Mona Vale Blog

General Market Update

Since finding a floor in January, the Australian real estate market has showcased its marvellous resilience, with a substantial 6.6% increase in values, per the latest CoreLogic data.

Home values are only 1.3% shy of the record highs achieved in April 2022. What's even more promising is CoreLogic's prediction that these values might reach new highs by the end of this month, offering a glimmer of hope to homeowners.

These numbers align with data from Raine & Horne, which reveals that property owners are eagerly responding to the improving market conditions. In September alone, there was a notable 11% surge in property owners seeking appraisals for their properties. This figure becomes even more impressive compared to the middle of winter, showcasing a remarkable 28% increase. It's a clear sign that homeowners are taking advantage of the shifting dynamics in the real estate market.

On the demand side, Raine & Horne report a surge in buyer interest. In September, open for inspections (OFIs) saw approximately 5% more prospective buyers than during the middle of winter, and a substantial 36% increase compared to the same month in 2022.

The decision by the Reserve Bank to ease back on interest rate hikes has played a role, however, even the decision-making of Australia's central bankers won't slow down the Australian real estate market's impetus.
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Mona Vale Market Update

Sales (house)

Median Sale Price: $2,447,500 (-4.0% annually)

For sale (past month): 31

Sold (past 12 months): 90

Rental Yield : 2.3%

Median days on market: 50

Buyers Interested in the last 30 days: 2,305

Sales (unit)

Median Sale Price : $1,520,000 (+14.9% annually)

For sale in the past month: 22

Sold (past 12 months): 87

Rental Yield : 3.2%

Median days on market: 44

Buyers Interested in the last 30 days: 998

Rental (house)

Median Rental Price: $1,100pw (+4.80% annually)

For rent (past month): 14

Leased (past 12 months): 109

Median days on market: 28

Buyers Interested in the last 30 days: 412

Rental (unit)

Median Sale Price : $700pw (+7.7% annually)

For rent (past month): 17

Sold (past 12 months): 149

Median days on market: 19

Buyers Interested in the last 30 days: 307

 

 

Statistics derived from realestate.com.au at the beginning of the month. We do not take responsibility for the reliability of any data, the purpose is to provide an update.