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📊 APRIL 2023 #MarketUpdate

 

 

 

April 2023 saw a slight ray of sunshine creeping through with a bounce in market activity perhaps thanks to the pause on interest rate rises which unfortunately has not been the case this month meaning we could be in for a bit more volatility in the real estate space.

 

New listing numbers coming to market increased during April but average days on market are continuing to stretch out with Cranbourne suburbs sitting over 100 days, Clyde & Clyde North are slightly less at between 95-97 days and Botanic Ridge is the fastest moving sitting at a substantially lower 47 days.

 

So, what could be driving the increased days on market? It could be that we are seeing price reductions on properties as sellers and buyers take time to find middle ground on values. With lower numbers of sales happening it is getting difficult for both buyers and sellers to reconcile what a "good" offer actually is in the current climate, and it can take time to test price points and market responses.
From our personal experience, it's the properties under the $750,000 value that are still experiencing a much quicker process and this would be down to the higher number of buyers who are available to purchase houses up to this price bracket as borrowing power is clipped across the board by the rising interest rates.

 

If you are buying and selling in the same market, it is vital to keep your focus on the change over cost - not just the price you sell for.

Looking at the year-to-date stats - From January 1st to April 30th in 2022 we had seen 808 sales with the median house price sitting at $720,000 while this year so far we are sitting 45% lower with only 437 sales and the median house sale price down just 2% sitting at $705,000.

 

 

Now, let's look at how our hyper local market went:

 

Before I dive into the ever popular neighbourhood snapshots don’t forget every month I gather all of the latest sales data to put this video together for you but you may not realise I also make more detailed reports specific to estate areas within each of the suburbs available as a free download from my website - so if you’d like to get access head onto the web at www.bit.ly/mooneymarketreport to get access to your local stats whenever you want them!

 

 

Cranbourne you saw 27 properties sell in April 2023

8 of those prices have not yet been disclosed so as far as we can report:

The lowest sales price was for 2/85 Clarendon Street, a 2 bedroom 1 bathroom single garage unit selling for $390,000.

The highest was 7-9 Jillian Street, a 4 bathroom home on a third of an acre of land selling for $1,185,000.

 

Cranbourne West you saw 24 properties sell in April 2023

7 of those prices have not yet been disclosed so as far as we can report:

The lowest sales price was 14 Fishburn Place, a 3 bedroom 2 bathroom home selling for $550,000.

The highest was 40 Erindale Street, a 5 bedroom 3 bathroom home on 439 square metres of land selling for $1,000,000.

 

Cranbourne East you saw 17 properties sell in April 2023

2 of those prices have not yet been disclosed so as far as we can report:

The lowest sales price was for 3 Nugget Way, a 3 bedroom 2 bathroom single garage townhouse selling for $485,000.

The highest was 7 Clubhouse Crescent, a 4 bedroom 2 bathroom double storey home selling for $1,055,000.

 

Cranbourne North you saw 23 properties sell in April 2023

3 of those prices have not yet been disclosed so as far as we can report:

The lowest sales price was for 12 Rocket Lane, a 2 bedroom 2 bathroom townhome selling for $395,000.

The highest was 52 Tamarind Road, a 4 bedroom 3 bathroom - so two master suites in the home on 548 square metres of land selling for $1,075,000.

 

Cranbourne South you saw 4 properties sell in April 2023

1 of those prices have not yet been disclosed so as far as we can report:

The lowest sales price was for 7 Scorchin Drive, a 4 bedroom 2 bathroom home selling for $830,000.

The highest was 45 Flanagan Crescent, a 4 bedroom 2 bathroom double storey home selling for $970,000.

 

Clyde you saw 5 properties sell in April 2023

2 of those prices have not yet been disclosed so as far as we can report:

The lowest sales price was for 8 Green Gully Road, a 2 bedroom 2 bathroom townhouse selling for $565,000.

The highest was 33 Creekside Street, a 3 bedroom 2 bathroom townhouse selling for $600,000.

 

Clyde North you saw 33 properties sell in April 2023

10 of those prices have not yet been disclosed so as far as we can report:

The lowest sales price was for 5 Sark Street, a 3 bedroom 2 bathroom single garage home selling for $492,000. 

The highest was 95 Manton Road, a 5 bed 5 bathroom home on 512 square metres of land selling at $1,299,000.

 

Botanic Ridge you saw 8 properties sell in April 2023

2 of those prices has not yet been disclosed so as far as we can report

The lowest sales price was for 30 Nectar Road, a 4 bedroom 2 bathroom home selling for $728,000.

The highest was 32 Villermont Drive, a 4 bed 2 bath double storey home on just over a quarter acre of land selling at  $1,325,000.

 

Junction Village you saw 2 properties sell in April 2023

Both very different properties!! So, 21 Houlder Street, a 3 bedroom 1 bathroom home which unfortunately hasn’t had the price disclosed as yet would be the lowest.
The highest was 39 Craig Road, a 4 bedroom 1 bathroom home on a massive 6,778 square metres of land sold at $,2,550,000.

 

And that’s the wrap for April 2023 - As always thanks so much for watching - If you found this helpful & don’t want to miss future videos make sure you subscribe to my YouTube channel … and don’t forget to share this with friends or family who might be curious too!
And of course if you have questions and 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 here in & around Cranbourne  - give me a call, Jo Mooney 0407 344 011