As we move into the final month of 2022 our local market have proved its resilience throughout a year marred by consecutive interest rate rises from the RBA as it has continued to showcase excellent results. The current cash rate sits at 3.10%, after the RBA has now announced its most recent rate rise of another 0.25% in its first week of December. It’s important to note that this last rate rise was again at the lower end compared earlier months of the year which could indicate the RBA’s intent to ease further rate rises. This remains an unknown until the next announcement on the 6th November.
Our office enjoyed an excellent month of sales, with a notable result being achieved at 28 Morshead Avenue, Carlingford which sold at auction for a new street record of $2,135,000. The property itself was a modern four-bedroom family home which sat on 539sqm and offered excellent living and entertaining spaces. Over the course of the campaign we had over 180 inspections and had 13 registered bidders at the auction, with bidding commencing from $1,800,000. What is evident from this campaign is the strong demand for families looking to upsize, which is traditionally the most opportunistic strategy to undertake during weaker market conditions. This also provides an excellent opportunity for home owner’s of similar styled properties who had been considering making a move.
Another notable sale was that of 14/148-152 Marsden Road, Dundas Valley which was a modern three-bedroom townhouse which the current owner had purchased March 2021. Regardless of market conditions our team was able to secure a price $50,000 above their original purchase price at $1,050,000.
A clear theme, arguably due to rising building costs and delays, is the high demand for new-builds and properties which have already been renovated. Properties matching this description continue to take top position in the sales results each month as many buyers opt for the finished product rather than take on the work themselves.
Considering our local market excellent results have continued to be achieved, with buyers remaining invested in the excellent schooling, infrastructure, culture and development potential. Taking a glance at the results on the front page of this market wrap showcase November produced excellent sales across the board, with both Eastwood and Epping achieving sales in excess of $3,000,000 being that of 23 Orange Street, Eastwood and 8A Grandview Parade, Epping which both sold for $4,109,888 and $3,410,000 respectively.
As we close out the year now is an excellent time to begin preparations for the 2023 property market. 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.
To book in an appraisal simply call Peter Hunt on 0434 821 219 or email firstname.lastname@example.org
Prepared by Peter Hunt