More sales, median rises, and many looking to buy

SALES

We’ve reached the halfway mark for 2023, with clear and consistent signs that the market has kept moving this year. Reflecting on the year’s performance to date, Wentworth Point has recorded 12% more sales than this time last year, with 227 properties welcoming new owners since January. 

 

  • We’ve sold 81 homes since the year began. Over June, our team facilitated the exchange of 12 homes across Sydney, including eight locally.
  • Year on year attendance figures have skyrocketed. We saw 425 groups across 27 properties over June, a 29% monthly rise and significant 94% increase compared to June 2022 which tells us that potential buyers are actively looking for homes to purchase.
  • Prices are showing more positive movements. June recorded the third median price increase we’ve seen this year, rising from $717,800 to $719,100, marking a .2% increase which very well could be the beginning of a trend if it continues. 
  • Stock levels continued to drop. With a 3.1% decrease from May, there are only 126 properties currently for sale in the area, which is 22% less supply available than this time last year (157).
  • Interest rates held still and inflation fell. The July RBA meeting saw a hold on interest rates rises, keeping them at 4.1% as inflation rates fell to a lower than expected 5.6%. The RBA has reiterated that inflation in Australia has passed its peak, but has not ruled out further rate rises, dependant upon how the economy and inflation evolve over coming months.
  • New stamp duty exemptions are in effect. The new scheme commenced from 1 July, increasing the exemption threshold from $650,000 to $800,000, with concessions available on properties valued up to $1m. The introduction of this is excellent news for first home buyers, particularly those keen to join our local market. By increasing their budget and offering the potential to save up to $32,000 in stamp duty, the scheme is likely to make a first home purchase easier for many.

 

View the Wentworth Point snapshot.

RENTALS

Rentals have had an impressive year to date, with exceptional monthly performance that continues to exceed year on year results. Our rental department leased 61 homes over June, a figure 40% higher than June last year, as tenant demand keeps firm.

 

With 179 rentals on the market, supply budged 12% since May which recorded a very rapid increase. 28 of these homes were listed by Chidiac, making our 15.6% market share a figure on the lower end of our scale, but retaining our number one ranking in the local area.

 

Over June, 146 properties were leased in Wentworth Point, 37 (25.3%) of which were leased by us, with an average of 18 days (+1) to find new tenants for homes, compared to the suburb average of 28 days - a three day drop since May.

Our days on market have increased slightly as rental prices continue to correct, requiring landlords to adjust expectations both locally and across wider Sydney, however homes presenting well are undoubtedly leasing quickly, often achieving higher rents.

 

While demand is strong, supply has not decreased and tenants have plenty of options which may signal some will be seeking more affordable homes as the market levels out into more balanced pricing.

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