Autumn 2018 Ballarat Area Property Values Report

Transcription

1 Autumn 2018 Property Values Report Alfredton, Bakery Hill, Golden Point, Ballarat Central, Ballarat East, Eureka, Ballarat North, Invermay Park, Black Hill, Soldiers Hill, Canadian, Delacombe, Lake Gardens, Lake Wendouree, Mount Clear, Mount Helen, Newington, Redan, Sebastopol and Wendouree.

2 Welcome to the Autumn edition of our Property Values Report, a summary of property sales and related information, delivered to you exclusively by Buxton. We are committed to providing our clients with accurate, credible, relevant market information and have worked in partnership with independent real estate data A more balanced market. Property prices across Melbourne and Regional have increased dramatically since the current growth cycle began about 5 years ago. We ve written previously about some of the drivers behind this growth: record low interest rates, investor demand (domestic and international) and significant population migration from interstate and overseas. All of these 3 main growth drivers still exist, but we re likely to see growth moderate in 2018 for a few key reasons. Firstly, annual double digit percentage rises can only be sustained for so long. Residential real estate performs in cycles similar to other sectors within the economy. Usually prices go up, sometimes they re flat and occasionally they fall. Many economists believe peak growth is behind us Auction Clearance Rate % in Buxton s 140+ Suburbs 85% 80% 75% 70% 46 days is the average time it takes to sell a property in Regional (Source: Source: REIV) specialists Property Analytics* to develop this report. The statistics primarily for cyclical reasons (though very few predict price falls over the next two years). 65% within are designed to give you a deeper understanding of how the residential real estate market is performing across Melbourne, in this region and within your specific neighbourhood. Secondly, under the direction of APRA (The Australian Prudential Regulation Authority) Australian banks have introduced a variety of measures in recent times designed to curb real estate price growth. Higher mortgage rates for investors versus home occupiers, limited interest-only lending options which are favoured primarily by investors, stricter loan-to-value ratios and greater scrutiny of living expenses and borrowing capacities. Thirdly, it s become more difficult for foreign purchasers as many banks refuse to recognise overseas income - even from Australian citizens, new taxes and regulations have been introduced that specifically target non-australian buyers, illegal ownership is being policed more diligently (e.g. non-permanent residents need to sell once they leave Australia) 60% 55% 50% Jul-Sep 2014 Oct-Dec 2014 Jan-Mar 2015 Apr-Jun 2015 Jul-Sep 2015 Oct-Dec 2015 Jan-Mar 2016 Apr-Jun 2016 Jul-Sep 2016 Oct-Dec 2016 Jan-Mar 2017 Apr-Jun 2017 Jul-Sep 2017 Oct-Dec % is the amount Investor Lending Commitments have decreased in the 2nd half of 2017 v 2nd half of (Source: Corelogic) and it s become increasingly difficult for Chinese buyers to extract funds from overseas. It appears that the above forces may have started to impact on the Melbourne real estate market. Buxton operates in 140 plus suburbs across. While the October - December 2017 median house price in our areas was up 14% compared to the same quarter in 2016 (a great result for home owners!), the Auction Clearance Rate was 6% lower than the 3-year average of 76%. Now, the last quarter of the year is always a big selling period with so many more properties listed for sale, demand from buyers tends to be diluted, leading to higher pass-in rates but it s the trend that is important. The 70% Auction Clearance Rate to finish 2017 was 9% lower than seen in the same 17 months since the RBA has changed Interest Rates quarter of 2016, and it s been trending down in every quarter since. This (Source: RBA) aligns to what many of us are seeing at open for inspections and auctions slightly less numbers. Moving into 2018, some of the key building blocks remain for further price growth. While we certainly don t expect price falls, we do anticipate a flatter market characterised by a greater balance between demand and supply. In these conditions it s more important than ever to select knowledgeable, local area experts to represent you in selling your home. 75% is the average % Auction Clearance Rate over the last 3 years in Buxton Suburbs (Source: REIV) * Property Analytics ( provides independent statistical information to real estate professionals throughout and New South Wales.

3 Ballarat suburbs and surrounding areas property values Houses: 2017 Ring Road Wendouree / Miners Rest 1-3 Bed 4+ Bed All Houses Number Sold Median $252,500 $379,500 $265,000 Highest $415,000 $795,000 $795,000 Median 3 year % change Ballarat North / Invermay Park / Black Hill 1-3 Bed 4+ Bed All Houses Number Sold Median $316,500 $435,000 $355,168 Highest $570,000 $1,020,000 $1,020,000 Median 3 year % change Buxton has divided the map on this page into 13 different property value areas. To find out the median house value in your neighbourhood, simply locate your street on this map to discover which area your property is in, then look up the relevant chart at left or on the following page. Data shown is for the calendar year ending 31 December, Howitt Street Alfredton / Lucas 1-3 Bed 4+ Bed All Houses Number Sold Median $346,000 $446,000 $407,500 Highest $975,000 $925,000 $975,000 Median 3 year % change *Median Value 3 years % Change in figure is statistically unreliable due to insufficient sales volumes. 4 - Lake Gardens / Lake Wendouree 1-3 Bed 4+ Bed All Houses 4 5 Number Sold Median $450,000 $845,000 $590,000 Highest $1,520,000 $2,025,000 $2,025,000 Dyson Drive 3 Sturt Street Median 3 year % change Soldiers Hill 1-3 Bed 4+ Bed All Houses Number Sold Mair Street 8 Median $416,288 $536,000 $425,000 Highest $800,000 $870,000 $870,000 Median 3 year % change Ballarat-Carngham Road Winter Street Newington / Redan 1-3 Bed 4+ Bed All Houses Number Sold Sebastopol Street Median $293,750 $430,000 $305,000 Wilson Street Highest $1,000,000 $1,600,000 $1,600,000 Median 3 year % change Howitt Street 9 Sutton Street Rubicon Street Ballarat Central 1-3 Bed 4+ Bed All Houses Number Sold Median $375,500 $568,000 $407,000 Highest $820,000 $1,280,000 $1,280,000 Median 3 year % change Bed 4+ Bed All Houses Number Sold Median $285,500 $455,000 $305,000 Bells Road Highest $520,000 $820,000 $820,000 Median 3 year % change Delacombe 1-3 Bed 4+ Bed All Houses Number Sold Median $315,000 $382,500 $346,000 Highest $447,000 $1,050,000 $1,050,000 Median 3 year % change Sebastopol 1-3 Bed 4+ Bed All Houses Number Sold Median $243,000 $322,500 $252,000 Highest $365,000 $435,000 $435,000 Median 3 year % change About median values The median value is a more reliable figure than an average price. This is used as an indicator of price trends in a particular area. That s why median prices are used by Buxton, the Real Estate Institute of and the Valuer General. Simply, the average price is obtained by adding up the value of all sales and dividing that figure by the number of sales. The median average is the middle price when all sales are arranged in order from highest to lowest. Wirreanda Drive 13 Yankee Flat Road 11 - Canadian 1-3 Bed 4+ Bed All Houses Number Sold Median $296,125 $386,000 $330,000 Highest $715,000 $720,000 $720,000 Median 3 year % change Mount Clear / Mount Helen 1-3 Bed 4+ Bed All Houses Number Sold Median $307,500 $400,000 $363,500 Highest $470,000 $645,000 $645,000 Median 3 year % change Buninyong 1-3 Bed 4+ Bed All Houses Number Sold Median $429,000 $555,000 $470,000 Highest $900,000 $890,000 $900,000 Median 3 year % change Please note that figures relate to sales of individual residential properties only, and exclude sales of multiple dwellings in single transactions (e.g. blocks of units), vacant land, and commercial real estate. The data on these pages also includes Valuer General data and because of the delay in receiving it, the 2017 data may be missing some sales taking place towards the end of the financial year. Also be aware that if any area has a particularly low number of sales during any period, this may unfairly influence the trend. Whilst every care has been taken to confirm the accuracy of the information presented, neither the authors, editors or publishers can be responsible for errors or omissions or for any consequences from application of the information given.

4 Units / Townhouses: Wendouree / Miners Rest 1-2 Bed 3+ Bed All Units Number Sold Median $218,750 $272,500 $244,950 Highest $515,000 $360,000 $515,000 Median 3 year % change 7-1* 7 Land: Wendouree / Miners Rest All Land Number Sold 63 Median $132,000 Highest $200,000 Median 3 year % change 7 Did you know... Annual Household Income in the Age of Residents in the 2 - Ballarat North / Invermay Park / Black Hill 1-2 Bed 3+ Bed All Units Number Sold Median $223,500 $295,000 $268,000 Highest $310,000 $492,000 $492,000 Median 3 year % change Alfredton / Lucas 1-2 Bed 3+ Bed All Units Number Sold Median $210,000 $320,000 $284,000 Highest $570,000 $360,000 $570,000 Median 3 year % change 0 3* Ballarat North / Invermay Park / Black Hill All Land Number Sold 29 Median $155,000 Highest $240,000 Median 3 year % change Alfredton / Lucas All Land Number Sold 118 Median $166,250 Highest $381,500 Median 3 year % change 15 40% 35% 30% 25% 20% 15% 10% % Over 59 yrs % yrs % yrs 4 - Lake Gardens / Lake Wendouree 1-2 Bed 3+ Bed All Units Number Sold Median $330,000 $365,000 $360,000 Highest $485,000 $495,000 $495,000 Median 3 year % change 35-8* Soldiers Hill 1-2 Bed 3+ Bed All Units Number Sold Median $272,500 $415,000 $336,000 Highest $283,000 $490,000 $490,000 Median 3 year % change 11* 23* 21* 6 - Newington / Redan 1-2 Bed 3+ Bed All Units 4 - Lake Gardens / Lake Wendouree All Land Number Sold 36 Median $222,750 Highest $1,360,000 Median 3 year % change Soldiers Hill All Land Number Sold 1 Median N/A Highest N/A Median 3 year % change N/A* 6 - Newington / Redan All Land 5% 0% under $41,599 $41,599 - $77,999 Property Sizes in the $78,000 - $129,999 over $130,000 % Under 20 yrs 0% 10% 20% 30% 40% 50% 60% Number Sold Median $195,000 $267,000 $211,000 Highest $270,000 $272,500 $272,500 Median 3 year % change 0 0* Ballarat Central 1-2 Bed 3+ Bed All Units Number Sold Median $252,500 $435,000 $262,500 Highest $493,000 $435,000 $493,000 Median 3 year % change 6 76* 4 Number Sold 8 Median $297,078 Highest $610,000 Median 3 year % change 120* 7 - Ballarat Central All Land Number Sold 7 Median $184,000 Highest $500,000 Median 3 year % change -16* 22% 52% 26% 25% 45% 30% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 46% of residents moved to the in the last 5 years 1-2 Bed 3+ Bed All Units Number Sold Median $241,500 $320,000 $285,000 Highest $493,000 $537,500 $537,500 Median 3 year % change All Land Number Sold 31 Median $160,000 Highest $349,000 Median 3 year % change 46 % 1-2 Beds % 3 Beds % 4+ Beds 9 - Delacombe 1-2 Bed 3+ Bed All Units Number Sold Median $251,500 $364,000 $290,000 Highest $362,500 $410,000 $410,000 Median 3 year % change 110* 30* 5* 10 - Sebastopol 1-2 Bed 3+ Bed All Units Number Sold Median $200,000 $256,100 $212,500 Highest $248,000 $290,000 $290,000 Median 3 year % change 1 7* Canadian 1-2 Bed 3+ Bed All Units Number Sold Median $233,750 $299,000 $278,444 Highest $347,000 $345,000 $347,000 Median 3 year % change 5* 9* 8* 12 - Mount Clear / Mount Helen 1-2 Bed 3+ Bed All Units Number Sold Median $220,000 $289,000 $283,000 Highest $335,000 $399,000 $399,000 Median 3 year % change 6* 5* Buninyong 1-2 Bed 3+ Bed All Units Number Sold Median $238,000 $339,000 $334,500 Highest $238,000 $385,194 $385,194 Median 3 year % change -9* 6* 17* 9 - Delacombe All Land Number Sold 114 Median $132,000 Highest $320,000 Median 3 year % change Sebastopol All Land Number Sold 25 Median $115,000 Highest $900,000 Median 3 year % change Canadian All Land Number Sold 6 Median $127,500 Highest $292,720 Median 3 year % change N/A* 12 - Mount Clear / Mount Helen All Land Number Sold 26 Median $113,500 Highest $1,600,000 Median 3 year % change Buninyong All Land Number Sold 13 Median $220,000 Highest $515,000 Median 3 year % change 13 Property Ownership in the rented mortgaged 29% 34% 37% owned outright Property Types in the Semi-Detached Flats 4% 15% 29% * includes: Alfredton, Bakery Hill, Golden Point, Ballarat Central, Ballarat East, Eureka, Ballarat North, Invermay Park, Black Hill, Soldiers Hill, Canadian, Delacombe, Lake Gardens, Lake Wendouree, Mount Clear, Mount Helen, Newington, Redan, Sebastopol and Wendouree. All data on this page: Australian Govt Census About median values The median value is a more reliable figure than an average price. This is used as an indicator of price trends in a particular area. That s why median prices are used by Buxton, the Real Estate Institute of and the Valuer General. Simply, the average price is obtained by adding up the value of all sales and dividing that figure by the number of sales. The median average is the middle price when all sales are arranged in order from highest to lowest. Data shown is for the calendar year ending 31 December, Please note that figures relate to sales of individual residential properties only, and exclude sales of multiple dwellings in single transactions (e.g. blocks of units), vacant land, and commercial real estate. The data on these pages also includes Valuer General data and because of the delay in receiving it, the 2017 data may be missing some sales taking place towards the end of the calendar year. Also be aware that if any area has aparticularly low number of sales during any period, this may unfairly influence the trend. Whilst every care has been taken to confirm the accuracy of the information presented, neither the authors, editors or publishers can be responsible for errors or omissions or for any consequences from application of the information given. 37% 81% Detached

5 Property Values Report Autumn 2018 If you are considering selling and would like to achieve the highest price possible, contact a Ballarat local area expert for an up-to-date market appraisal. Ben Halsall Director Mark Nunn Director Peter Burley Director Chris McAteer Sales Consultant Liam Crowley Sales Consultant Jarrod Cloke Sales Consultant James Montano Sales Consultant Bernie Massey Sales Consultant Matthew Stevens Sales Consultant Leearnee Jones Sales Consultant Tim Veal Sales Consultant Matilda Coutts PA to the Directors Jodie Burley Sales Administrator Renae Heath Property Management Julie Frans Property Management Jessica Bibby Property Management Amy Nunn Property Management Samantha Prince Administration Jo Halsall Office Manager Jess Benn PA to Jarrod Cloke Bianca Stokell Marketing Co-Ordinator Amy McDonald Sales Administration