Mona Vale Blog

Sales Market

The Australian real estate market continues to shine as a favoured asset class, with property values soaring to new heights. 

CoreLogic's national Home Value Index (HVI) rose by 0.6% in March, marking its 14th consecutive month of steady growth since January 2023. National values have surged by over 10%, equivalent to approximately $71,832 in monetary terms.

This consistent upward trend in housing values has bolstered buyer confidence, as evidenced by Raine & Horne data that showed a nearly 25% increase in groups at open for inspections (OFIs) in March.

Perth led the charge in property value growth, with a 1.9% increase in March and an impressive 19.8% growth over the past year. Adelaide and Brisbane followed suit, with growth rates of 1.4% and 1.1% in March, respectively, and year-on-year increases of 13.3% and 15.9%.

Given the positive market developments in April, we turned our attention to the significance of appraisals and valuations in property assessments for those contemplating a winter sale.

​​​​​​​ A property valuation is a legally binding assessment of a property's market worth conducted by a certified valuer and comes with a fee. This process considers land and property size, room numbers and types, fixtures and fittings, and property accessibility. On the other hand, during a real estate appraisal, a sales agent estimates your property's value by considering its size, condition, location, local amenities, market conditions, and broader economic trends.

Investor/Rental Market
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With winter on the horizon, the cooling weather hasn't iced buyer enthusiasm. Data from Raine & Horne reveals a 25% increase in buyers attending open for inspections compared to last year. This presents a fantastic opportunity for investors considering selling to advance their plans for a sale from the traditional spring market to winter.

Moreover, national home values surged 1.6% in the March quarter, marking the most significant quarterly increase since the three months to November (1.9%).

More good news for property investors: CoreLogic reported that Australian rent values continued to climb in March, rising 1.0% over the month and 8.6% over the year. Rents have gradually been rising since October (8.1%), driven by a resurgence in house rents, which increased from 6.8% over the year to September 2023 to 8.4%.

If your current tenancy agreement is nearing its end and the tenants have indicated they plan to vacate, winter presents a favourable opportunity to enhance the property's tenant appeal.

If your budget allows, consider strategic property upgrades this winter. Investing in an air conditioner, especially if winters are severe in your area, can significantly enhance your property's appeal. Another option to consider is upgrading worn-out carpets. New carpets not only create a cosier home during winter but also have the potential to reduce your electricity bills. Moreover, carpets offer superior acoustics, creating a quieter environment compared to floorboards.

To make informed property choices, contact us on 02 9999 0800 to discuss.