C21 Market Pulse | February 2023 | Australia

C21

WELCOME TO THE February 2023 ISSUE OF C21 M arKeT PuLSe

P ub LISH er

Century 21 Australia Pty Ltd

CONT r I bu TO r S

Tim Lawless

Chris Gray

e DITO r I a L e NQ u I r I e S

Century 21 Australia (02) 8295 0600

a DV er TISING e NQ u I r I e S

Century 21 Australia (02) 8295 0600

DISCL a IM er

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C O re LOGIC HOM e Va L ue IND e X raT e OF D e CLIN e eaS e S DESPITE -1.0% FALL IN JANUARY

BY TIM LAWLESS, HEAD OF RESEARCH, CORELOGIC

CoreLogic’s national Home Value Index (HVI) fell a further -1.0% in January, a slight improvement on the -1.1% decline recorded in December, and the smallest month-on-month decline since June last year.

The reduction in the rate of decline was evident across most capital cities, except for Adelaide (-0.8%) and Perth (-0.3%) where housing values have held firmer since interest rates began rising in May.

CoreLogic Research Director Tim Lawless said although the housing downturn remains geographically broad-based there are signs some momentum has left the housing downturn.

“The quarterly trend in housing values is clearly pointing to a reduction in the pace of decline across most regions, however at -1.0% over the month and -3.2% over the rolling quarter, national housing values are still falling quite rapidly compared to previous downturns,” Mr Lawless said.

Every capital city posted a decline in dwelling values through the month , led by Hobart (-1.7%) and Brisbane (-1.4%), while the smallest drops

were recorded in Perth (-0.3%) and Darwin (-0.1%).

Sydney’s median dwelling value dropped below $1 million for the first time since March 2021 , falling -1.2% in January, an improvement on December’s -1.4% decline.

The most noticeable easing in value falls can be seen across the premium end of the housing market, where the country’s most expensive properties have led both the recent upswing as well as the current downturn. Across the combined capitals, the rolling quarterly rate of decline in the upper quartile values has improved from a recent low of -6.1% over the September 2022 quarter to -4.0% over the three months to January.

“While this trend towards improving conditions across premium markets is not evident in all cities, it is most apparent in Sydney’s detached

house market. Quarterly declines in this market segment eased from -7.7% in the three months to August, to -3.9% in the three months to January. The improvement could be reflective of more buyers taking advantage of larger price drops across the premium sector, where house values are down -17.4% since peaking in January 2022,” Mr Lawless said.

Through January, regional housing values continued to record a milder rate of decline than each of their capital city counterparts, a trend seen through most of the downturn to-date.

The milder decline comes after a substantially stronger upswing.

Click here to read the full article

yO ur G u ID e TO TH e MOST SO u GHT- a FT er INT er IO r D e SIGN T re NDS OF 2023

There is no better time than the start of the year to refresh your living space. Join us as we delve into the most sought-after interior design trends for 2023. These trendsetting styles are not just about aesthetics, but about creating a harmonious and livable space that speaks to your unique personality and lifestyle.

First on our list is the return of warm and inviting spaces. Say goodbye to cold and sterile interiors and hello to cozy, comfortable spaces that embrace natural materials such as wood, stone, and woven textures. Think plush throw cushions, soft lighting, and earthy color palettes that evoke a sense of serenity and relaxation.

Next, we have the resurgence of maximalism, a trend that celebrates

bold patterns, rich textures, and eclectic accessories. This fearless approach to design encourages you to mix and match styles, creating a space that reflects your individuality and personal taste. Don't be afraid to go all out and let your creativity run wild!

The third trend we're loving is the focus on sustainability and ecofriendly living. As people become more conscious of the impact their

choices have on the environment, the demand for eco-friendly products is on the rise. Expect to see a rise in the use of natural fibers, biodegradable materials, and repurposed objects in interiors.

Lastly, we're excited to see the rise of biophilic design, a trend that incorporates natural elements and greenery into the home. Bring the outdoors in by incorporating plants, natural light, and organic shapes and textures into your space. Not only does this trend create a beautiful and calming environment, but it also has numerous health benefits, including reducing stress and improving air quality.

So, whether you're drawn to warm and inviting spaces, maximalist interiors, eco-friendly living, or biophilic design, there's a trend for everyone in 2023. Embrace your creativity, celebrate your individuality, and create a space that truly reflects who you are. The possibilities are endless.

S HO u LD HOM e buyer S u S e buyer S a G e NTS?

Many people use buyers’ agents when looking for investment properties, but do they work for home buying too?

Many home buyers know their suburb inside out. They’ve lived there for years, they know every property that’s been bought or sold, and they know of the asking price has gone up or down. Despite this, it can still take them months or years to be able to find the right property at the right price and often the market has jumped in that time. Either that or they settle for something that doesn’t really tick all the boxes that they wanted. Here’s some thoughts on why it may be good for you to use a Buyer’s Agent on a home purchase, even if you do know the market inside out:

BY CHRIS GRAY, CEO, YOUR EMPIRE

they want in a property. Having a third party involved can bring that conversation together and be a sounding board as to what the ideal property looks like – it’s almost like relationship guidance even in a happy relationship!

1

When it comes to investment acquisitions, they are often very numbers driven and so it’s relatively easy for partners to be on the same page when it comes to deciding to purchase or not. However, homes are much more of an emotional decision and so partners often have differing views as to what

2 With any emotional purchase it’s good to have someone not connected to the sale to give you some reality on the market. You might love a certain type of property or part of a suburb but if it’s going to stunt the future growth of the property, you need to be aware of it before you decide. For instance, some people don’t care about parking as they have everything around them or they prefer to travel by bike or scooter. Not everyone thinks that way and future buyers or renters of that property maybe turned off it in the future. You might well be able to save some money off the purchase price as it’s got no parking, but if it only grows by 6-7% in the future, compared to others at 8-9%, you’re going to lose out over the long term. 3

Even though a home isn’t about financial return, for many it’s still your biggest asset

and the largest part of your wealth on retirement and so it still makes sense to have the accountant’s hat on as part of the process. I often recommend still getting an independent valuation done prior to purchase to see what it’s worth from a worst-case scenario. There’s no problem paying over that valuation if that property gives you what you’ve really dreamed for, but at least you know the difference between financial and emotional money.

4

In this current market, most people believe the market has dropped and they’re after a bargain. This can be true in many locations and there are bargains to be had. However, good properties in good locations still sell well, especially if they are near schools, transport and leisure facilities. There’s lots of competition for them and there’s always someone willing to pay the price if it ticks all the boxes and is in the median price of the suburb. So even buying in a downturn can be very hard with not much stock around and plenty of buyers chasing it when it comes up.

5

If you’ve got very unique taste or very special requirements, then it’s not just about identifying the property, you actually need to make sure you can secure it when you do find it. You need to be able to make a very quick decision and you need to have all you ducks lined up so you can press the 'Go' button i.e. finance, solicitor, inspectors etc. It’s often the buyer’s agents long standing relationship with the agent that can make the difference of securing it or not. Agents can often transact with a buyer’s agent at a lesser price than the public have offered as they know it’s a guaranteed deal versus that of a potential tyre kicker.

6 Everyone sees all the properties that are on Domain.com.au and Realestate.com.au but what about all the other properties that sell without hitting those websites or what if you could get access to them a week before they go online? Just like in any industry, those that are inside the industry get to see deals before the general public do. That can make the difference between being the only bidder on a property you really want, versus have 3-4 other buyers with bigger budgets than yours to compete with

a plane to see what’s happening. Coming back home for Christmas? Do you really think that perfect property will be on the market just at the point that you return, in possibly the quietest time when most agents head off overseas for December and January?

a property that didn’t even hit the market, other times it’s about securing a property at any price when you do find it because your needs are very specific and other times it’s about just getting it at the best possible price.

7

If you live interstate or overseas people, then the above gets even harder. If it’s tough enough for those that live around the corner, how easily can you see what’s happening if you need to jump on

Whether you’re looking for an investment property or a dream home to bring up your family, buyers’ agents aren’t for everyone. If you’ve got a philosophy of looking after the pennies and the pounds look after themselves then it’s probably not for you. If you know everything about the market, then it’s probably not for you either. But if you know that no matter how much knowledge you have or no matter how many agents you know, it’s very hard to compete with an independent third party who works with the agent’s day in day out. Sometimes it’s about finding

A b OUT THE CONTRI b UTOR

Chris Gray is CEO of Your Empire, a buyers’ agency that buys homes and investments for time-poor professionals – searching, negotiating, renovating and managing property on their behalf. Chris has spent over 10 years as the host of ‘Your Property Empire’ on Sky News Business channel, where he’s interviewed various heads of property research companies and major industry figures. Chris is a qualified accountant, buyers’ agent and mortgage broker. For more information, visit www.yourempire.com.au and follow Chris on Facebook: @ChrisGraySydney

M a XIMIS e yO ur SPa C e : TIPS FO r a ST u NNING SM a LL L au ND ry

Are you tired of feeling cramped and cluttered in your tiny laundry room? It's time to transform your space into a stylish and functional hub for all your washing and drying needs. With a little creativity and some smart planning, you can turn your small laundry into a beautiful and efficient room. Here are some tips for a stunning laundry renovation that will make the most of your limited space.

THINK VERTICAL

When space is limited, it's essential to think vertically. Take advantage of your walls and consider installing cabinets, shelves, and storage units that reach the ceiling. This not only gives you more storage options, but also helps to create the illusion of height, making your laundry feel more spacious.

GO FOR A SLEEK AND STREAMLINED LOOK

Minimalism is your friend when it comes to small spaces. Opt for a sleek and streamlined look with simple, clean lines and a neutral colour palette. This will help to create a sense of spaciousness and make your laundry feel bright and airy.

MAKE THE MOST OF YOUR SPACE

Be smart about the layout of your laundry. Place your washing

machine and dryer in a way that maximizes your floor space, and consider installing a folding countertop for folding clothes. You can also add hooks or a rail for hanging clothes, and make use of stackable baskets for storing detergents, fabric softeners, and other essentials.

IN HIGH-QUALITY MATERIALS

When renovating your laundry, it's important to invest in highquality materials that will last. Choose durable and attractive tiles, countertops, and cabinetry that will withstand the demands of everyday use and look great for years to come.

ADD A TOUCH OF PERSONALITY

Just because your laundry is a functional room doesn't mean it can't be stylish too. Add a touch of personality with a statement light

fixture, a colourful piece of art, or some bright and bold accessories. These finishing touches will help to make your laundry feel like an extension of your home, rather than just a practical space.

A stunning small laundry renovation is possible with these tips. By thinking vertically, opting for a sleek and streamlined look, making the most of your space, investing in high-quality materials, and adding a touch of personality, you can turn your tiny laundry into a beautiful and functional room. Start planning your renovation today and enjoy your newly transformed space tomorrow!

moving made easy

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Simple – use our easy, online signup process or speak to one of our friendly consultants Our service comes at no cost and no obligation

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Once referred by an agent, YourPorter will contact you via SMS, email, and/or phone.

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