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
We listed some of Singleton's premier properties throughout Spring including:
All current available properties - CLICK HERE
Latest leased properties
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!
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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
Sep 4, 2023
Spring Market Update
Spring is always an exciting time in real estate, known as the 'selling season'. It traditionally sees a rise in listings and in buyer activity. We have seen an early arrival of the 2023 Spring 'selling season', with us negotiating 7 sales in the penultimate week of August and 8 properties exchanging during the month. The average sale price for our office throughout August was a solid $692,000. Some highlight sales throughout the month include: - 16 Dimmock Street, Hunterview which SOLD for a Street Record $930,000 - 7 Dudding Street, Singleton, a historic townhouse which achieved a sale price of $525,000 - 120 The Inlet Road, Bulga which fetched $1,080,000 We also listed 7 properties throughout August. We continue to see strong interest on new listings that are priced and presented well. An example of this is our sale of 10 Druce Smith Place, which SOLD within 10 days for the full price of $1.1 million, after 20+ enquiries. The Singleton market remains stable and is a reflection of the strong local economy and relative affordability. We have seen that the markets most impacted by rate rises are those higher value/prestige markets. The higher the value of the market, the more likely it’s seen poorer performance in the past year. According to CoreLogic’s ‘Regional Market Update’, the 2330 postcode saw a 0% gain in house value growth and unit values had a growth of 1.9%. As a region, the Upper and Lower Hunter Valley are leading the way in NSW regional value growth, with the Upper Hunter seeing a 3.0% rise and Lower Hunter a -1.4% decline over the last 12 months. Placing them in the 2nd and 9th spot with regard to highest growing regions in NSW (Shown Below). Rentals The NSW legislation which restricts rent rises to once a year has seen some dramatic rent increases issued to reflect current market value. The weekly rent per property has increased, in some cases over 60%, in the last 24 months. Nationally, rent values increased a further 0.6% in July, taking the national annual increase to 9.4%. Annual growth in rent values remains elevated on the previous decade average. First Homebuyers Assistance Thousands of first home buyers will no longer pay stamp duty. On Saturday 1 July, the threshold for stamp duty exemptions increased from $650,000 to $800,000 and the threshold for stamp duty concessions rose from $800,000 to $1 million. It means first home buyers purchasing a property up to $800,00 will pay no stamp duty, saving up to $30,735 under the changes. Based on the current housing market, NSW Treasury expects about 8600 first home buyers in the $650,000 to $800,000 range to pay no stamp duty over the next year, and about 4400 first home buyers in the $800,000 to $1 million range to pay a concessional rate of stamp duty. Selling this Spring? Contact us today on (02) 6572 4000 or CLICK HERE to book an appraisal. Click on the link below for your 2023 Spring Booklet with more information! Spring booklet 2023