Over $45 Million in Four Weeks of Sales.

The festive season has swiftly crept upon us and November has delivered no shortage of abundance for 187 buyers who’ll be celebrating Christmas in their new home this year.

We achieved over $45 million in sales over the month, a $17M increase from September alone - and a clear indication that the market we’re operating in is certainly not at a standstill. 

We’ve been working hard to lay the foundations for next year and there’s real excitement to be had about what we can expect in 2023. This month, we met with over 40 homeowners interested in selling within the City of Canada Bay in the near future. 

It appears there’ll be no shortage of takers. We spoke with 800+ buyers about their pending property plans in the near year, and we’re confident that our local market will continue to deliver explosive performances over the months ahead.

November was filled with explosive performances, and here’s just a peek at the standout sales you’ll want to know about are:

• 11A Phillips Street, Cabarita - $ 6.26 million

• 10 Rickard Street, Rodd Point - $4.26 million

• 1117/6 Stamford Avenue, Cabarita - $3.75 million

• 46 Links Avenue, Concord - $2.77 million

Sales aren’t the only side of real estate that continues to perform and rental properties also remain in the limelight, with one of our four bedroom Chiswick duplexes achieving $3,200 per week in rent - the premium set for a piece of luxury in our Canada Bay precinct.

Get the lowdown on all of our property results, here.

Is buying or selling on your 2023 to-do list? Get in touch with us today and we’ll help kickstart your plans.

No time for news over November? We’ve got the important stuff covered:

Finance and lending movements

With interest rates consecutively rising, the mortgage market is showing signs of softening with RBA figures showing credit growth slowing to a ten month low of 7.3%.
As the weakest monthly reading since March, the strong borrowing rates recorded in 2021 and early 2022 have now begun to trend in reverse. 

Forecasting for future interest rates

The RBA again increased the official interest rate by 0.25 percentage points, to 2.85% this month - the seventh straight rise aimed at curbing inflation, and still expected to peak higher at around 4.1% over the next six months..

Economists predict this peak in the first quarter of next year, before it begins to fall sharply by August which will be a positive signal the housing market is stabilising. 

Stamp duty reforms passed

The First Home Buyer Choice scheme has become legislated, enabling first home buyers to opt into a land tax for properties under $1.5 million at an annual levy of $400, plus a 0.3% tax on the value of their land.

While the stamp duty reform will not be fully operational until January 16, 2023, first home owners purchasing before this date will be able to seek a refund on their stamp duty before switching to the annual tax, if they opt in.