Your Property News February 2023

There has been much written about the forecasted 2023 housing market from a sales and a rental perspective. Apparently, we will see a “cliff” in late April/early May due to a number of home loans coming off fixed interest rates. The rental market is at 1% occupancy. The cumulative result, lower house prices with a number of distressed sales and higher rents with limited availability. Apparently.

With all this gloom and doom, let’s look at our local market.

Currently there is approx. 8% of property listed for sale. This is slightly lower than normal. – traditionally at this time of year it runs at around 10%. Hence, the ‘For Sale’ market is experiencing low supply.

The number of transactions (sales) in the area is down compared to this time last year however we are still seeing a stronger than normal Auction result and a number of standout sales in the area since the beginning of the year. Open home numbers and buyer enquiry has been very strong since mid-January. Stand out sales in the area include:-

Reeve Street, Clayfield – $4,660,000
Bennison Street, Ascot – $3,510,000
Manson Road, Hendra – $2,302,000

In Ascot, Hamilton, Clayfield, Hendra, Wooloowin and Kalinga there are 118 properties to choose from to rent as advertised on realestate.com.au. They range from a 1 bed, 1 bath, apartment for $190 per week to a brand new 5 bed, 4 bath home with pool for $2,500 per week including pool maintenance. The majority of listings sit in the $700 – $800 range.

We have a seen a very small number of resales of homes purchased in 2021 onwards over the last 12 months. The majority have sold for the same if not slightly higher price. The key point here is that house prices aren’t falling, buyers lending ability has tightened due to the increase in interest rates. Prior to the rate increases, a buyer may have been able to borrow $2,000,000, now they can only borrow $1,800,000. The old saying “your house is only worth what the buyer is willing to pay” rings very true.

In summary, our market is strong. Limited supply with good buyer interest. Demand is very strong for fully renovated homes in prime locations. Liveability is a key driving factor in determining value.

We have just completed our yearly property review, highlighting the trends over the last 12 months in our market. The number of over $5,000,000 sales in the area is now becoming a norm not a rare occurrence. If you would like to receive a complimentary copy, please reach out.

If you’d like to upsize, downsize, invest, or enjoy an easier lifestyle, please reach out. We are partnering with a number of sellers seeking to achieve their property goals. For a discrete discussion, let’s talk.

Amanda
Amanda Butler – Principal
0438 767 439

In our Clients words

We would like to thank Amanda and her team for managing the sale of our New Farm apartment in December 2022. This is the second property we have engaged Butler+Co. to manage for us, the first being our family home in Hamilton. They are delightful to deal with, dedicated, professional and thoroughly focussed on our needs. They managed the sale process without fuss and achieved a great outcome. We have no hesitation in recommending Butler+Co if you are considering selling your property. Thanks again Amanda and Paula.

A + A – Clayfield