North Avoca Market Report

NORTH AVOCA EDITION

North Avoca Market Report Kerryn Meredith

A word from Kerryn Meredith 2020 will go down in the history books as a moment in time that will have redefined how we live and work. Fast forward into 2021, 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 2260 and surrounds, and buyer activity has nearly doubled since 2019. The low number of available properties for sale is the direct outcome of seller uncertainty over the last twelve months. The usual number of potential vendors either didn’t purchase a property to downsize or upsize into through 2020, or simply didn’t action pre-sale preparation and consideration during this time as most assumed it would be a bad time to sell. Then, combine that with a pent-up supply of downsizing vendors, due to the lack of development catering for empty-nesters and downsizers.

Current market activity will also see an upswing in median price, and therefore capital growth.

So, unless potential sellers have a pressing need to sell, most will opt to hold and ride the wave. The notable 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 (our largest buying demographic), or for first home buyers, just to get into the property market. Couple that with an increased appetite for lifestyle changes from our southern state neighbours, property enquiry is as strong as I have seen for over a decade.

If you are thinking of selling or would like an updated market estimate, please contact me. We’d love you to experience the McGrath advantage.

North Avoca statistics

$8,100,000 $2,700,000 28

Highest sale price

Average sale price

Average days on the market

$730 per week 18

Average rental price

Number of properties sold

$700,000

Lowest sale price

H A C E B G ​ RPData

Client Testimonials “It was a pleasure to have Kerryn Meredith sell our house in Terrigal. It was a tough decision to sell our much loved home and down size , but on a recommendation of a friend we chose Kerryn which turned out to be the best choice by far. Kerryn is an honest, friendly and compassionate person and very professional in the selling process which we greatly appreciated. Kerryn kept us well informed with phone calls and updates and the sale was a street record which delighted us no end.”

Vendor - Havenview Road

​ “Kerryn has a great understanding of the real estate market. Kerryn is professional, personable and trustworthy. It has been our experience working with Kerryn in the sale of our property that no one else could have done a better job. We were very impressed.”

“Kerryn was very Professional at all times and kept me informed with what was going on. Kerry was quick to get back to me and positive through all stages of the process.

I am happy with my choice of Agent and would not hesitate to recommend her to anyone wanting to sell their property.”

Vendor - Cottee Crescent

​ “It was a pleasure working with Kerryn.

She has a calm, stable demeanour which we found essential during an emotional challenging time. I can highly recommend her services for selling a property.”

Vendor - North Avoca

“Excellent knowledge of the market. Great negotiator and was able to achieve an excellent result.

Communicated well, and presented as a very kind, sincere person. Went beyond what we expected in terms of effort and time given to our sale.”

“Kerryn's commitment to selling my house and achieving a great result was at a premium level. Her dedication to the job, knowledge of the industry and professionalism was at an extremely high level at all times. Being an owner in another state was difficult however she kept me informed and I felt completely comfortable and supported every step of the way. It was also nice to deal with a real person who was genuine and transparent throughout the process.”

Vendor - Scarborough Court

Vendor - Jirramba Avenue

“You can trust Kerryn with your house. She will work hard to get her clients the best price. Kerryn will look after your interests, do a brilliant job and always give you the right information. Clients are kept totally in the loop and you know you are in good hands. We found Kerryn to be honest and trustworthy. She is a real partner in the selling process, who works cooperatively with her clients. We were delighted that Kerryn achieved a street record price for our house.”

“We were very wary when choosing an agent. We needed someone that we both felt that we could trust and rely on. Kerryn's advice was spot on and at no stage did we feel pressured. She was patient, honest and very professional. She did everything that she said that she would do and communicated with us all the way. Most of all she got the property SOLD!”

Vendor - Wordsworth Avenue

Vendor - John Gray Close

Vendor - Trevally Close

Case studies 4 Beds 3 Baths 2 Cars

Sale Method

Auction

Sale Price

$3.6m

Vendor’s price expectation

$3.3m

Days on market

28

No. of inspections

85

No. of contract issued

12

29 View Street, North Avoca Sold $3.6m 4 Beds 3 Baths 2 Cars

Sale Method

For Sale

Sale Price

Price Undisclosed

Vendor’s price expectation

$3.7m

Days on market

Sold Off Market

No. of inspections

1

No. of contract issued

1

Buyer origin

Local

37 North Avoca Parade, North Avoca Sold $Circa 3.7m 3 Beds 1 Baths 2 Cars

Sale Method

For Sale

Sale Price

Price Undisclosed

Vendor’s price expectation

$8m

Days on market

Sold Off Market

No. of inspections

2

No. of contract issued

2

Buyer origin

Sydney

37 View Street, North Avoca Sold $Circa $8m 5 Beds 2 Baths 2 Cars

10 North Avoca Parade, North Avoca Sold $$8.1m

Sale Method

For Sale

Sale Price

$8.1m

Vendor’s price expectation

$8.1m

Days on market

Sold Off Market

No. of inspections

1

No. of contract issued

1

Buyer origin

Sydney

Recent ​ sales in North Avoca No

Address

Bed Bath Car

Date

Price

_______________________________________________________________________________________________________________________________________________________________________

1

32 North Avoca Parade

4

3

5

29/04/21

$7.9m

_______________________________________________________________________________________________________________________________________________________________________

2

20 Bareena Avenue

5

3

3

06/10/21

ND

_______________________________________________________________________________________________________________________________________________________________________

3

44 Ocean Street

4

2

2

22/01/21

$5m

_______________________________________________________________________________________________________________________________________________________________________

3

21A Tramway Road

5

4

2

24/02/21

$4.3m

_______________________________________________________________________________________________________________________________________________________________________

5

2 Tramway Road

3

4

4

21/04/21

$4.15m

_______________________________________________________________________________________________________________________________________________________________________

6

1/43 Ocean Street

3

2

2

28/08/20

$3.52m

_______________________________________________________________________________________________________________________________________________________________________

7

12 Elgata Avenue

5

2

2

19/02/21

$3.2m

_______________________________________________________________________________________________________________________________________________________________________

8

38 Lake Street

5

4

2

20/01/21

$3.1m

_______________________________________________________________________________________________________________________________________________________________________

9

24 Tramway Road

5

3

2

20/01/21

$3m

_______________________________________________________________________________________________________________________________________________________________________

10

20 The Arena

5

3

2

16/09/21

$2.82m

_______________________________________________________________________________________________________________________________________________________________________

11

1 Ocean Street

4

2

2

11/08/21

ND

_______________________________________________________________________________________________________________________________________________________________________

12

23 Tramway Road

3

1

1

31/10/20

$2.46m

_______________________________________________________________________________________________________________________________________________________________________

13

27 North Avoca Parade

4

3

2

22/09/20

$2.1m

_______________________________________________________________________________________________________________________________________________________________________

14

34 The Arena

5

2

2

10/07/20

$2.061m

_______________________________________________________________________________________________________________________________________________________________________

15

72A Lake Shore Drive

4

2

2

10/04/21

$1.81m

_______________________________________________________________________________________________________________________________________________________________________

16

61 Surf Rider Avenue

4

3

2

16/06/21

$1.442m

_______________________________________________________________________________________________________________________________________________________________________

17

12 Bellevue Crescent

3

1

1

11/10/21

$1.165m

_______________________________________________________________________________________________________________________________________________________________________

18

38 Easter Parade

3

2

1

10/04/21

$1.025m

_______________________________________________________________________________________________________________________________________________________________________

19

10/21-23 North Avoca Parade

2

2

4

02/03/21

$1.005m

_______________________________________________________________________________________________________________________________________________________________________

20

4 Surf Rider Avenue

Land

10/09/21

$700K

_______________________________________________________________________________________________________________________________________________________________________

RPData

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, 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. 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.

Kerryn Meredith 0413 276 776 4384 0238 kerrynmeredith@mcgrath.com.au