As we move into the final quarter of 2022, a year marked by consecutive interest rate rises by the RBA and the respective shift from the market peaks of the years prior, the resilience and quality of our local market has only become more evident. The latest rise from the RBA by 0.25%, which now sits at 2.60%, to open October marks the sixth consecutive interest rate increase this year however, it is important to note that the rise was half that of the last four rate rises which signals that the reserve bank may be satisfied that their efforts to curb inflation are on track. This is further emphasised by the easing in the decline to Sydney’s home value index which had lowered -2.3% in August and in September was reduced by only -1.8%. Although no price decline should be met by applause it should at least promote optimism for the future.
Considering our local market excellent results have continued to be achieved, with buyers remaining invested in the excellent schooling, infrastructure, culture and development potential. A notable example being a new record being achieved for a new build duplex in Epping in which 24 Neil Street sold for $2,880,000 in September. Taking a glance at the results on the front page of this market wrap showcase September produced excellent sales across the board, with both Eastwood and Ermington achieving sales in excess of $3,000,000 being that of 43 Stevens Street, Ermington and 296 Rowe Street, Eastwood which both sold for $3,140,000 and $3,500,000 respectively.
Taking a closer look at the results from September what becomes apparent is the volume of new listings to the market remains subdued and the lion share of excellent results are being attained by properties which are either brand new or showcase strong potential for further development in the future. Quality over quantity remains the trend which has meant that vendors who are taking the next steps are continue to receive ample competition, and exposure, from buyers.
For sellers considering taking their property to the market it is essential to look at their property through the eyes of a buyer and to ask themselves what attributes of their home could be better prepared or accentuated to create greater appeal.
Moving in to October our office is expecting our busiest month this year with a number of excellent properties coming to market. First being 193 Marsden Road, Carlingford which is now offered to the market for the first time in 56 years and offers a significant land holding of 1,0012sqm. On the other end of the spectrum is 28 Morshead Avenue, Carlingford which represents a modern family home with quality finishes throughout. We expect this level of activity to continue as confident grows in the property market and stability is returned.
If you would like receive an updated market appraisal and tailored marketing strategy for your property, I invite you to contact me. Should you also be in the market to purchase, my team would love to work with in securing your next home or investment property.
Peter Hunt | Director
0434 821 219 | email@example.com