Market & Local Wrap-up June 2023 Edition
Welcome back to your market wrap-up reflecting on the past month of May.
What’s new in 3217:
With winter officially arriving, the days are becoming shorter and the mornings are getting colder. Albeit plenty has been happening in 3217 throughout the past month of May.
Preparation has begun on the grounds for the two sporting venues being built in Armstrong Creek and Waurn Ponds for the 2026 Commonwealth Games. Contractors have begun drilling and excavating the site to confirm the ground conditions and help guide the design of the new buildings.
We are also delighted to announce the opening of the new 7-Eleven on Torquay Road. This convenient addition to our neighbourhood will provide easy access to fuel and other everyday essentials. Stop by 500/550 Torquay Road, Armstrong Creek to pay a visit.
Keeping Up With Our Team:
Throughout the month of May, there were some exciting developments within our team that we’d like to share with you:
Firstly, we would like to extend warm birthday wishes to Deb and Toby! We hope you both had fantastic birthdays.
Next, we were proud to celebrate Lara’s two year work anniversary! Her dedication and hard work have been invaluable to our team, and we are grateful for her contributions.
In other news, our sales team recently had an amazing opportunity to attend the Australian Real Estate Conference in Queensland. They returned with new insights, industry knowledge, and fresh perspectives that will undoubtedly benefit them and our clients.
Sales Update:
Based on prior seasonal trends in 3217, we often see less transactions leading into the end of financial year, however this has not been the case of the last 2 months. Despite the recent interest rate hikes, we have actually experienced an uplift in buyer activity, with our weekend ‘Open For Inspection’ attendances increasing from an average of 55 buyers, up to 70 per weekend.
This however, is not consistent with the number of listings that are currently on the market, causing an imbalance in the supply and demand for homes in our area. This lack of supply has led to a firm stabilisation of pricing, with many properties achieving prices well above what the recent data would suggest.
With the lack of supply and influx of buyers to the local market, it is proving to be a healthy market for sellers who can take advantage of being on the market in isolation, not in competition.
As a team, in the past month across realestate.com.au we received 501 buyer enquiries and our listings had 65,536 views. We were able to conduct 254 appraisals and saw 28 homes go unconditional.
Rental Update:
Despite negative media attention, we are continuing to experience stability across the rental market. Although days on market has slightly increased for rental properties this is often common for the winter stretch of the year.
May saw our team lease 40 properties to new renters looking to either stay in the area or relocate from elsewhere. We received 1,635 enquiries, 486 applications and conducted 259 inspections across the month.
This month we also welcomed Kristy Miglani to our property management team. Kristy joins us with a wealth of knowledge and skills – we are lucky to have her on board working with investors on their property journey.
As the end of financial year approaches, it is a great time to ensure any outstanding maintenance is completed on your investment in time for this year’s tax return.
If you are currently searching for a rental property, please ensure you register for any upcoming inspections, and thoroughly complete your application, giving you the best chance at securing a home. If you have any questions regarding the rental process, please give our office a call and we can help guide you through it.
Land Update:
Our Land Sales team experienced a strong month during May, seeing 8 blocks sold, 3 under contract and a further 5 have offers accepted. With a wide range of land still available in the area, buyers currently have a lot of choice.
The average titled land size throughout 3217 is 398m2 at an average price of $903 per square metre.
During May, we saw the release of the newest development in the area, Mattana. Located on the Surf Coast Hwy, Mt Duneed, the development consists of 131 lots and will be delivered across 4 stages.
If you are currently searching for a block of land, or you have purchased one and are unsure of how you would like to proceed with it, please reach out to our team. We would be happy to discuss your options and assist you in making an informed decision.
Until Next Time…
As always, we are here to assist you with your real estate needs or any questions you may have. Our dedicated team of professionals is ready to provide personalised guidance and expertise to ensure your real estate journey is a smooth and successful one.
Thank you for your continued support, and we look forward to serving you in the coming months. Stay tuned for our next newsletter, where we’ll bring you more exciting updates from the 3217 community.
