Keith's Market Update
National dwelling values held firm in March with regional values recording a 0.4% rise, helping to offset a 0.2% fall across the combined capital city markets, according to industry commentator Core Logic. Regional markets are now consistently outperforming the combined capitals with 6 of the 8 capital cities recorded a fall in values over the first quarter of 2018, ranging in a 1.8% drop in Sydney values to a 0.1% fall in Darwin.
Interestingly the unit sector across Sydney (and Melbourne) has shown stronger conditions relative to detached housing, with Sydney unit values up 1.9% over the past twelve months, whilst house values are down 3.8%. Whilst affordability is no doubt a factor, the return of first home buyers to the market, since stamp duty concessions become available in July last year have no doubt had a role to play.
On the local front, whilst listing numbers have been consistent with 2017, the softening market has resulted in less buyers, properties taking longer to sell, weekly auction clearance rates moving back into the 60-70% range, and average days on market increasing. The result of this was less sales for the first quarter of 2018 when compared to 2017. However, we believe that a good percentage of these listings that failed to attract a buyer in the first quarter should sell in the autumn market. Following are some of our sales for the month of March:-
10 Aster Avenue, Asquith - Occupying a magnificent 739 sqm, this 3 bedroom home is light and bright with a closed in sunroom overlooking the yard. Single lock up garage, reverse cycle air conditioning and covered entertaining area. Sold for $1,235,000.
2 Beresford Road, Thornleigh – This brand new home offers open concept living spaces, covered outdoor entertaining alfresco and 4 substantial bedrooms. Ducted air conditioning and double lock up garage with internal access. Sold for $1,915,000.
2B Beresford Road, Thornleigh – 4 bedroom home with a selection of formal and casual living including an upstairs rumpus. Potential home office or fifth bedroom, ducted air conditioning and private gardens with in ground swimming pool. Sold for $1,880,000.
16 Kallang Parade, Wahroonga – Nestled on 1,016sqm approx. with an East facing entertaining balcony and spa. Stunning living/dining area, 4 bedrooms, pristine main bathroom & powder room for the guests. Sold for $1,460,000.
2 The Grove Way, Normanhurst – Spacious open plan lounge and dining, 3 bedrooms all with built in robes and guest powder room downstairs. Reverse cycle air conditioning and floating floorboards throughout. Sold for $1,050,000.
29 Brushwood Place, Hornsby - Huge open plan lounge and dining room with polished floorboards and combustion fireplace. 4 great sized bedrooms, amazing entertaining deck with valley views. Sold for $1,280,000.
5 Robinson Close, Hornsby Heights – This 3 bedroom family home provides a huge living room which flows to your main entertaining balcony that takes in your North/East valley views. Separate formal dining along with casual dining from your kitchen. Sold for $1,195,000.
38 Jackson Crescent, Pennant Hills – Set on approx. 746sqm, this three bedroom family home offers a large lounge room, retro bar and dining leading out to the deck. Lower level rumpus/office/music room or teenage retreat. Sold for $1,225,000.
The good news is that the Sydney housing market is currently showing every sign of recording a soft landing. Whilst values have continued to fall, the rate of decline is now easing, which some industry experts are seeing as an indication that our market has already moved through its peak rate of decline. There is a good supply of buyers out there, but they are being selective with what they purchase and what they pay. Our role as agents is to secure our vendor the very best price the market will pay under current market conditions. Having a skilled and experienced sales team is a major advantage in this market place.
Keith Soames
Principal
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