12 July 2023
A closer look at the numbers, H1 2023
Looking back at the first half of 2023, we had a flurry of activity during January where buyers jumped out of the gates and ready to act quickly. From there we have seen stable market conditions prevail, with housing values showing an uptick nationally from March onwards. Corelogic data shows that Sydney house values increased 1.7% in June and have now increased for seven months in a row. This means that prices are now up 4.5% from their trough in November last year and are just 3% below their February 2022 peak according to Proptrack, with the top end of the Sydney market leading the upturn.
In dollar terms, Sydney’s median housing values are rising by roughly $4,262 a week, with Sydney’s median house price reaching $1,073,924 as at 30 June 2023. While a lack of supply continues to be the main factor applying pressure on housing values, we predict that more listings may flow during Spring or even earlier.
Here are some fast facts showing that Cunninghams sales and leasing strategies have the greatest reach on the beaches:
- Our listings have appeared in 18,831,973 search results on REA alone in the last 6 months
- According to Domain Group and REA, Cunninghams are ranked No.1 when it comes to residential listings, new listings, leads and email enquiries for the first half of 2023 on the Northern Beaches and as a result we have sold more property than any other agency in our market.
- According to Domain, 59% of buyers are enquiring from outside of the Northern Beaches
- Our days on market average is 21 compared to the market average of 24 for the Northern Beaches this last 6 months.
- We have sold over 200 properties over the last 6 months with an average sale price of $2,100,000.
- Our Auction clearance rate has hit 94% and we conducted close to 1,300 appraisals.
- Cunninghams market share across Northern Beaches for the past 6 months is at an all-time high of 12.49%
- We have leased 236 properties so far this year.
- Average rent per week was $869.17
- Total enquiries over this period 8,863
- Total number of applications so far in 2023 1,404
We have seen some extraordinary sales throughout the year including the stunning home at 20a Castle Circuit, Seaforth. The unique home had 88 inspections over 3 weeks and sold in excess of our guide to some ecstatic buyers. In this tight stock market, we have also been able to collaborate to achieve some fantastic results for our clients by finding them property and facilitate simultaneous exchanges and settlements. Click here to read a story of two of our agents who worked together to help our vendors and buyers find their ideal properties. Our ‘on the quiet’ strategy has also worked well for some clients who would prefer to test the waters in a pre-launch phase of their campaign, like the property at 41 Boyle Street, Balgowlah which achieved a record price for that location in just a few days.
Insights from our Founder, John Cunningham:
“Reflecting on the past six months, it has been fascinating to witness how our market has responded to the many changes in our world. While some have embraced these changes and moved forward, others find themselves in a state of uncertainty. Our market is currently characterised by a two-pace dynamic, influenced by factors such as supply, demand, interest rates, and sentiment. These variables often clash, making it difficult to gain a clear perspective. However, recent discussions have introduced a new acronym, BANI, which aptly describes our current environment. BANI stands for Brittle, Anxious, Non-linear, and Incomprehensible. When considering this alongside the previously established VUCA framework (Volatile, Uncertain, Complex, and Ambiguous), it becomes evident that our current world view is layered and adds to the challenges we face.
This realisation has provided us with valuable insights into how property consumers perceive their needs and make decisions. One significant observation is that many individuals are hesitant to make changes in such an uncertain climate. Therefore, establishing some degree of certainty becomes crucial in facilitating positive decision-making. It is important to acknowledge that the world may not revert to a previous state, and this new reality seems to be our future. The sooner we accept this and adapt accordingly, the quicker we can restore a sense of normalcy and certainty to our lives. Ultimately, we must reach these conclusions ourselves, as Dr. Peter Fauda aptly states, “Those who accept the fastest win.”
At Cunninghams, we strongly believe that delivering confidence and a sense of certainty to our clients is an invaluable service. Our reputation lies in providing trusted expert advice and guiding our clients throughout their property journeys. In today’s ever-changing landscape, this strategic asset holds even greater importance. Now more than ever, it is critical that you receive the best advice to ensure the best experience and achieve optimal results.
We remain committed to serving you with our expertise and unwavering support.”
We hope you have found this information helpful, and we look forward to bringing you more insights each month.
As always please get in touch if we can help you make the next step towards your ideal property.
