A MESSAGE FROM SARAH FOETSCHL & MARC WARREN
The last two years of real estate has been the most incredible market we have seen in Real Estate history! Over the past 18 months Australia’s property market values have increased at rates not seen in decades and Sydney has led the charge!
The pandemic has created a change in the way families live throughout Australia; and with it a huge demand for housing. Bexley saw a 21.61% increase in home values through 2020 and 2021 and competition for properties was fierce.
John McGrath recently reported, prices may have eased by 5% - 8% since March 2022, however this correction is off the back of an overall 35% increase in the Sydney market for the last 18 months. We believe that we are half the way through the market correction, making it an ideal time to consider upsizing, downsizing or investing with prices reportedly stabilising over the next 12 months.
The number of properties listed for sale throughout Sydney is slowing and currently buyers are taking their time and contemplating their move. Lat years ‘fear of missing out’ has been replaced with more contemplation by buyers indicating a more level or ‘normal’ Real Estate market.
While Sydney’s auction clearance rates this time last year were around 80%, they are currently holding around 60%, which is moving from more of a seller’s market to a buyer’s market. We are proud to say our McGrath auction clearance rate despite the changing market is still holding strong at 74% across St George.
It’s definitely not all doom and gloom for Sydney sellers. Buyer demand has increased by 15% specifically in Bexley in the last 6 months. The median house price in Bexley is currently $1,620,000 with 145 houses sold over the last 12 months. The median apartment price in Bexley is $745,000 with 123 apartments sold over the last 12 months. For all of our investors in the area the average rental yield for houses is 2.3% with the average weekly rent for houses at $670 and for apartments the average yield is 3.5% with the average weekly rent at $440.
As the restrictions ease on our international boarders, Sydney will be a major recipient of new residents putting extra pressure on our property markets for owners’ occupiers and demand for rental properties.
With the Spring market upon us; Bexley and surrounding suburbs continue to be a highly sought after suburb; now is a great time to talk to us about all things property!
With marketing initiatives no other agency can offer there is every reason to consider McGrath to represent you in your move.
Yours Sincerely, SARAH FOETSCHL 0432 848 791 sarahfoetschl@mcgrath.com.au
MARC WARREN 0431 328 139 marcwarren@mcgrath.com.au
