SALES
April has left a trail of promising indicators with home values lifting for the second month in a row, high auction clearance rates, and an 0.8% drop in inflation from its peak to 7%. While the cash rate increased another 0.25% this week, there are many other factors at play that are strongly contributing to the momentum in our property market, yielding great results this month.
- Our team exchanged 16 homes - 12 of which were in Wentworth Point - bringing our total sales so far this year to 52. A year on year comparison of sales transactions in Wentworth Point shows an exponential 52% increase over April, with 32 properties unconditionally selling throughout the month.
- Sales activity has taken off since this time last year, while stock levels in the suburb remain consistent with the same supply levels seen this time last year, recording a 1.4% decrease in supply compared to last month.
- Property values are beginning to record rises around Sydney again, with Corelogic’s Home Value index recording 0.5% growth over April, the second month of positive movement following the 0.6% increase over March. This data signals an improvement in market conditions, with Wentworth Point’s median price lifting from $700,700 in March to $709,700 in April, marking a 1.3% increase.
- Buyer activity has been steady and constant, backed by significant enquiry and attendance figures which saw 494 groups across 33 properties. This is an average of 15 groups, and a substantial 39% increase compared to a year ago.
- Our team have consistently maintained a low average of 28 days on market, a figure less than half the area average of 67 days as our commitment to effective and expert sales campaigns produces excellent results.
- The RBA has just announced another cash rate rise, following its decision to pause an April rise after ten consecutive increases. The new cash rate stands at 3.85%, and this decision indicates that the RBA is continuing its efforts to manage inflation and ensure economic stability.
View the Wentworth Point snapshot.
RENTALS
WENTWORTH POINT
Our rental performance over April saw a total of 38 properties leased, with 19 based in Wentworth Point. The suburb maintained a high number of rental listings despite being a shorter month, with 132 new rentals on the market, including 34 with Chidiac. Our stronghold on the market share remained at a high 26% for new listings and 25.7% for properties converted to leased, keeping our #1 rank - despite a 46% drop in the amount of properties leased compared to March.
Our average days on market in April increased to 16 days, still 10 days lower than the suburb average of 26, and relatively consistent with our monthly average of 11 since the beginning of the year.
The rental market remains exceptionally strong, with some minor cooling observed over the month of April as we see a number of owners adjust prices by approximately 5% compared to averages over previous months. The average price for a one bedroom apartment in Wentworth Point is sitting at around $650 per week, while two bedrooms are achieving approximately $800 per week. The highest price for a one bedroom apartment this month was $700 per week, and the lowest not very far behind at $600. The highest two bedroom achieved $850 per week, with the lowest at $720. Overall, the most significant rental for the month was a five bedroom house in Concord, leasing at $1,500 per week.
Some of the shifts we’ve seen this month have much to do with April’s holiday distractions, with fewer people seeking rentals. And while there may be some willingness from owners to meet the market and reevaluate their price expectations, overall, rental prices still remain much higher than they were this time last year, and supply is limited with 40 one bedroom apartments, 65 two bedroom apartments, and 16 three bedroom properties available for rent in Wentworth Point.
WIDER SYDNEY
Competition for rentals has not budged, kept strongly afloat by high migration rates and people returning to cities, bringing great demand with them. Based on the number of inquiries per listing, demand rose 16.7%, and rental prices followed with an 11.3% increase, while supply levels across Sydney remained very low, with data released in the March PropTrack Rental Report showing an -18.2% decline, the second largest year-on-year decrease in the number of listings.
