Northern Beaches
The tide has turned for Australia's favourite asset.
First, we had news from CoreLogic that national home values increased by 0.6% in March, and capital city home values rose 0.8%, this is the first month-on-month rise since April 2022.
Australia's favourite asset is back!
This monthly increase means the combined value of residential real estate in Australia rose to $9.4 trillion at the end of March from $9.3 trillion in the previous month. Property simply dwarfs the combined market capitalisation of $2.8 trillion for shares.
The RBA also came to the party by pushing pause on cash rate rises – this was also the first time since April that homeowners didn't have to contend with higher monthly home loan interest rates.
Appraisals, listings, OFIs and auction clearances already up.
According to the April Raine & Horne Monthly Report, appraisals jumped by 30% since January, listings are up 43%, while the number of groups attending open-for-inspections (OFIs) jumped by 23%.
Meanwhile, combined capital cities auction clearance rates averaged 65.4% in the four weeks ending 2 April 2023 – it was closer to an average of 55% at the end of last year. This result shows that even before the RBA paused rates, the smart money was already active in the market – a development that augurs well for winter and spring real estate markets.
So, whichever way you look, the property drums are beating now that interest rate hikes have stalled, appraisals are up, and buyers are back in numbers at open for inspections and auctions.
If you're considering selling your property before winter, reach out to us today - 9999 0800
Mona Vale Market Update
Sales:
Average House Price: $2,455,000 (-6.5% yoy)
Average Unit Price: $1,325,000 (-5.4% yoy)
Interested buyers (house): 2106
Interested buyers (unit): 1147
Rental:
Average House Rental Price: $1,025 pw (+3.5% yoy)
Average Unit Rental Price: $650 pw (-4.4% yoy)
Interested buyers (house): 358
Interested buyers (unit): 337
Data and statistics derived from Realestate.com.au, CoreLogic's RP Data and Raine&Horne Network. We do not take any responsibility for inaccuracy of data.