SALES
It’s encouraging to see the spread of confidence in those searching for their next home, as May demonstrated another median price increase, stock numbers down, and overall market conditions showing further signs of improvement. We exchanged 15 homes this month, bringing our yearly sales total to 67 properties, while the market made some notable movements worth highlighting.
- The market has shown more signs of improvement. Corelogic data shows a second month of property price growth this year, with a 0.5% movement over May, following the 0.6% increase recorded in March. The median price in Wentworth Point has risen from April’s $709,700 to $717,800 this month - an increase of 1.14%.
- Less buyers were actively looking at properties this month. We saw 375 groups across 31 properties - an average of 12.1 groups per property. This is a 19% month on month decrease in average buyer attendance, but a 14% increase compared to May 2022.
- Our team has continued to keep average days on market lower than the area average. With properties we sell spending an average of 29 days on the market, this figure remains less than half the average amount of time other homes are on the market in Wentworth Point (68).
- Stock levels have decreased. May recorded a 8.7% shift in stock since April, with a total of 126 Wentworth Point properties actively for sale, 13.1% less supply than the 145 properties for sale in May 2022.
- Sales activity is lower than it was a year ago. This month, 36 homes unconditionally sold in Wentworth Point, marking a 20% decrease in transactions compared to the 45 properties sold in May 2022.
View the Wentworth Point snapshot.
RENTALS
WENTWORTH POINT
Our rental department has seen a very successful May, just two properties shy of being a record month of properties leased with 64 homes welcoming new tenants. These results are 40% higher than last month’s leasing activity, and 8% higher than May 2022.
We have seen a rapid increase in new Wentworth Point listings by 35% compared to April, with 204 local properties available, 48 (23.5%) of which were listed by Chidiac. Over May, 143 properties leased in Wentworth Point, 45 (32.1%) of which were leased by us, with an average of just 17 days to connect tenants with homes compared to the suburb average of 31 days.
For the first time in a while, supply is exceeding demand and fewer people are attending open for inspections, providing some much needed reprieve to tenants who have been part of a highly competitive market over previous months. Supply is the highest it has been in 1.5 years (286 listings in December 2021) with 260 homes currently available for rent in the 2127 postcode.
Our highest rental in the suburb was a three bedroom home achieving $1,100 per week, while the lowest was a one bedroom at $570 per week. Rental prices are showing signs of softening: one bedrooms at $607 per week (-7% compared to last month), two bedrooms at $752 per week (-6% compared to last month), and three bedrooms at $990 per week.
WIDER SYDNEY
Similarly in wider Sydney supply has increased across Sydney and demand has subdued, which may be good news for tenants, but delivers new challenges for landlords such as rental properties potentially spending longer amounts of time vacant on the market, and rental prices coming down further.
