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SEP - DEC 2016
LATEST > PROPERTY > PRICE > INFORMATION > 2016 >
FOURTH QUARTER 2016 EDITION
REPORT
4TH QUARTER 2016 EDITION THE GRANTS REPORT BERWICK & CASEY PROPERTY MARKET UPDATE
A s the Reserve Bank again decides to keep rates increases on hold it is beginning to look like low interest rates are here to stay. Interest rates are at record lows and Australia’s enviable run of 25 years with out a recession proves the underlying strength of the economy.
The Reserve Bank’s recent rate cut wasn’t because of a need to rescue the economy — currently growing at 3.1 per cent annually — but because inflation is lower than it would like, and the Aussie dollar is higher than it would like. In theory, cutting interest rates lifts inflation through higher consumer and business spending, and makes our dollar less attractive to foreign investors. It alos can drive speculation in various asset classes as investors hunt for yield in a low interest rate environment. Something the property market has seen over 2016.
“Increases in interest rates look increasingly unlikely for 2017, with record low rates set to continue - is this level likely to create further price growth in the local Casey and Cardinia market.”
There are plenty of doomsayers predicting a recession, caused by reasons as diverse as a house price crash to Donald Trump becoming US president. Some have been predicting one for decades. A recession — defined as two successive quarters of negative growth — can strike at any time. We came very close during the GFC. The problem low interest rates create for monetary policy changes by the Reserve Bank is that it restricts the options available to counteract a downturn in the economy. The rest of the world including the
01 >>> THE GRANTS REPORT
United States is in a similar situation, they have lower interest rates so much that any rise back to earlier “normal” levels would cripple consumer spending, property markets and the country overall. The RBA wants inflation sitting between 2-3 per cent, because being stuck with low or negative inflation is bad. It reduces the incentive to invest for the future, and people are reluctant to buy stuff that they think will be cheaper down the track. Low interest rates may be great for borrowers, but savers hate them, retirees hate them, and banks seem to use them to pocket extra profits.
ARE LOW INTEREST RATES HERE TO STAY? With interest rates at record lows and no increases in sight what impact is likely on the Casey and Cardinia market to 2017 and beyond.
“Low interest rates hinder the Reserve Banks ability to react to downturns in the economy in key areas.” Experts say low is the new normal, and economists have forecast more RBA cuts ahead. But if rates tumble further, how will the RBA be able to rev things up when the economy does take a dive? Issue bonds as many countries have done? That may have worked in the US, which is the world’s reserve currency, but it didn’t go so well in Zimbabwe — where
hyperinflation led to the 100 trillion dollar banknote before its currency was abandoned. Australia is not the US, and definitely not Zimbabwe. Our economic record is envied by most of the western world. But a return to higher interest rates will need to occur at some point, to provide the ability to respond to changes in the economy. Standard & Poors recently said they sees little chance of a “sharp correction” in the near-term It would likely take a recession similar to the nation’s most recent one in the early
1990s to turn the tables, with a return to double-digit unemployment undoubtedly placing stress on homeowners and the big banks. “The reoccurrence of an economic downturn similar to that of the early 1990s, when Australia experienced a recession and unemployment reached 11 per cent, would likely place households under more severe financial stress than it did in the 1990s, given the current levels of household indebtedness,” the ratings agency said. Should this occur it would be the point when the Reserve Bank wished it had raised rates sooner. THE GRANTS REPORT <<< 02
This quarter’s
SALE HIGHLIGHTS Sales data from 1st July 2016 to 30th September 2016 Street
182-184 A’BECKETT RD, NARRE WARREN NTH
SOLD FOR $1,725,000 Exceptional property in prized location on 14 acres.
37-39 KING ROAD, HARKAWAY
SOLD FOR $1,305,000 One of Harkaways finest homes.
143 QUAMBY ROAD, GUYS HILL
SOLD FOR $975,000 Exceptional family home in sought after elevated, quiet pocket.
3 >>> THE GRANTS REPORT
Suburb
Beds Bath Car Area
Price
40 ABECKETT RD
NARRE WARREN NTH
4
3
4
1,315
$670,000
24 ABERCAIRN DR
NARRE WARREN STH
3
1
1
331
$375,000
1/2 ADAMSON RD
BEACONSFIELD
3
1
1
551
$365,000
7/8-13 ADELAIDE CL
BERWICK
3
1
1
194
$410,000
15 ADELAIDE CL
BERWICK
3
2
1
350
$435,000
14 ALLARDICE PDE
BERWICK
3
2
2
677
$660,000
4 ALLUNGA PDE
BERWICK
4
2
2
500
$507,000
4 AMAROO CRT
BERWICK
4
2
2
642
$515,000
60 AMBERLY PARK DR
NARRE WARREN STH
3
2
1
652
$421,000
51 ARDBLAIR TCE
NARRE WARREN STH
4
3
2
630
$600,000
3 ASHTON RISE
NARRE WARREN STH
4
2
2
500
$480,000
16 ATKINSON DR
BERWICK
4
2
2
608
$616,000
9-10 BAILEY VIEWS CRT
NARRE WARREN NTH
4
2
3
64 BALMAIN DR
BERWICK
3
2
2
690
$630,000
25 BANGALAY PL
BERWICK
3
2
2
651
$530,000
15 BARAK AVE
BERWICK
4
2
2
594
$651,455
6 BARBER CRT
BERWICK
3
2
2
767
$584,000
10 BARELLAN MEWS
BERWICK
4
3
4
667
$900,000
129 BELLEVUE DR
BERWICK
4
2
2
545
$570,000
15 BELMONT RD
BERWICK
4
2
2
604
$625,000
121 BERWICK SPGS PROM NARRE WARREN STH
4
2
2
650
$720,000
31 BOURNEVALE DR
BERWICK
4
2
2
788
$668,000
40 BRIDGEWATER BVD
BERWICK
4
2
3
714
$710,000
2/20 BRISBANE ST
BERWICK
2
1
184
$422,500
9 BRUCE CRT
BERWICK
3
2
2
651
$410,000
4 BUNERONG CRT
NARRE WARREN STH
4
2
2
585
$510,000
9 BUSHLARK CRT
BERWICK
4
2
3
644
$782,000
18 CARRINGTON PL
BERWICK
4
2
2
601
$630,000
27-29 CASERTA DR
BERWICK
4
2
4
19 CHARLES CONDER PL
BERWICK
4
2
2
700
$590,000
5 CHESHIRE PL
NARRE WARREN STH
4
2
2
631
$551,000
35 CHEVIOT AVE
BERWICK
3
1
1
702
$465,000
8 CHEVIOT AVE
BERWICK
3
2
2
747
$488,889
36 CHEVIOT AVE
BERWICK
3
2
4
702
$520,000
29 CHIRNSIDE RD
BERWICK
3
1
4
650
$450,000
1 CLOVER CL
BERWICK
4
2
2
788
$630,000
3 CONFAIT CRT
BERWICK
3
2
2
700
$682,000
7 COUNTY DR
BERWICK
3
2
2
650
$490,000
1 CRESTA CRT
BERWICK
4
2
2
433
$630,000
3 DALPURA CRT
BERWICK
5
3
2
703
$815,000
4,946 $1,150,000
4,016 $1,200,000
Sales data from 1st July 2016 to 30th September 2016 Street
Suburb
Beds Bath Car Area
Price
45 EARLSFIELD DR
BERWICK
3
2
2
650
$565,000
4A EGLINTON CL
BERWICK
3
2
2
324
$391,500
68 ELGIN ST
BERWICK
3
1
2
990
$800,000
3 ELLASWOOD CL
BERWICK
4
2
2
670
$620,000
4 EMBLING ST
BERWICK
4
2
2
575
$650,000
10 EMPEROR RD
BERWICK
4
2
2
700
$600,000
20 EMPEROR RD
BERWICK
3
2
2
776
$707,000
8 ERNEST CRES
NARRE WARREN STH
3
2
2
523
$487,500
5 ERNEST CRES
NARRE WARREN STH
3
2
2
532
$527,000
4 ESCOTT GR
BERWICK
4
2
3
650
$555,000
5 MANDURAH CHASE, BERWICK
25 EUREKA CRES
NARRE WARREN STH
4
2
2
663
$513,000
Grand home made for family living in a prized position.
3 FABRIANO PL
NARRE WARREN STH
5
2
2
580
$582,500
3-4 FARMHOUSE CRT
NARRE WARREN NTH
3
2
2
2,030
$970,000
6 FLORENCE AVE
BERWICK
3
2
2
651
$570,000
1 GARDENIA CRT
NARRE WARREN STH
4
2
2
679
$563,000
8 GARDINER ST
BERWICK
4
2
1
858
$763,000
3 GLASSHOUSE CRT
BERWICK
4
2
2
635
$645,000
14 GLENBRAE CRT
BERWICK
3
2
2
782
$545,000
16 GLENN ERIN WAY
BERWICK
3
2
2
564
$495,000
15 GLENSIDE WALK
BERWICK
3
2
1
394
$530,000
104 GOLF LINKS RD
BERWICK
4
2
2
525
$586,400
108 GOLF LINKS RD
BERWICK
4
2
2
525
$590,400
32 GOLF LINKS RD
BERWICK
4
2
2
4,805
$595,000
100 GOLF LINKS RD
BERWICK
4
2
2
524
$595,400
141 GOLF LINKS RD
BERWICK
4
2
2
541
$600,000
84 GOLF LINKS RD
BERWICK
4
2
2
634
$600,000
82A GOLF LINKS RD
BERWICK
4
2
3
625
$604,400
2 GOODALL CRT
BERWICK
4
2
2
911
$701,000
11 GRANDVIEW TCE
NARRE WARREN STH
4
2
2
414
$475,000
8 HALLMARK DR
NARRE WARREN STH
3
2
2
508
$446,000
2 HAMDON GRN
BERWICK
4
2
2
608
$593,000
76 HANCOCK DR
BERWICK
4
2
2
551
$505,000
9 HARMON CL
BERWICK
3
2
2
572
$500,000
32 HARRIES CRT
NARRE WARREN NTH
4
2
4
4,395
$940,000
14 HARWOOD CRT
BERWICK
3
2
2
665
$472,000
6 HEARD CL
BERWICK
5
3
2
770
$600,000
44 HERITAGE DR
NARRE WARREN STH
4
2
2
660
$558,000
179 HIGH ST
BERWICK
3
1
1
1,012
$665,000
30 SANCTUARY WAY, BEACONSFIELD
19 HIGHCLIFF CRT
NARRE WARREN STH
4
2
2
622
$620,000
Well presented family home in sought after location.
46 HIGHFIELDE AVE
BERWICK
3
1
1
534
$415,000
6 HILLANDALE RISE
BERWICK
3
2
2
720
$620,000
4 SMITH ST, BERWICK
50$ - BUY 2 AND SAVE 10$ Asperum eatquas everior rovit, seniene cuptaecerit porion est id estia sequam. Code: AB123
SOLD FOR $822,000
14 LAKESIDE DVE, BERWICK
SOLD FOR $785,000 Spacious home with generous block.
SOLD FOR $737,000
THE GRANTS REPORT <<< 4
This quarterâ&#x20AC;&#x2122;s
SALE HIGHLIGHTS Sales data from 1st July 2016 to 30th September 2016 Street
121 BERWICK SPRINGS, NARRE WARREN STH
SOLD FOR $720,000
Generous family home in great location popular with family buyers.
38 WINDSOR DRIVE, BEACONSFIELD
SOLD FOR $712,000 Exceptional home with character throughout.
2 GOODALL CRT, BERWICK
SOLD FOR $701,000 Spacious family home in ideal location popular with family buyers.
5 >>> THE GRANTS REPORT
Suburb
Beds Bath Car Area
Price
37 JAMIESON WAY
BERWICK
4
2
2
674 $630,000
41 JAMIESON WAY
BERWICK
4
2
2
672 $650,000
60 JARRYD CRES
BERWICK
3
1
20 JARRYD CRES
BERWICK
3
2
555 $365,000 2
560 $497,000
1 JESSICA MEWS
BERWICK
4
2
2
787 $653,000
12 KALASTAIRE GR
BERWICK
4
2
2
561 $535,000
6 KALASTAIRE GR
BERWICK
4
2
2
561 $540,000
4 KELSO PL
BERWICK
3
1
2
926 $420,000
4 KERSHAW DR
NARRE WARREN STH
5
2
2
816 $650,000
37-39 KING RD
HARKAWAY
3
2
2 5,666$1,305,000
74 KINGSTON AVE
NARRE WARREN STH
4
2
2
31 KRAMER DR
BERWICK
5
3
2 1,557 $926,000
14 LAKESIDE DR
BERWICK
5
3
2
530 $785,000
28 LEISUREWOOD DR
BERWICK
4
2
2
512 $558,500 873 $915,000
600 $505,000
5 LIGHTWOOD CRT
BERWICK
3
2
2
3-4 LOMBARD CRT
NARRE WARREN NTH
5
3
2 4,000$1,298,000
2 LOWDEN CRT
NARRE WARREN STH
3
2
2
650 $477,000
43 LOXLEY BVD
NARRE WARREN STH
3
2
2
740 $635,000
18 MALLARD ST
BERWICK
4
2
2
650 $680,000
15 MANORWOOD WAY
BERWICK
4
2
2
623 $648,000
109 MANSFIELD ST
BERWICK
3
1
2
571 $481,000
93 MANSFIELD ST
BERWICK
3
2
2
651 $500,500
80 MANSFIELD ST
BERWICK
3
2
1
558 $526,000
130 MANSFIELD ST
BERWICK
4
2
3
543 $551,001
74 MANSFIELD ST
BERWICK
3
2
2
697 $552,000
58 MANSFIELD ST
BERWICK
3
2
4
790 $610,100
4 MARGIE SQ
NARRE WARREN STH
3
2
1
365 $415,000
92 MARISA CRES
BERWICK
5
2
2
702 $620,000
15 MCCARTNEY DR
NARRE WARREN STH
4
2
2
619 $475,000
27 MCCARTNEY DR
NARRE WARREN STH
4
2
2
595 $542,000
31 MCNABB ST
BERWICK
3
2
2
833 $745,000
29 MEADOWLANDS WAY BERWICK
4
2
2
612 $610,000
15 MINTON WALK
NARRE WARREN STH
4
2
2
931 $625,000
13 MISTY CL
BERWICK
4
2
2
840 $690,500
3 NEILIAN RTT
BERWICK
3
2
2
560 $510,000
4 NESTLE RTT
BERWICK
4
3
2
585 $593,000
25 NIXON DR
BERWICK
4
2
2
504 $599,999
5 NULLICA CRT
BERWICK
3
2
1
608 $461,000
5 OAKBANK CL
BERWICK
3
2
2
432 $510,000
6 OLDIS CRT
BERWICK
4
5
2
775 $735,000
Sales data from 1st July 2016 to 30th September 2016 Street
Suburb
Beds Bath Car Area
Price
23 PRIME CRT
BERWICK
4
2
2
500
$510,000
21 QUAIL CRT
NARRE WARREN STH
3
1
2
565
$385,000
3 QUAIL CRT
NARRE WARREN STH
4
2
2
500
$490,000
72 QUARRY HILLS DR
BERWICK
3
2
2
652
$695,000
20 RANDLE CRT
NARRE WARREN NTH
4
2
4
5 REGENT CL
BERWICK
3
2
1
490
$509,250
13 RHEANVA ST
BERWICK
4
2
2
1,069
$760,000
13 RIDDLESTON CRT
NARRE WARREN STH
3
1
1
436
$370,000
18 RIDGEMONT DR
BERWICK
5
2
2
680
$680,000
11 RIDGEWAY CH
NARRE WARREN STH
5
3
2
692
$635,000
4 SMITH ST, BERWICK
50$ - BUY 2 AND SAVE 10$ Asperum eatquas everior rovit, seniene cuptaecerit porion est id estia sequam. Code: AB123
4,416 $1,180,000
65 ROBINSWOOD PDE
NARRE WARREN STH
5
2
2
662
$622,800
18 SAINTLY GR
BERWICK
4
2
3
660
$619,500
7 SELKIRK CRT
BERWICK
3
1
2
820
$476,200
19 SELKIRK CRT
BERWICK
3
1
5
755
$555,000
44 SHELDON DR
BERWICK
5
2
2
700
$840,000
29/52-54 SHINNERS AVE
BERWICK
3
3
2
193
$440,000
40 SHINNERS AVE
BERWICK
3
2
2
650
$552,000
69 SHRIVES RD
NARRE WARREN STH
4
2
2
3,986
$968,000
6 SNEDDON DR
NARRE WARREN STH
3
2
2
651
$466,000
132 THE PROM
NARRE WARREN STH
4
2
2
677
$550,000
18 THEODORE TCE
BERWICK
5
2
1
541
$507,000
10 THORNLEY DR
BERWICK
4
2
2
760
$620,000
3 TROVITA DR
BERWICK
4
2
2
376
$517,000
12 TURELLA CL
BERWICK
3
2
2
509
$515,000
17 TYNTYNDER CL
BERWICK
3
2
3
702
$504,500
17 VALDA CL
BERWICK
4
2
2
674
$880,000
22 VAN DER HAAR AVE
BERWICK
4
2
2
571
$545,008
2 VIEWBRIDGE CL
BERWICK
3
2
3
648
$800,000
161 VIEWGRAND DR
BERWICK
4
2
2
571
$545,000
6 WERONA CRT
BERWICK
4
2
2
738
$735,000
40 WHISTLER DR
BERWICK
6
2
2
768
$990,000
7 WILLIAM LEONARD CRT NARRE WARREN STH
4
2
2
923
$792,000
6 WILONA WAY
BERWICK
3
2
2
680
$612,200
9 WOOD RD
NARRE WARREN STH
3
2
2
599
$525,000
27 WURUNDJERI BVD
BERWICK
4
2
2
542
$700,000
2 ZENA PL
BERWICK
2
2
1
348
$511,000
31 BOURNEVALE DVE, BERWICK
SOLD FOR $668,000
Exceptionally presented home in popular area.
6 ROSEMARY COURT, BERWICK
SOLD FOR $665,000 Immaculate family home with plenty of space and appealing floorplan.
15 BARAK AVE, BERWICK SOLD FOR $651,455 One of Berwicks most sought after locations.
THE GRANTS REPORT <<< 6
Berwick Sales
Pakenham Sales
Narre Warren Sales
Property Management
berwick@grantsea.com.au www.grantsea.com.au
pakenham@grantsea.com.au www.grantsea.com.au
narrewarren@grantsea.com.au www.grantsea.com.au
rentals@grantsea.com.au www.grantsea.com.au
Grants Estate Agents 3a Gloucester Ave BERWICK VIC 3806 9707 5555
Grants Estate Agents 3/51 John St PAKENHAM VIC 3810 5940 2555
Grants Estate Agents 9 Webb St NARRE WARREN VIC 3805 9704 8899
Grants Estate Agents 1/5 Gloucester Ave BERWCK VIC 3806 98762 6900