📊 JULY 2023 #MarketUpdate 📍 Postcode 3977 & surrounds
Homeowners in Postcode 3977 & 3978 keep watching to see what happened with house prices in July 2023!
Interest rates were left on hold for the 2nd month in a row and I can hear the sighs of relief from both buyers and sellers collectively. For buyers this means they are able to bounce off with a bit more confidence with their pre approvals being safe for this month. In recent times it has only taken a month or two for buyers to be cut down on the amount they can borrow and this has lead to some interesting conversations around why they should act sooner rather than later when they find a house they love… hesitating has not been the best approach of late, and for sellers who will more than likely become buyers once they have sold, this is great news for both sides of their move.
The silent stalker however is the cost of living - even if interest rates have peaked (and there is no locked in guarantee of that), the rising costs of every day life in 2023 will continue to eat into the disposable income affecting serviceability for loans. So the anthem remains the same - if you’re making moves in real estate anytime this year - sooner is definitely going to be better than later.
So talking of sales - what’s the high level overview:
85 homes sold in postcode 3977 which is down 47% on the same month last year with the median house price up ever so slightly by 0.3% sitting at $710,000 compared to July last year.
Year to date we are down 32% in the number of homes sold and the overall increase in the median house price is up by just 1.4% sitting at $680,000 year to date.
That’s the bigger picture, so now let’s get into a deeper dive on a hyper local level.
Cranbourne you are in a balanced market meaning there is currently equal levels of supply and demand - not a bad thing just means that conditions are a little calmer and we are less likely to see FOMO in buyers.
So what happened in Cranbourne during July 2023? A total of 19 sales were reported with the highest being 16 Snead Boulevard selling for one million and two hundred fifty dollars while the lowest was 13 Chomley Street at five hundred and twenty thousand dollars.
Cranbourne East you are in a balanced market meaning there is currently equal levels of supply and demand - not a bad thing just means that conditions are a little calmer and we are less likely to see FOMO in buyers.
So what happened in Cranbourne East during July 2023? A total of 15 sales were reported with the highest being 15 Pepper Street selling for eight hundred and twenty five thousand dollars while the lowest was 10a Godfrey Street at five hundred and fifteen thousand dollars.
Cranbourne West you are in a cooling market but full disclaimer - not all pockets of CRANBOURNE WEST are performing the same so it really is case by case in the West.
So what happened in Cranbourne West during July 2023? A total of 20 sales were reported with the highest being 32 Pegasus Street selling for nine hundred and sixty five thousand dollars while the lowest was 25 Lumeah Drive at five hundred and seventy two thousand, five hundred dollars.
Cranbourne North you are in a balanced market meaning there is currently equal levels of supply and demand - not a bad thing just means that conditions are a little calmer and we are less likely to see FOMO in buyers.
So what happened in Cranbourne North during July 2023? A total of 15 sales were reported with the highest being 11 Celsius Drive selling for one million and seventy two thousand dollars while the lowest was unit 1, 15 Elizabeth Street at five hundred and fifty thousand dollars.
Cranbourne South you are in an optimistically balanced market meaning there is currently a slightly lower level of supply than demand - so we could well see a few more unexpected or what I call spikey price results if supply levels continue to be low.
So what happened in Cranbourne South during July 2023? A total of 5 sales were reported with the highest being 5-7 Homewood Road selling for one million eight hundred thousand dollars while the lowest was 17 Jeepster Way at six hundred and seventy seven thousand, 500 dollars.
Junction Village you’re in a hot market! Some of this heat will be coming off the back of the land releases and new homes so again we have a wide variety of homes in the Village that it really is a case by case situation.
The lack of any sales reported kind of makes that an interesting statement, so if you have been thinking of selling in Junction Village now could be a time to capitalise on the level of interest and lack of properties for sale!
Botanic Ridge you’re in a hot market! Domain data reports that buyer demand for Botanic Ridge is up 46% on last year
So what happened in Botanic Ridge during July 2023? A total of 9 sales were reported with the highest being 3 Maintop Ridge selling for one million and thirty five thousand dollars while the lowest was 38 Berrybank Terrace at six hundred and ten thousand dollars.
Clyde you are in a balanced market meaning there is currently equal levels of supply and demand - not a bad thing just means that conditions are a little calmer and we are less likely to see FOMO in buyers.
So what happened in Clyde during July 2023? A total of 13 sales were reported with the highest being 6 Rothesay Avenue selling for one million one hundred and five thousand dollars while the lowest was 14 Creekside Street at six hundred and ten thousand dollars.
Clyde North you’re in a hot market! Not surprising with the issues surrounding building that there is increased demand for the newest possible existing homes. Bear in mind though as lending continues to tighten pricing could well shift quickly.
So what happened in Clyde North during July 2023? A total of 45 sales were reported with the highest being 16 Clovis Avenue selling for one million four hundred and twenty five thousand dollars while the lowest was 3 Marwedel Avenue at five hundred and fifteen thousand dollars.
There you have it, the market wrap for July 2023. I’m Jo Mooney from Mooney & Co Estate Agents - As always, thank you for watching and if you have any real estate questions at all, we are always only a phone call away.