Mona Vale Blog

Our Spring Snapshot (statistics provided by realestate.com.au):

Sales

• 2,528 buyer enquiries (well above the market average of 334).
• 39 properties sold (compared to the market average of 8).
• 42 reviews (market average: 8).
• Median sold price: $2,105,000 (higher than the market median of $1.73M).
• Median days on market: 36 days (slightly longer than the market median).

Rentals

• 335 rental enquiries (well above the market average of 69).
• 40 rental applications (more than double the market average of 15).
• 15 properties leased (compared to the market average of 3).
• Median days on market: 13 days (slightly faster than the market median of 14 days).

General Market Update

November was always destined to be dominated by the Reserve Bank's decision on interest rates, once again made on the same day as the Melbourne Cup. This year, the 'Race that stops a Nation' was won by rank outsider Knights Choice, a $101 long shot.

Unfortunately, property owners hoping for relief were also left as rank outsiders as the RBA chose to keep interest rates steady at 4.35%.

Despite the interest rate environment, Australian real estate has recorded a solid 12-month growth of 6%, according to the latest CoreLogic Monthly Housing Chart Pack. Additionally, research from Raine & Horne shows that buyer demand is hot and is currently up approximately 28% compared to the start of 2024, reflecting the confidence in the market.

There was also some great news for first home buyers! The Federal Government's Help to Buy bill passed in November, allowing buyers to secure a home with just a 2% deposit. The government will contribute up to 40% for new homes and 30% for established properties.

Sydney Home Value Change

Last month: -0.2%

Last Quarter: -0.5%

Annual: +3.3%