Mona Vale Blog

Sales Market Market Update

Despite chilly conditions, buyers are turning out in force at open for inspections, with a 16% month-on-month increase in attendance, according to Raine & Horne's latest data.

Even the threat of higher interest rates hasn't dampened demand. CoreLogic reports that Australian dwelling values rose 0.7% in June, with an 8.0% increase for the financial year 2023-24. Perth's values surged 2.0% in June, Adelaide's 1.7%, Brisbane's 1.2%, and Sydney's 6.3%. Regional markets show similar trends, with Regional WA leading at 1.5%.

CoreLogic's Q1 2024 Pain & Gain report analysed approximately 85,000 resales, revealing that 94.3% of transactions recorded a nominal gain.

Despite strong demand and rising values, listings fell 9.5% month-on-month, according to Raine & Horne. However, appraisals rose 6.6% compared to June 2023, suggesting the last month of winter is an excellent time for homeowners to list and sell their properties. The Home Guarantee Scheme (HGS) will offer more support to eligible home buyers and further underpin demand. For the 2024-25 financial year, 50,000 new places are available across three Scheme guarantees: the First Home Guarantee (FHBG), the Regional First Home Buyer Guarantee (RFHBG) and the Family Home Guarantee (FHG).

This winter, we've explored cost-effective heating strategies to keep expenses low while staying warm. Use traditional methods such as hot water bottles and extra blankets, and preheat your bed with electric blankets, turning them off before sleep. Encourage family activities in one room and seal drafts to maximise hearing efficiency.

Rental Market Update

CoreLogic estimates the combined value of residential real estate rose to $10.8 trillion at the end of June, putting it at the top of the investment podium. This is well ahead of the perennial silver medallist, shares, at $3.1 trillion.

The annual pace of growth for Australian real estate in the 2023/24 financial year was a healthy 8.0%. Capital city dwelling values rose 1.8% in the quarter, steady from the March quarter. Perth is the gold medal winner among capitals with growth of 23.6%, followed by Brisbane with 15.8% and Adelaide with a 15.4% annual increase. Despite this, Sydney remains the gold medal winner for value, according to PropTrack, with a median dwelling value of $1,107,000, ahead of Melbourne at $803,000.

For young Australians who want to enter the property market but can't afford to buy a home in their desired location, we look at 'rentvesting' this month, which offers a fantastic solution. This strategy is particularly valuable now, as property prices in Australia continue to rise, while annual growth in rent values has steadied to 8.2% nationally. Rentvesting involves renting a property in the area where you want to live while investing in property elsewhere.

For instance, if you lack sufficient savings for a deposit, you could rent a property in your chosen capital city while using your savings for a home loan deposit to purchase an investment property in a more affordable city or a regional growth hub.

Your Mona Vale Market Snapshot

Houses - Sale

• Median Sale Price: $2,475,000 (+ 3.1% annually)
• Median Days on Market: 55
• Number of Buyers Searching: 1503
• Available in the Past Month: 17
• Rental Yield: 2.4%

Units - Sale

• Median Sale Price: $1,525,000 (+ 1.7% annually)
• Median Days on Market: 44
• Number of Buyers Searching: 1169
• Available in the Past Month: 18
• Rental Yield: 3.2%

Houses - Rent

• Median Sale Price: $1,200/week (+ 9.1% annually)
• Median Days on Market: 22
• Number of Buyers Searching: 341
• Available in the Past Month: 15

Units - Rent

• Median Sale Price: $750/week (+ 8.7% annually)
• Median Days on Market: 16
• Number of Buyers Searching: 494
• Available in the Past Month: 22

To make informed choices, whether you plan to sell or buy a property, contact us on 02 9999 0800 to discuss your real estate plans.