Last year saw real estate prices increase 10-15% in the Sutherland Shire after several tough years but this year the rapid increase in sale prices across Sydney has been so dramatic that I would estimate the price increase is already 10-15% for the 5 months of 2014, especially in the Sutherland Shire. I do not think we have experienced this sort of price growth spurt since July 2003, when every house sold achieved a new record and properties for sale were in such short supply that people tended to buy first, then sell to avoid being without a home to go to.
241 Attunga Rd, Yowie Bay
It’s back to the days when pest and building inspectors are booked solid, most properties are being marketed as Auction, serious buyers need to attend the first open house if they want to secure the property and every TV channel has a show about renovating and selling!
Will this continue? Should we wait? Is this a bubble? These are the questions buyers keep asking me and I honestly don’t know. What I do know is that Sydneysiders are obsessed with real estate again, interest rates are low and there is a feeling of confidence again in the property sector. If only I had a crystal ball.
It’s official, we are now only 2 weeks out from Christmas – the festivities have well and truly begun!
Carols By Cruiser
The annual Carols By Cruiser is on again this Sunday, 16th December. The ferry – Gunnamatta – leaves the Royal Motor Yacht Club, Port Hacking at 3:30pm en-route to North West Arm arriving at 4:45pm. The ferry will then cruise west passing the following spots along the way:
Gymea Bay west – 5:15pm
Gymea Bay east – 5:30pm
Yowie Bay – 6pm
Gannons Bay – 6:30pm
Dolans Bay – 7:15pm
Burraneer Bay – 7:30pm
Tonkin Park – 8:15pm
Tickets are $75 for members, $90 for non-members and $65 for children aged 3-12 with all money collected donated to the Cronulla Lions.
If you’re not on a cruiser and you don’t live on the water but have friends who do, make sure you are on their party list so you can enjoy front row seats. Beach & Bay will be at 14 Randell Ave, Lilli Pilli enjoying snags on the barbie and champagne!
Carols on the Lawn – Free Event
Where? Caringbah Uniting Church, corner Dudley Ave & Port Hacking Rd When? Sunday 23rd December at 7:30pm
The family event includes a sausage sizzle, drinks, sweets and Candlelite Flickers to wave plus of course all the favourite carols!
Last week our local postcodes of 2230 to 2229 achieved a respectable clearance rate of 50%.
Sydneywide achieved a 60% clearance rate according to Home Price Guide but I am sure the true figure is probably closer to our local 50% result. Home Price Guide doesn’t have agents on the ground actually going to auctions but instead relies on agents to submit the data. Agents traditionally are reluctant to submit withdrawn, passed in and cancelled results.
In our local area, last week’s sales included several properties over a million dollars where previous weeks have proved tough for the early million price range.
Our suburb auction focus is Cronulla, Woolooware, Burraneer, Caringbah, Lilli Pilli and Dolans Bay
Last week’s local auction statistics came in at a 63% clearance rate compared with Sydney wide of 57% which is a great result for the local property market and a vast improvement on the 23% clearance rate for first week of auctions for 2012. Overall there seems to be less properties for sale or auction which might be keeping the pressure on buyers to some degree. It would be great if we could continue to beat the Sydney clearance rate. I think the days of 85% clearance rates are a thing of the past and we obsess over this a little too much.
More important than auction clearance rates is that the property sells, if not at auction, soon after. Auctions are a marketing strategy and not selling at auction does not mean the marketing has failed. Some properties are hard to price and sometimes the property is received by the market at a different level to that targeted by the agent or the owner or both. If your property doesn’t sell on auction day, don’t despair. Listen to the market, get feedback from the market place and your agent and then if you are willing to sell at that price list the property for sale. If priced correctly post auction the property will sell soon after the auction. Auction statistics show that a property that does not sell at auction will, if listed for sale with a realistic price, sell within the following 2 weeks of post auction marketing. If it doesn’t sell in that period, the chances of selling steeply decline.
In a week with the worst clearance rate this year, a dismal 25%, and almost half that of Sydneywide’s 49%, we also had clarification on the suburb re-zoning that has recently taken effect. The suburb of Burraneer has doubled in size. Some streets in Dolan’s Bay have become Caringbah or Lilli Pilli and Port Hacking is gone. We will leave this suburb on our website to show the timeline and also track the outstanding sales.
Regarding the auction results, the details were 3 sold, 1 cancelled and 8 passed in…
There were 6 properties that went to auction on Saturday in our focus area, 2 were cancelled, 1 sold prior, 3 passed in and 2 of these sold soon after the auction. According to the Sun Herald Domain (17.02.08), Sydney wide there were 223 auctions and a clearance rate of 51.9%. This week we are tracking 21 auctions! Just to confirm Beach & Bay is covering the suburbs of Cronulla, Burraneer, Woolooware, Caringbah, Dolans Bay, Lilli Pilli and Port Hacking. For ease of reference we have divided the suburbs of Cronulla, Woolooware and Caringbah into north and south, with the dividing road being Kingsway. We are not saying these properties are in Cronulla South or Cronulla North for example, but to make it easier and quicker to for users to search. More suburbs to follow…