📊 MARCH #MarketUpdate - Cranbourne House prices are UP 3.7% 📈 YTD
March 2023 saw a few shocks to the real estate landscape with a further 25 basis point interest rate rise now the 10th consecutive rise, that's not exactly breaking news anymore, but we also saw the collapse late in the month of major building company Porter Davis. Add this to the impending mortgage cliff and it will be interesting to see the realities unfold in our local market. We have amazingly seen a slight increase in house prices with Melbourne as a whole managing a very minor increase of 0.6%
Supply could well be continuing to underpin these values with our local market in 3977 reporting only 250 sales so far in 2023 which is down 44% on the same time last year. This has however seen the median house price increase a whisker — 3.7% higher sitting at $697,000 for the year to date.
What are we seeing on the ground? Well … supply is on the rise which is not typical heading into the cooler months. Could this be due to the interest rates? Could it be people have just got used to the “new normal” and have decided to not keep their lives on hold? From the clients I’m working with currently it’s seeming to be more the latter however as the fixed rates come to an end the ratio may well change - time will tell just how much of an effect this will have locally.
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That's the overview, but more importantly let's look at how our hyper local market went:
Cranbourne - you saw 22 properties sell in March 2023
7 of those prices have not yet been disclosed so as far as we can report:
The lowest sales price was for unit 3 number 11-13 Dearing Avenue a 2 bedroom 1 bathroom single garage unit selling for $407,000
The highest was: 16 Dryandra Place a 5 bedroom 2 bathroom home on 720 square metres of land selling for $740,000
Cranbourne West - you saw 18 properties sell in March 2023
1 of those prices have not yet been disclosed so as far as we can report:
The lowest sales price was 14 Modena Place a 2 bedroom 1 bathroom townhouse selling for $488,000
The highest was: 20 Riverside Drive a 4 bedroom 2 bathroom home on 450 square metres of land selling for $800,000
Cranbourne East - you saw 14 properties sell in March 2023
1 of those prices have not yet been disclosed so as far as we can report:
The lowest sales price was for 9 Trafalgar Way a 2 bedroom 2 bathroom double garage home selling for $615,000
The highest was 30 Thurvaston Crescent a 4 bedroom 2 bathroom home selling for $795,000
Cranbourne North - you saw 21 properties sell in March 2023
6 of those prices have not yet been disclosed so as far as we can report:
The lowest sales price was for 1/4 Blueberry Close a 2 bedroom 1 bathroom unit selling for $435,500
The highest was: 49 Trillium Boulevard a 4 bedroom 2 bathroom home on 512 square metres of land selling for $980,000
Cranbourne South - you saw 4 properties sell in March 2023
1 of those prices have not yet been disclosed so as far as we can report:
The lowest sales price was for 14 Chalan Way a 4 bedroom 2 bathroom home on 294 square metres of land selling for $710,000
The highest was: 37 Flanagan Crescent a 4 bedroom 2 bathroom home on 512 square metres of land selling for $995,000
Clyde - you saw 12 properties sell in March 2023
5 of those prices have not yet been disclosed so as far as we can report:
The lowest sales price was for 11 Valetta Street a 3 bedroom 2 bathroom townhouse selling for $525,000
The highest was: 12 Drummond Street a 5 bedroom 3 bathroom double storey home on 400 square metres of land selling for $820,000
Clyde North - you saw 28 properties sell in March 2023
8 of those prices have not yet been disclosed so as far as we can report:
The lowest sales price was for 13 Swindale Way a 2 bedroom 1 bathroom home selling for $492,000
The highest was: 19 Barley Crescent a 5 bed 3 bathroom double storey property on 512 square metres of land selling at $1,250,000
Botanic Ridge - you saw 9 properties sell in March 2023
2 of those prices have not yet been disclosed so as far as we can report
The lowest sales price was for 32 Orchard Park Drive a 3 bedroom 2 bathroom townhouse selling for $600,100
The highest was: 21 Bellis Circuit a 4 bed 2 bath double storey home on 876 square metres of land selling at $1,201,000
Junction Village - nothing to see here!
It appears no properties were reported as sold in the month of March 2023!
If you want to see where the opportunities lie for you in 2023 I’m always happy to have a chat about the local real estate market in & around Cranbourne - give me a call - 0407 344 011