GREEN POINT EDITION
EOFY 2021 Market Report Dianne Bulmer
A word from Dianne Bulmer With the close of another financial year, I reflect upon the FY20/21 wrap up and it certainly has been one of the most interesting and unprecedented years in real estate. This is apparent in Green Point and on the Central Coast. We’re ending the year in the midst of the world’s first pandemic in more than 100 years and will go down in the history books as a moment in time that will have redefined how we live and work. I doubt anyone could’ve predicted how our local property market has rallied into one of our strongest yet. So, what is actually happening out there? Essentially, it comes down to the simple economic equation of supply and demand. There is currently a record low number of available properties for sale through Green Point and the Central Coast, with buyer activity doubling since 2019. The low number of available properties for sale is an outcome of seller uncertainty over the past 12 months. Market activity has seen an upswing in median price. So, unless potential sellers have a pressing need to sell, most will opt to hold and ride the wave.
The increase in buyer demand has been driven mainly by historically low interest rates. Buyers are using this opportunity to take advantage of borrowing cheap money to upsize, or for first home buyers, just to get into the property market. Couple that with an increased appetite for a lifestyle change for those choosing to move out of Sydney to the Coast and work from home. Our prestige markets are also extremely active. The local surrounds have recorded more sales over $2M in the last 9 months, than were recorded over the last 5 years. Confidence in the upper end of the market is having a direct impact on the rise of median prices. Whilst we can't look into a crystal ball and predict the future, I believe strong market conditions will continue for the next 6 – 12 months (if not longer). Some industry experts are predicting property to rise by 20% over the coming years.
Green Point statistics
$3.2m
Highest sale price
$100k
Lowest sale price
109 11
Number of properties sold
Average days on the market
$1.08m
Average sale price
$627 per week 78
Properties for rent
Average rental price
H G B C A E D Corelogic RP Data
Recent sales in Green Point No
Address
Bed Bath Car
Date
Price
_______________________________________________________________________________________________________________________________________________________________________
1
251 Avoca Drive
5
4
6
10 Feb 2021
$3.2m
_______________________________________________________________________________________________________________________________________________________________________
2
247 Avoca Drive
6
4
2
29 Jan 2021
$2.45m
_______________________________________________________________________________________________________________________________________________________________________
3
22 Asca Drive
4
3
2
18 Feb 2021
$2.04m
_______________________________________________________________________________________________________________________________________________________________________
4
35 Bayside Drive
3
2
2
25 Jan 2021
$1.80m
_______________________________________________________________________________________________________________________________________________________________________
5
27 White Cedar Close
3
2
3
17 Jun 2021
$1.3m
_______________________________________________________________________________________________________________________________________________________________________
6
5 Silky Oak Close
5
3
2
27 May 2021
$1.3m
_______________________________________________________________________________________________________________________________________________________________________
7
3 Mount Place
5
3
2
23 Mar 2021
$1.29m
_______________________________________________________________________________________________________________________________________________________________________
8
14 Bellbower Close
4
2
2
03 Mar 2021
$1.22m
_______________________________________________________________________________________________________________________________________________________________________
9
51 Asca Drive
4
2
1
09 Jun 2021
$1.17m
_______________________________________________________________________________________________________________________________________________________________________
10
68 Sun Valley Road
4
2
2
28 Jan 2021
$1.10m
_______________________________________________________________________________________________________________________________________________________________________
11
17 Willowin Close
3
2
2
26 Jun 2021
$1.1m
_______________________________________________________________________________________________________________________________________________________________________
12
18 David Street
4
2
1
10 Mar 2021
$1.09m
_______________________________________________________________________________________________________________________________________________________________________
13
4 Amaroo Close
4
2
2
30 Jun 2021
$1.05m
_______________________________________________________________________________________________________________________________________________________________________
14
16 Silky Oak Close
4
2
2
23 Feb 2021
$1.01m
_______________________________________________________________________________________________________________________________________________________________________
15
6 Maxwell Close
4
2
4
09 Mar 2021
$975k
_______________________________________________________________________________________________________________________________________________________________________
16
1 Jadash Close
3
2
2
25 Jan 2021
$966k
_______________________________________________________________________________________________________________________________________________________________________
17
12 Irwin Place
4
2
2
14 Mar 2021
$940k
_______________________________________________________________________________________________________________________________________________________________________
18
23 Panorama Terrace
4
3
2
15 Apr 2021
$930k
_______________________________________________________________________________________________________________________________________________________________________
17
254 Avoca Drive
4
2
2
20 May 2021
$900k
_______________________________________________________________________________________________________________________________________________________________________
17
47 James Sea Drive
3
2
1
16 Jun 2021
$880k
_______________________________________________________________________________________________________________________________________________________________________
REA
Client Testimonials “Dianne and Peta did their absolute best to market our property and work around our needs and lifestyle. Communication was constant and during this difficult period, Dianne achieved the higher end of the price valuation she originally indicated we could get. Very Happy Customers.” Elisa & Michael
“Di and her team were excellent. Very professional, really understood the market and Di gave very good suggestions in approach to sell property. Was very friendly and personable. Lovely doing business with Dianne.” Greg & Corry
“Diane was very personable and easy to deal with. Always prompt and reliable with any contact. Although our selling process was not smooth or fast in the current frenzied market, Diane worked tirelessly to get results.” Peter & Nerida
“Di was honest and very professional! We were very pleased with the results of our sale. Peta her assistant was also amazing and very genuine. A great team thanks to both of you.”
“Dianne = Aaamazing! We purchased and sold our property with Dianne. She delivers every time without fail. So happy with her approach and the outcome with the sale of our home. Thank you Dianne!” Carly
“We enlisted Di to help us sell our home after meeting her at another open home and seeing the manner in which she engaged with potential buyers. From the moment we met Di, to the eventual sale of our home, we were impressed by her professionalism, her hard work ethic, excellent communication, transparency and overall guidance through the process. She brought a dedicated team with her, and together they achieved an outstanding result for us.” Margherita
“We purchased our beautiful forever home just over 3 years ago through Di Bulmer, in fact we bought it on its first open house. Di was so wonderful throughout the process we decided to ask her again when selling an investment property late 2020. Her professionalism, honesty, and knowledge is 6*. We would highly recommend Di Bulmer as the No.1 real estate on the coast. Love your work Di.” Will & Denise
Lisa & Michael
“The whole team was faultless during the process, gave great guidance and advise, delivered with compassion during this difficult process. Will definitely be using the team again!” Lopez Family
A selection of my recent sales
4 Amaroo Close, Green Point Sold $1.05m
12 Irwin Place, Green Point Sold $940k
A word from John McGrath Well, we’ve never had a year quite like this one. At the start of FY21, we were four months into a global pandemic that created uncertainty and fear around the world. Alongside the terrible health threat was the economic threat, which carried with it plenty of doomsday predictions for the Australian property market. However the property market across much of Australia has defied predications. During the first six months of COVID, the No.1 factor keeping the property market stable was massive government stimulus, including wage replacement through Job-Keeper and the boosted Job-Seeker, optional deferral of mortgage repayments and rental moratoriums. No.2 was a lack of stock for sale due to job insecurity and lockdowns. No.3 was ongoing high demand from first home buyers, who were incentivised by further falls in home loan rates and state initiatives like raised price thresholds for stamp duty exemptions and concessions.
Later on, the market benefitted from Home-Builder and increasing consumer confidence due to improving government management of outbreaks and talk of a vaccine by Christmas. People began feeling motivated to trade up because of the lifestyle changes COVID inspired, as well as rock bottom home loan rates including fixed deals under 2%. Soon enough, the market was flooded with demand and prices rose strongly. In regional areas, this occurred all year long but in the major cities, price growth didn’t really take off until CY21. Strong home price growth is happening all over the world because every country has one thing in common - the lowest interest rates of our lives. That’s a big incentive to trade up.
Dianne Bulmer 0455 322 985 4384 0245 diannebulmer@mcgrath.com.au