200 300 400 500 2023 YTD 2022 2021 2020 2019 2018 1,000,000 1,175,000 1,350,000 1,525,000 1,700,000 2022 2023 YTD 2021 2020 2019 2018 0 100 200 300 400 500 2023 YTD 2022 2021 2020 2019 2018 1,000,000 1,175,000 1,350,000 1,525,000 1,700,000 2022 2023 YTD 2021 2020 2019 2018 NUMBER OF HOUSES SOLD SALES LEASE STATISTICS HIGHEST $3,500,000 Median house (4 bed) $800 per week HIGHEST $1,050,000 Median unit (2 bed) $610 per week LOWEST $1,225,000 LOWEST $615,000 Number of houses sold MEDIAN PRICE Price $ Houses Units Source: Core Logic RP Data & realestate.com.au
Median Average growth for free-standing homes over the April - June quarter: Box Hill Gables -0.41%* -1.28%* COMBINED ESTABLISHED HOUSES SOLD LAST QUARTER 88 UNITS SOLD LAST QUARTER 0 COMBINED HOUSE MEDIAN DAYS ON MARKET 45 Box Hill /Gables Fast Facts 0 100 200 300 400 500 600 2023 YTD 2022 2021 2020 2019 2018 0 400,000 800,000 1,200,000 1,600,000 2022 2023 YTD 2021 2020 2019 2018 0 100 200 300 400 500 600 2023 YTD 2022 2021 2020 2019 2018 0 400,000 800,000 1,200,000 1,600,000 2022 2023 YTD 2021 2020 2019 2018 COMBINED NUMBER OF HOUSES SOLD SALES LEASE STATISTICS HIGHEST $2,013,000 Median house (4 bed) $700 per week HIGHEST n/a Median unit (2 bed) n/a LOWEST $935,000 LOWEST n/a Number of houses sold MEDIAN PRICE Price $ Houses Units Source: Core Logic RP Data & realestate.com.au, *earlier 2018-2019 sales were vacant land with limited established house sales 5 Box Hill Gables
7 Recent Sales in Rouse Hill Source: CoreLogic (1 April 2023 - 30 June 2023) 6 12 Cleveland Close 7 Grimmett Ave 2 Highlands Way 82 Milford Drive 78 Milford Drive 6 Cleveland Close 6 Patriot Place 62 Adelphi Street 11 Connor Place 10 Barnes Place 44 Highlands Way 40 Mailey Cct 10 Grimmett Ave 7 Yorlin Place 11 Grandiflora St $2,816,200 $1,785,000 $1,950,000 $1,680,000 $1,617,500 $2,300,000 $1,700,000 $1,827,000 $1,670,000 $1,602,500 $2,030,000 $1,700,000 $1,825,051 Price Withheld $1,550,000
Other Recent Sales Source: CoreLogic (1 April 2023 - 30 June 2023) 7 19 Farmhouse Ave, Kellyville 102 Brampton Drive, Beaumont Hills 6 Hickson Ave, Kellyville 7 Lunette St, Gables 37 Box Road, Box Hill 80 Arnold Ave, Kellyville 22 Comet Cct, Beaumont Hills 24 Landsdowne Rd, North Kellyville 19 Pilaster St, Gables 48 Galloway Road, Box Hill 70 Mapleton Ave, North Kellyville 70 Brampton Drive, Beaumont Hills 6 Hassell Close, North Kellyville 7 Barlow Boulevard, Gables 13 Cormo Way, Gables $3,500,000 $2,400,000 $3,025,000 $2,013,000 $1,756,000 $3,350,000 $2,275,000 $2,555,000 $1,960,000 $1,705,000 $3,070,000 $2,230,000 $2,500,000 $1,800,000 $1,700,000
8 Knock knock – who’s there? You’re setting out to create the most appealing version of your home possible, in order attract a particular buyer, and encourage them to pay a premium price. You want them to feel that your home meets their needs. So think about who that person is, and it will make choices about styling and layout a little bit easier. Is it likely to be a family home? Have the rooms set up accordingly, with great bedrooms for children and the master offering a parent’s retreat. For younger couples, contemporary furnishings and decor is a must. Inspiration To invest in creating the right kind of look, grab a couple of home interiors magazines to see what’s current in terms of colour and style, and for handy hints on arranging rooms and adding wow factor. The internet is great, but do ask your real estate agent about the hot buttons you should be pushing for your target market. They see and hear a great deal from their daily interactions with potential purchasers. Adjust the energy Get rid of things that distract from your property’s positive features. Fixtures and fittings that are old, yellowed or worn; refresh the paint job in high traffic areas and replace dated lights or taps - relatively simple, and inexpensive. Then there’s the biggie: clutter. Editing your ‘stuff’ and creating space is the simplest way to increase your home’s versatility. Move (or remove) furniture to create flow through rooms. Pack away the personality – photos, knick knacks, children’s art… Less is more when it comes to helping others ‘see themselves’ in your home. Superior exterior Buyers get their first impression of your property when they pull up outside. There might be much you can’t change, but simple street appeal comes from having the property spotlessly clean and tidy. Do a practice run - arrive at your front door as if you were visiting for the very first time. Moss, mould, leaves, dust, peeling paint and dying plants must go, and make sure the main entrance is friendly and unobstructed. Invest in a new doormat! Last minute When the day finally arrives, let daylight in and turn on all the lights (especially if the switches are not in obvious places). Focus on the comfort factor: doors and windows open if it’s hot, heating on if it’s cold. Fresh flowers are in, scented air fresheners are out. Empty the dish washer, wipe your sinks dry, put toilet lids down, remove the rubbish and do a final sweep to collect any clutter and personal items on benchtops, damp cloths/towels and dirty laundry. Walk around with a large rubbish sack or laundry basket to make this easy, then pop it in the car and drive away. Prepare For Your Open Day Like A Pro
Kick off the Women’s FIFA World Cup in style. For some real ambience take your friends and family and watch the Matilda’s in action at Market Square at the Rouse Hill Town Centre. They will be hosting a month long festival of football, commencing 20th July. By 2041, the Precinct Plan envisages the Rouse Hill Strategic Centre will be a prime destination for knowledge intensive businesses focused on health, education, science, technology, finance and advanced manufacturing. Business will enjoy the proximity and ease of access to complementary services and facilities at nearby strategic centres of Castle Hill and Norwest and the economic competitiveness offered by enhanced connections to Sydney CBD, Greater Parramatta and the Western Sydney Airport. The Draft Precinct Plan is now on exhibition until 31 July 2023. Go to The Hills Shire Council website at www.thehills.nsw.gov.au if you’d like to participate and have your say. What’s Happening in Your Local Area 9
Recent Leasing Success WHEN IT COMES TO MANAGING YOUR PROPERTY PORTFOLIO, NOTHING IS MORE POWERFUL THAN EXPERIENCE AND GREAT CUSTOMER SERVICE. IF YOU WANT TO LEARN MORE ABOUT OUR SERVICES, PLEASE REACH OUT TO ONE OF OUR TEAM. 8883 0777 10 With over 20 years of local experience you could not be in better hands. What’s the job we do for you as the landlord? • We maximise rental return. • We minimise vacancy by aligning lease end dates to peak tenant demand and by using a thorough tenant selection process. • We reduce risk by the likes of proactive maintenance and maximise asset value for future resale. • We become your eyes and ears for set and forget property management. 3 O’Reilly Way, Rouse Hill 10 Hyatt Close, Rouse Hill 40 Milford Drive, Rouse Hill 30 Yellowgum Ave, Rouse Hill 40 Mailey Cct, Rouse Hill 46 Dorado St, Box Hill $975pw $950pw $950pw $825pw $950pw $720pw
What Our Clients Say I feel so privileged for the opportunity of leaving a review about my agent, James Holvander from Meridien Realty. If you are reading this and thinking about selling, you will not find a more professional, personable, caring, hardworking and honest man to walk you through the process. In 2022 I decided on a sea change, so started renovations on my property to sell. James was my choice because he has a strong knowledge of the financial market & real estate sales in the Rouse Hill area. My home finally had its first open house Saturday 3rd June, it sold within a week and James was able to negotiate a sales record price for Rouse Hill. I am absolutely thrilled with the result and forever grateful to James & the Meridien Realty team. RUTH TULLETT | 10 GRIMMETT AVE From the start, James’ wonderful easy going and personable manner provided us with great confidence and trust in him. His knowledge of the area is second to none and he kept us fully informed throughout the sales process. We loved the video and photos. His vision and strategy were spot on, with the sale going exactly to plan and us being over the moon with the result. We would recommend James and his awesome team without hesitation. Thank you James and Alexandra. KEITH & CHRISTINE WARDLE | 6 PATRIOT PLACE We bought our home from James and the team at Meridien back in 2012 and were impressed with how hard he worked for both parties involved. I’ve always said when we sold it he would be the first person I would call, so I did. It was the best move I could have made. James work extremely hard and after one week on the market and some excellent negotiations from James not only was it was sold but sold for a new street record! I could not be happier with the outcome James and the team has delivered. JON WINKS | 40 MAILEY CCT James has an amazing knowledge of the Rouse Hill area. After initially contacting 4 different agents we decided on Meridien Realty as we felt that James could support us best through the process of selling. It all went quickly and smoothly with the contract, advertising, and styling all coming together for the first open home - followed by offers, negotiation, and a quick sale. James was always available to answer questions and kept us well informed. We would recommend him for other sales in the Rouse Hill area. THE METCALFE FAMILY | 12 MILFORD DRIVE 11
GET IN TOUCH 1/26 Adelphi Street, Rouse Hill NSW 2155 P: (02) 8883 0777 E: enquiry@meridienrealty.com.au meridienrealty.com.au
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