📊 OCTOBER 2023 #RealEstateUpdate 📍 Postcode 3977
Own a property in Cranbourne - East/South/North/West, Clyde, Skye or Carrum Downs?
Keep watching to see what happened with house prices in October 2023!
104 homes were sold in postcode 3977 with the median house price sitting at $727,112 which is up 3.8% on October 2022.
But this is where statistics get confusing… Overall the number of homes sold year-to-date is down 18% and the median house price is also down 1.6% in the bigger picture.
Does that explain why everyone is so confused?
With mainstream media headlines announcing house prices are rising it’s only fair that homeowners are confused when they see some of the sales results in the local area that contradict the big headlines.
While interest rates apply across the nation, the effects and fall out of the rising rates has different levels of impact in each area so with the RBA announcing the November rate rise of 25 basis points or a bit over $15 per month for each $100,000 you currently owe on your mortgage, it would be reasonable to expect that there will be both a psychological and financial impact to follow.
What should homeowners you do with this news?
If you haven’t already, find out your numbers! Not just the new market value of your home, but also what you may be able to do on the re-financing side of things. Consolidating debt could bring down monthly payments to a level that is more manageable if you're like many of us and feeling the squeeze. If you aren’t sure where to start, get in touch so we can get you together with brokers who can guide you on the finance side of things very quickly.
Ready for the neighbourhood snapshots?
Cranbourne you have settled into a cool market meaning there is currently slightly lower demand for the level of supply of properties on the market and average days on market stretched out to 37 days. There was a total of twenty four home sales reported in October 2023 the highest was 2-4/54 Childers Street a block of 4 units on over eleven hundred square metres of land selling for $980,000 while the lowest was 2/39 Duff Street selling for $415,000.
Cranbourne East you’ve picked up a little and are now sitting in a warm market which bodes well, but still leaves average days on market around the thirty days. There were thirty sales reported in October 2023. The highest was 14 Duce Street selling for $990,000 while the lowest 9 Maddock Drive sold for $590,000.
Cranbourne West you’ve dropped off a little reverting back to a cool market meaning there’s slightly less active buyers and average days on market now sitting a little longer at 30 days. There were 28 sales reported in October 2023. The highest was 45 Quist Parade selling for $1,075,000 while the lowest 4 Wanstead Way which sold for $535,000.
Cranbourne North you’re sitting stable in a neutral market for the second month meaning there’s slightly less active buyers but average days on market are still healthy sitting at 26 days. There were 18 sales reported in October 2023. The highest was 104 Rossiter Retreat selling for $1,500,000 dollars while the lowest 2/2 Hoysted Avenue which sold for $505,000.
Cranbourne South demand remains high and you’re sitting in a hot market with a rise in the number of active buyers out and about. With average days on market sitting at 29. There were 3 sales reported in October 2023. The highest was 18 Hikari Crescent selling for $780,000 while the lowest 16 Aberfeldy Crescent which sold for $530,000.
Junction Village you remain in a neutral market for the third month in a row, so you are certainly steady as she goes! With average days on market sitting at 45. there were 2 sales reported in October 2023. The highest was 27 Craig Road selling for $708,000 while the lowest 39 Spring Road which sold for $702,000.
Botanic Ridge you remain in a neutral market for the third month in a row meaning stock levels and buyer demand are sitting around equal. With average days on market sitting at forty there were 5 sales reported in October 2023. The highest was 88 Station Creek Way selling for $1,300,000 while the lowest 4 Gunbower Crescent which sold for $785,000.
Skye you’re sitting in a cool market but no cause for alarm for either selling or buying with average days on market still super low at just 19. A total of 6 sales were reported for October 2023 with the highest being for 6-8 Darnley Drive selling for a nice round $1,000,000 while the lowest was 1/28 McCormicks Road that sold for $631,000.
Carrum Downs you’ve cooled down a little to a neutral market, no cause for alarm for either selling or buying average days on market are still super low at just 19 and the market has certainly been active with a total of 33 sales reported for October 2023. The highest was 23 Titan Drive selling for $900,000 while the lowest was 25/27 Brunnings Road which sold for $475,000.
Clyde you’ve remained in a neutral market with more homes coming onto the market and average days on market have stretched out a little to 36 and a total of 14 sales reported for October 2023. The highest was 16 Treehouse Avenue selling for $950,000 while the lowest was 15 Frome Road which sold for $570,000.
Clyde North you’re sitting in a warm market meaning demand is slightly outpacing supply but days on market have stretched out a little to 37. There was a total of 42 sales reports for October 2023.
The highest was 73 Dexter Crescent selling for $1,050,000 while the lowest was 126 Plymouth Boulevard which sold for $500,000.
And there you have it!
The market wrap for October 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’re always only a phone call away - 0407 344 011.