As we advance further into 2023, we're observing steady growth and positive trends in the local property market. Comparing year-to-date figures with the same period last year, Wentworth Point (WWP) has recorded an impressive 16% more sales, with 263 properties changing hands since January.
Our team at Chidiac Realty has been busy, successfully selling 91 homes since the year started. In July, we facilitated the exchange of 11 homes across Sydney, including seven in Wentworth Point.
We continue to see high buyer interest levels. In July, we welcomed 591 groups across 29 properties, indicating that potential buyers are actively seeking and investing in their dream homes.
Market prices are on a positive trajectory. The WWP median price in July climbed for the fifth consecutive month, rising from $719,100 to $723,900. This 0.7% increase indicates a continued steady upward trend.
Property supply in WWP has seen a slight increase, with a 10% rise from June, and now stands at 135 properties for sale in the area. However, this represents a 9% decrease compared to the supply this time last year (149 properties).
The Reserve Bank of Australia has maintained interest rates at 4.1% for the second consecutive month, providing stability in our economic landscape.
As we approach the traditionally busy spring market, it's a particularly opportune time to consider selling your property. This period typically sees an influx of buyers looking to achieve their property goals before year-end.
If you're contemplating a sale, we invite you to reach out to us for an obligation-free appraisal. Our team is always here to assist you in making the most informed decision about your property.
In other news, proposed changes to tenancy laws could have a significant impact on investors and tenants. We encourage you to learn more and voice your opinion. Visit the NSW government's public consultation page here to have your say.
This month our agency demonstrated strong performance in the Wentworth Point rental market. We leased a total of 57 properties, with 35 properties leased in Wentworth Point, giving us a market share of 22%.
Our average rental prices were as follows:
- 1-bedroom: $612 per week (up 2% from June 2023)
- 2-bedroom: $730 per week (down 1.5% from June 2023)
- 3-bedroom: $992 per week (up 5% from June 2023)
The average days on market for our properties significantly decreased by 27% compared to June 2023, indicating our efficiency in securing tenants promptly.
In comparison to the broader Wentworth Point market, which experienced a 12% increase in days on market, we outperformed with a more competitive landscape.
The highest rental we achieved was $1,150 per week for a 3-bedroom apartment in Wentworth Point, showcasing our ability to secure premium rental results.
Suburb Market Statistics:
Furthermore, our expertise goes beyond Wentworth Point and includes broader Sydney. From January till now, we have leased a total of 369 properties, demonstrating our ability to perform effectively in diverse markets.
We have observed the market stabilizing, and properties are actively moving. This positive trend indicates a favourable environment for both property owners and tenants.
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