📊 NOVEMBER 2023 #RealEstateUpdate 📍 Postcode 3977 & 3978
As this will be the last market update for 2023, we’re going to reflect on what has happened, but what most people (buyers and home owners alike) are asking is what will happen in 2024?… and that is a great question!
So here we go… While the crystal ball is still sitting a little bit more than cracked in the corner of the room, we can only work on logical summations on the available information.
Now I’m filming this for you before the final meeting of the reserve bank, however at the time of making this video, expert opinions are that the rates will be left unchanged in December.
So the good news is we look to be sitting stable on rates for now - but the not so great news is that we could also be looking at a further 12 months at the current rate, with economists seemingly in majority agreement that there will be little or no downward rate movement until at least the end of 2024 and even then it will only be a softening not a rate drop as such.
In real terms?
The pressure on mortgage holders is going to be here to stay for quite a while longer and we are unlikely to see any big hikes in price growth in our marketplace.
Does this mean house prices will drop?
Another great question to which we can again only apply logic. While the number of homes being put up for sale increases, there is still buyer activity, we just can’t be certain about how quickly (or not) a buyer will commit to an offer or what the final price will be should the new listing numbers spike up.
This spike, if it comes, is traditionally at the end of January, so if you are contemplating a move, you need to be activating that plan sooner rather than later if you’re wanting to get the best price!
So how did the market go in November 2023?
97 homes were sold in postcode 3977 with the median house price sitting at $710,000 which is up 2.15% on November 2022.
But we are still sitting down year-to-date with the number of homes sold being just 1,455 and the year-to-date median house price sitting down by 1.2%.
Now let’s take a look at the neighbourhood snapshots...
Cranbourne you’re closing out the year on a cool market with average days on market sitting at 34 days. There were a total of nineteen home sales reported in November 2023 the highest was 66 Sparrow Street selling for $1,015,000 while the lowest was 2A Alexander Street selling for $426,000.
Cranbourne East you’ve pulled back a little now sitting in a neutral market meaning supply and demand are levelling out with average days on market sitting at 30. There were 26 sales reported in November 2023. The highest was 6 Detroit Avenue selling at $965,000 while the lowest was 2A Easter Way selling for $545,000.
Cranbourne West you’ve kept level in a cool market with average days on market sitting at 28 days. There were 19 sales reported in November 2023. The highest was 3 Crepe Avenue selling for $1,190,000 while the lowest was 7 Tanino Road which sold for $480,000.
Cranbourne North you’re sitting stable in a neutral market for the third month, meaning supply and demand levels are even, but you’ve been active and average days on market are sitting at just 25. There were 28 sales reported in November 2023. The highest was 60 Arbourlea Boulevard selling at $1,140,000 while the lowest was 11 Cassius Circuit which sold for $505,000.
Cranbourne South you’re in a warm market but with average days on market sitting up at 64 days. There were 2 sales reported in November 2023. The highest was 15-16 Madelyn Court selling for $2,480,000 while the lowest was 26 Lanosso Avenue which sold for $720,000.
Junction Village you remain in a neutral market for the fourth month in a row so you are certainly steady as she goes! With average days on market sitting at 45, however there were zero - nada - no sales reported for the month of November 2023!
Botanic Ridge you’re back to a warm market with average days on market sitting at 40. There were 6 sales reported in November 2023. The highest was 39 Nectar Road selling for $915,000 while the lowest was 16 Cinnabar Lane which sold for $615,000.
Skye you’re currently in a warm market with average days on market sitting low at just 21. A total of 5 sales were reported for November 2023 with the highest being for 2 Lombardi Close selling for $840,000 while the lowest was 7/11 Coco Parade that sold for $540,000.
Carrum Downs you’ve settled into a neutral market with average days on market sitting at 31, and the market has certainly been active with a total of 25 sales reported for November 2023. The highest was 34 Barnett Avenue selling for $950,000 while the lowest was 24/15 Balmain Drive which sold for $485,000.
Clyde you’ve remained in a neutral market with more homes coming onto the market and average days on market sitting at 36. A total of 12 sales reported for November 2023. The highest was 420 Manks Road selling for $1,400,000 while the lowest was 27 Unison Drive which sold for $576,500.
Clyde North you’re sitting in a neutral yet active market, with a total of 46 sales reports for November 2023 and average days on market sitting at 40. The highest was 235 Heather Grove selling for $1,501,250 while the lowest was 7A Thoroughbred Drive which sold for $596,000.
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And, there you have it!
The market wrap for November 2023, and the last monthly market updated for the year.
I’m Jo Mooney from Mooney & Co Estate Agents - As always, thank you for watching / reading.
Whether it’s your first update or you’ve been watching from the very first one, I love being able to make sense of the data and share it with you all - so a huge thank you for allowing me to take up your time once a month!
Wishing you a happy, healthy & safe Festive season, and I’ll catch you in January with the first market update of the new year.
Don’t forget, if you have any real estate questions at all - even over the holidays, we’re always only a phone call away - 0407 344 011.