Where has the year gone? | November 2022 Market Update

And just like that we are heading into the final month of 2022. The FIFA World Cup is in full swing, with our Aussie team back in action later tonight and Christmas is just over three weeks away.

On the property front, there has been plenty of positives to take from November. Whilst there was another interest rate rise, the First Home Buyer Choice stamp duty scheme kicked off earlier than expected, providing a good incentive for people to get out there and buy their first home. We also enjoyed some good sales success with a couple of our longer held listings selling – like a unique acreage in Kulnura getting over the line at $1.85m after almost 12 months on the market, and a lifestyle property in Dooralong sold at $1.53m in 112 days. On the flip side, we sold a home in Bateau Bay that we offered to the market for the very first time sold for $1.1m in 3 weeks – about half as long as our average days on market.

Moving ahead into December there is three more selling weekends before we break for Christmas. While our office does close, the statistics show that buyer activity on the main real estate websites has been increasing year-on-year over the Christmas/New Year Period.

This therefore becomes an important time of year to showcase and promote your property to a wide buyer pool. We are expecting that as we wrap up 2022 and head into 2023, the market will start to stabilise, more buyers will start researching and enter the market, and we can expect to see more listings coming to market after the holidays and into February.   

From all of the team here at First National Real Estate Coastwide we would like to thank you for your continued business and support throughout 2022, and we wish you and your families a wonderful Christmas and a very happy New Year.

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