Autumn Market Update
Summer is behind us, and it has been another hot one for Singleton, with regards to both the weather and the property market.
We had a strong December to February in terms of sales, with over 20 sales for an average sale price of $625,764. The February average sale price for our office was an impressive $808,000. Properties that are well priced are still receiving strong attention and offers in the first 10 days on the market. There is no better example than our last sale for the summer, a beautiful family home at 7 Gentle Close, Hunterview which sold for $820,000 within 7 days.
The beginning of Autumn is going to be busy one for the office with several new listings, ranging from $550,000 all the way up to $1,300,000+ coming on in the first weeks of the new season, so keep your eyes peeled as we have a range of properties that will suit multiple buyers. To be the first to know about upcoming listings, sign up to our property alerts and give yourself the best chance of finding your dream home.
Stage 8 of Bridgman Ridge will be opened mid-March and available for inspection. 4 of the 14 blocks are currently under contract as this release provides some of the best land that has been offered for many a year. All lots have 20 metre + frontages and range in size from 809 to 2622 square metres (half an acre).
7 Gentle Close, Hunterview
Although high end regional markets such as Byron Bay (-25%) and Illawarra (-12%) are starting to see declines in house value, the Singleton market remains strong.
This is due to the industry and the perceived affordability of the area. We saw lifestyle preferences and affordability benefits buffer regional markets from the early declines seen in Sydney and Melbourne and we are now seeing these factors, along with the strong coal and related industries buffer the Singleton market when compared to the rest of the regions.
The Singleton LGA saw a 3% growth in house prices over the last 12 months and a 11.6% increase in unit values. Sales volume is down, with 453 houses were sold in the last 12 months, seeing a 30.8% decline. The median value of a Singleton home is $644,410. The median days on market for Summer was 44 days and the median vendor discount was -3%. Similar to house sales volume, unit sales trended lower with a 19.4% decrease. There were 75 unit sales over the past 12 months. The median unit value in Singleton is $362,238.
The drop in sales volume can be attributed to the stabilisation of the market due to the rise in interest rates. Investors who held property in the area cashed out during the boom of 2021/22 and people took advantage of the sellers’ market to realise a profit.
The interesting shift is although buyer enquiry is down, the quality of buyer has strengthened, being less enquiry but those who do are ready to commit and have identified Singleton as their preferred. In the height of the boom investors and tree changers were comparing areas and often looking here yet buying elsewhere.
The current cash rate as determined by the RBA is 3.35%.
The next RBA Board meeting and Official Cash Rate announcement will be on the 7th of March 2023. People looking to buy now have 11% less borrowing Power than they did in September 2022. The affect of rate hikes on borrowing capacity can be seen in the table below.
Credit: Teroro Financial
The Consumer Price Index (CPI) rose 1.9% in the December quarter.
Over the twelve months to the December 2022 quarter, the CPI rose 7.8%. The most significant price rises were Domestic holiday travel and accommodation (+13.3%), Electricity (+8.6%), International holiday travel and accommodation (+7.6%).
Rental demand is continuing through into 2023 and looks to be another tight one for tenants as demand increases, supply diminishes, and rents rise.
This is due to a number of factors, the main driver being the thriving coal industry in the area.
Other factors include:
- Lessened first homebuyer activity, meaning more demand for rental accommodation
- Lower levels of investment purchasing at the moment, so there is fewer stock coming onto the market
- Investors having sold properties to owner occupiers during the 2021-2022 boom.
CoreLogic released their annual Best of the Best report in December; which sums up the 2022 property performance.
Singleton (suburb) ranked 7th highest in terms of gross rental yields for units in Regional NSW. Sitting at 5.8% with a median rent of $382.
Singleton Heights ranked 10th highest in terms of gross rental yields for units in Regional NSW. Sitting at 5.6% with a median rent of $375.
If you are looking at selling and would like to know how to get the highest possible price for your property, contact us today on (02) 6572 4000.
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Mar 7, 2024
Autumn Market Update
Autumn Market Update Most were glad to see the back of a very hot summer, with it closing out on February 29 after a hot 42-degree day with a huge electrical storm. The market took a month to warm up in 2024, after a relatively quiet January. This was then followed up by a busy February which consisted of 33 transactions. Rental demand remains strong, always a good litmus test for the selling market, and investor enquiry has returned. With talks of easing interest rates mid-year, there are encouraging signs for the remainder of 2024. Similar to most NSW markets, ours remains stable, with a 0.8% increase in housing values throughout Summer in the 2330 postcode. The strong interest continues on properties up to $800,000 and we have seen excellent demand in the duplex market which sits around the $500,000+ mark. The continued activity of the first home buyer and the emergence of the retiree looking to downsize are playing major roles in driving the duplex and low maintenance residence demand. Further positive signs, with investors back looking at vacant land for duplex development. Some of our highlight sales throughout Summer: - 4 Carroll Street, Singleton which sold for a street record $1,320,000! One of the largest residential sale prices in Singleton's history. - 6 Eyre Close, Singleton Heights which sold for $775,550. $7550 above the listing price after 7 inspections and 2 offers. - 1/5 Lambkin Street, Hunterview which sold to a first home buyer for $540,000 after only 1 day on the market. We were also appointed to sell Stage 2 Bella Ridge A cul-de-sac residential release off Gardner Circuit near the pre-school of just 22 lots. We now offer both major residential land offerings in the Heights and Hunterview. Prices start from an appealing $359,000 at Bella Ridge and just a few remain from $410,000 in the impressive Bridgman Ridge Stage 8. If you're looking to build in 2024, get in touch today! All current available properties - CLICK HERE Latest leased properties: - 59 Hambledon Hill Road, Gowrie - $700 per week - 90 Gardner Circuit, Singleton Heights - $640 per week - 6 Robinson Way, Singleton Heights - $550 per week Our average weekly rental currently sits at $462 per week, up from $450 at the beginning of Summer. Click on the link below for your 2024 Autumn booklet with more information! Autumn Booklet 2024
Dec 5, 2023
Summer Market Update
Summer Market Update Incredibly, 2023 is drawing to a close. The year has seen a stable real estate market that has eased over the last few months. The average 'days on market' has increased from 56 to 69 over the last 3 months. However, our office average sits well below this figure and currently sits at 53 days. The ongoing strength and growth within the mining industry along with the major infrastructure projects (Golden Highway flyover & Singleton Bypass) continue to provide stability and constant rental demand. Looking ahead, interest rates appear to be close to their peak which should return some certainty. With limited housing stock and a well documented tight rental market, prices in the established property market are expected to remain stable. Singleton still provides plenty of value for the investor. Some of our highlight sales throughout Spring - 1/35 Sinclair Avenue, Hunterview which sold for $21,000 above the asking price, within 5 days on the market, after 4 offers. - 12 Woodward Avenue, Singleton Heights which sold for $9,000 above the asking price after 18 days on the market. - 125 Casey Drive, Hunterview which sold for $900,000 after 21 days on the market. We listed some of Singleton's premier properties throughout Spring including: - 'Carinya' - 4 Carroll Street, Singleton, an architecturally designed 4 bedroom family home set privately off the street on 2544 square metres. - 8 Ardersier Drive, Singleton, a privately positioned 5 bedroom family home with a rural aspect and 1750 square metre block. - 15 Gas Street, Singleton, a spectacular 4 bedroom Singleton family home being offered for just the second time in 100 years. All current available properties - CLICK HERE Latest leased properties - 38 Brucedale Avenue, Singleton - $480 per week - 5/40 Cunningham Parade, Singleton Heights - $420 per week - 10 Lambkin Street, Hunterview - $680 per week Our average weekly rental currently sits at $450 per week, up from $410 this time last year. Click on the link below for your 2023/24 Summer booklet with more information! Summer booklet 2023-24