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Jun 6, 2024

Winter Market Update

Winter Market Update Winter has arrived and the Hunter Valley is looking terrific, green from the coast to inland as a result of the rain throughout late May. We have seen continued stablility throughout the 2330 postcode over the past 3 months, with a 1.5% growth in housing values. The 'days on market' remains around that 60 day figure, with little change from the beginning of Autumn. The strongest growth conditions are currently seen throughout the lower quartile (more affordable homes). Duplexes and neat smaller homes continue to attract great interest. Singleton's perceived housing affordability and strong rental returns continue to catch the attention of Sydney and Newcastle buyers. The continuation of strong sale results throughout the 2330 postcode in Autumn are all positive signs as we head into the second half of the year. Winter provides a wonderful opportunity for those selling as many gear up for a spring sale. Those homes available throughout Winter sit in a less crowded marketplace and with features such a fireplaces and cosy rooms taking centre stage. Some of our highlight sales throughout Autumn: - 4 The Glade, Gowrie which SOLD for $1,070,000 after receiving multiple offers on the property. - 1 Park Street, Singleton which SOLD for the full sale price of $620,000 after a successful 3 week campaign. - 1/79 Wattle Ponds Road, Hunterview which SOLD for the full sale price of $535,000 before going to market to a buyer from our buyer database. We are offering a $10,000 discount on all lots at Bella Ridge if exchanged before June 30! There are only 16 lots left in this boutique residential release off Gardner Circuit. Prices start from an appealing $349,000 (accounting for the $10,000 reduction). If you're looking to build in 2024, get in touch today! We have some exciting new listings coming on in Winter, including a standout 6 bedroom near new home on 1 hectare with mountain views in Branxton, and one of Singleton's grand old residences fully restored to its former glory. In amongst these will be the release of Stage 6 Bridgman Ridge, set right on the edge of The Retreat with incredible views South toward the Brokenback Ranges. All current available properties - CLICK HERE Latest leased properties: - 42 Robinson Way, Singleton Heights - $620 per week - 3 Acacia Circuit, Hunterview - $600 per week - 4/9 D'Arbon Avenue, Singleton Heights - $530 per week Our average weekly rental currently sits at $462 per week. Click on the link below for your 2024 Winter booklet with more information! Winter booklet 2024

Mar 7, 2024

Autumn Market Update

Autumn Market Update Most were glad to see the back of a very hot summer, with it closing out on February 29 after a hot 42-degree day with a huge electrical storm. The market took a month to warm up in 2024, after a relatively quiet January. This was then followed up by a busy February which consisted of 33 transactions. Rental demand remains strong, always a good litmus test for the selling market, and investor enquiry has returned. With talks of easing interest rates mid-year, there are encouraging signs for the remainder of 2024. Similar to most NSW markets, ours remains stable, with a 0.8% increase in housing values throughout Summer in the 2330 postcode. The strong interest continues on properties up to $800,000 and we have seen excellent demand in the duplex market which sits around the $500,000+ mark. The continued activity of the first home buyer and the emergence of the retiree looking to downsize are playing major roles in driving the duplex and low maintenance residence demand. Further positive signs, with investors back looking at vacant land for duplex development. Some of our highlight sales throughout Summer: - 4 Carroll Street, Singleton which sold for a street record $1,320,000! One of the largest residential sale prices in Singleton's history. - 6 Eyre Close, Singleton Heights which sold for $775,550. $7550 above the listing price after 7 inspections and 2 offers. - 1/5 Lambkin Street, Hunterview which sold to a first home buyer for $540,000 after only 1 day on the market. We were also appointed to sell Stage 2 Bella Ridge A cul-de-sac residential release off Gardner Circuit near the pre-school of just 22 lots. We now offer both major residential land offerings in the Heights and Hunterview. Prices start from an appealing $359,000 at Bella Ridge and just a few remain from $410,000 in the impressive Bridgman Ridge Stage 8. If you're looking to build in 2024, get in touch today! All current available properties - CLICK HERE Latest leased properties: - 59 Hambledon Hill Road, Gowrie - $700 per week - 90 Gardner Circuit, Singleton Heights - $640 per week - 6 Robinson Way, Singleton Heights - $550 per week Our average weekly rental currently sits at $462 per week, up from $450 at the beginning of Summer. Click on the link below for your 2024 Autumn booklet with more information! Autumn Booklet 2024

Dec 5, 2023

Summer Market Update

Summer Market Update Incredibly, 2023 is drawing to a close. The year has seen a stable real estate market that has eased over the last few months. The average 'days on market' has increased from 56 to 69 over the last 3 months. However, our office average sits well below this figure and currently sits at 53 days. The ongoing strength and growth within the mining industry along with the major infrastructure projects (Golden Highway flyover & Singleton Bypass) continue to provide stability and constant rental demand. Looking ahead, interest rates appear to be close to their peak which should return some certainty. With limited housing stock and a well documented tight rental market, prices in the established property market are expected to remain stable. Singleton still provides plenty of value for the investor. Some of our highlight sales throughout Spring - 1/35 Sinclair Avenue, Hunterview which sold for $21,000 above the asking price, within 5 days on the market, after 4 offers. - 12 Woodward Avenue, Singleton Heights which sold for $9,000 above the asking price after 18 days on the market. - 125 Casey Drive, Hunterview which sold for $900,000 after 21 days on the market. We listed some of Singleton's premier properties throughout Spring including: - 'Carinya' - 4 Carroll Street, Singleton, an architecturally designed 4 bedroom family home set privately off the street on 2544 square metres. - 8 Ardersier Drive, Singleton, a privately positioned 5 bedroom family home with a rural aspect and 1750 square metre block. - 15 Gas Street, Singleton, a spectacular 4 bedroom Singleton family home being offered for just the second time in 100 years. All current available properties - CLICK HERE Latest leased properties - 38 Brucedale Avenue, Singleton - $480 per week - 5/40 Cunningham Parade, Singleton Heights - $420 per week - 10 Lambkin Street, Hunterview - $680 per week Our average weekly rental currently sits at $450 per week, up from $410 this time last year. Click on the link below for your 2023/24 Summer booklet with more information! Summer booklet 2023-24

Sep 4, 2023

Spring Market Update

Spring is always an exciting time in real estate, known as the 'selling season'. It traditionally sees a rise in listings and in buyer activity. We have seen an early arrival of the 2023 Spring 'selling season', with us negotiating 7 sales in the penultimate week of August and 8 properties exchanging during the month. The average sale price for our office throughout August was a solid $692,000. Some highlight sales throughout the month include: - 16 Dimmock Street, Hunterview which SOLD for a Street Record $930,000 - 7 Dudding Street, Singleton, a historic townhouse which achieved a sale price of $525,000 - 120 The Inlet Road, Bulga which fetched $1,080,000 We also listed 7 properties throughout August. We continue to see strong interest on new listings that are priced and presented well. An example of this is our sale of 10 Druce Smith Place, which SOLD within 10 days for the full price of $1.1 million, after 20+ enquiries. The Singleton market remains stable and is a reflection of the strong local economy and relative affordability. We have seen that the markets most impacted by rate rises are those higher value/prestige markets. The higher the value of the market, the more likely it’s seen poorer performance in the past year. According to CoreLogic’s ‘Regional Market Update’, the 2330 postcode saw a 0% gain in house value growth and unit values had a growth of 1.9%. As a region, the Upper and Lower Hunter Valley are leading the way in NSW regional value growth, with the Upper Hunter seeing a 3.0% rise and Lower Hunter a -1.4% decline over the last 12 months. Placing them in the 2nd and 9th spot with regard to highest growing regions in NSW (Shown Below). Rentals The NSW legislation which restricts rent rises to once a year has seen some dramatic rent increases issued to reflect current market value. The weekly rent per property has increased, in some cases over 60%, in the last 24 months. Nationally, rent values increased a further 0.6% in July, taking the national annual increase to 9.4%. Annual growth in rent values remains elevated on the previous decade average. First Homebuyers Assistance Thousands of first home buyers will no longer pay stamp duty. On Saturday 1 July, the threshold for stamp duty exemptions increased from $650,000 to $800,000 and the threshold for stamp duty concessions rose from $800,000 to $1 million. It means first home buyers purchasing a property up to $800,00 will pay no stamp duty, saving up to $30,735 under the changes. Based on the current housing market, NSW Treasury expects about 8600 first home buyers in the $650,000 to $800,000 range to pay no stamp duty over the next year, and about 4400 first home buyers in the $800,000 to $1 million range to pay a concessional rate of stamp duty. Selling this Spring? Contact us today on (02) 6572 4000 or CLICK HERE to book an appraisal. Click on the link below for your 2023 Spring Booklet with more information! Spring booklet 2023

Jun 1, 2023

Winter Market Update

Winter has arrived and with it, a new financial year. Nationally, the real estate market remains a major talking point. Here is your Winter Market Update. We had a strong Autumn quarter in terms of sales, with 18 sales for an impressive average sale price of $770,800 (excluding Bridgman Ridge). Properties that are well priced are still receiving enquiry, inspections and offers in the first 10 days. Three good examples of this are 12 Acacia Circuit in Hunterview, 7 Howe Street in Singleton, and 1 Dimmock Street in Hunterview, which all SOLD during the Autumn quarter for on or above the listed sale price within a week of listing. Winter looks to be another busy one after 10 sales in May. We have a number of listings coming on in the first weeks of the new season, so keep your eyes peeled as we have a range of properties that will suit multiple buyers. 1 Dimmock Place, Hunterview Nationally, housing market conditions are on the improve, with a 1% quarterly lift. This marks the first quarterly lift in national home values since May last year. Closer to home, CoreLogic data and analysis back up the comments we have made regarding the Singleton market throughout the first half of 2023. “Affordable rural markets continue to show resilience. Despite two interest rate rises over the first few months of the year, these markets offer relative affordability, have low listing levels, increased regional migration inflows and strong economic activity off the back of mining, agriculture and/or tourism.” The Singleton market remains stable and is a reflection of the strong local economy off the back of the coal industry, and relative affordability in comparison to nearby towns. HELP Debt HELP debts do not attract interest, but they are indexed to inflation, based on the consumer price index. (Mentioned in our Autumn Market Update) There is set to be an increase to repayments on the Higher Education Loans Program (HELP) debts – commonly known as HECS. The repayment jump will average $1760 a year as balances rise by 7.1 per cent today. The Australian Financial Review revealed that graduates in the 20-29 age group will take the brunt of the CPI rise, with their increase going up by an average of $2069 on the median debt of $29,138. Help debts do effect how much a bank is willing to lend you for a mortgage, as they lower your take-home pay. This means if you’re considering applying for a home loan, you should speak with a mortgage broker to determine whether you’d be in a better position if you paid off any Help debt now or kept that extra cash for your deposit. 2023-24 Budget: Real Estate The two real estate takeaways from the recent Labor 2023-24 budget include changes to the Build to Rent tax rate as well as an expansion to the low-deposit home loan schemes. Build to Rent refers to a residential development where all units are retained and rented by one owner. The budget outlined “a reduction in the withholding tax rate for eligible fund payments from managed investment trusts attributed to newly constructed build-to-rent developments from 30 to 15%. Research suggests this could boost housing supply by 150,000 apartments over 10 years. The Federal Government currently has three low-deposit home loan schemes running: The First Home Guarantee, The Regional Home Guarantee and The Family Home Guarantee. The budget outlined an expansion to the criteria of those who could qualify: Any two applicants beyond spouses and de facto couples. Non-first home buyers who have not owned a home for the last 10 years. (First Home Guarantee, Regional Home Guarantee) Single legal guardians of dependents. (Family Home Guarantee) Permanent residents may now also qualify for the Home Guarantee Schemes. Stamp Duty Increased stamp duty exemptions for first home buyers in New South Wales after legislation was passed in the lower house. The First Home Buyers Assistance Scheme raises the threshold for stamp duty exemptions for first home buyers from $650,000 to $800,000 and stamp duty concessions from $800,000 to $1 million. First home buyers purchasing a property for $800,000 stand to save $31,090 in stamp duty. The new scheme replaces the former government's first home buyer land tax option. "These changes will help five out of every six first home buyers pay no stamp duty, or a concessional rate, and delivers a key election commitment to abolish the annual property tax." Winter Quarterly Booklet - CLICK HERE

Mar 1, 2023

Autumn Market Update

Summer is behind us, and it has been another hot one for Singleton, with regards to both the weather and the property market. We had a strong December to February in terms of sales, with over 20 sales for an average sale price of $625,764. The February average sale price for our office was an impressive $808,000. Properties that are well priced are still receiving strong attention and offers in the first 10 days on the market. There is no better example than our last sale for the summer, a beautiful family home at 7 Gentle Close, Hunterview which sold for $820,000 within 7 days. The beginning of Autumn is going to be busy one for the office with several new listings, ranging from $550,000 all the way up to $1,300,000+ coming on in the first weeks of the new season, so keep your eyes peeled as we have a range of properties that will suit multiple buyers. To be the first to know about upcoming listings, sign up to our property alerts and give yourself the best chance of finding your dream home. Stage 8 of Bridgman Ridge will be opened mid-March and available for inspection. 4 of the 14 blocks are currently under contract as this release provides some of the best land that has been offered for many a year. All lots have 20 metre + frontages and range in size from 809 to 2622 square metres (half an acre). 7 Gentle Close, Hunterview Although high end regional markets such as Byron Bay (-25%) and Illawarra (-12%) are starting to see declines in house value, the Singleton market remains strong. This is due to the industry and the perceived affordability of the area. We saw lifestyle preferences and affordability benefits buffer regional markets from the early declines seen in Sydney and Melbourne and we are now seeing these factors, along with the strong coal and related industries buffer the Singleton market when compared to the rest of the regions. The Singleton LGA saw a 3% growth in house prices over the last 12 months and a 11.6% increase in unit values. Sales volume is down, with 453 houses were sold in the last 12 months, seeing a 30.8% decline. The median value of a Singleton home is $644,410. The median days on market for Summer was 44 days and the median vendor discount was -3%. Similar to house sales volume, unit sales trended lower with a 19.4% decrease. There were 75 unit sales over the past 12 months. The median unit value in Singleton is $362,238. The drop in sales volume can be attributed to the stabilisation of the market due to the rise in interest rates. Investors who held property in the area cashed out during the boom of 2021/22 and people took advantage of the sellers’ market to realise a profit. The interesting shift is although buyer enquiry is down, the quality of buyer has strengthened, being less enquiry but those who do are ready to commit and have identified Singleton as their preferred. In the height of the boom investors and tree changers were comparing areas and often looking here yet buying elsewhere. The current cash rate as determined by the RBA is 3.35%. The next RBA Board meeting and Official Cash Rate announcement will be on the 7th of March 2023. People looking to buy now have 11% less borrowing Power than they did in September 2022. The affect of rate hikes on borrowing capacity can be seen in the table below. Credit: Teroro Financial The Consumer Price Index (CPI) rose 1.9% in the December quarter. Over the twelve months to the December 2022 quarter, the CPI rose 7.8%. The most significant price rises were Domestic holiday travel and accommodation (+13.3%), Electricity (+8.6%), International holiday travel and accommodation (+7.6%). Rental demand is continuing through into 2023 and looks to be another tight one for tenants as demand increases, supply diminishes, and rents rise. This is due to a number of factors, the main driver being the thriving coal industry in the area. Other factors include: - Lessened first homebuyer activity, meaning more demand for rental accommodation - Lower levels of investment purchasing at the moment, so there is fewer stock coming onto the market - Investors having sold properties to owner occupiers during the 2021-2022 boom. CoreLogic released their annual Best of the Best report in December; which sums up the 2022 property performance. Singleton (suburb) ranked 7th highest in terms of gross rental yields for units in Regional NSW. Sitting at 5.8% with a median rent of $382. Singleton Heights ranked 10th highest in terms of gross rental yields for units in Regional NSW. Sitting at 5.6% with a median rent of $375. Autumn-Newsletter If you are looking at selling and would like to know how to get the highest possible price for your property, contact us today on (02) 6572 4000.

Oct 20, 2022

Spring Market Update

As we move into the second half of Spring, we wanted to provide you an overview of the property market. Here is your Spring Market Update: We have had a strong start to the Spring selling season. Our sales so far this Spring have totalled over $6.2 million in value with an average sale price of $887,000. The latest sale being the spectacular block at 5 Fitz Street which fetched $700,000. We have also had plenty happening in terms of new listings over the past week with 7 properties listed and more on the way as we enter into the back half of October. CoreLogic suggests that inflation may be moving through a peak. The ABS reported a reduction in annual inflation. With inflation slowing, the RBA has started to ease back on the rate hiking, as they took the cash rate target 25 points higher, compared with the 50-point rises seen over the last 5 months. The cash rate target is now sitting at 2.6%. The cash rate hikes are a big factor in the easing property prices, with increased borrowing costs and buyers having their purchasing power restricted. The Sydney Morning Herald suggests a 20% reduction in the size of mortgages potential property buyers can take on. Buyers may need to consider their requirements as opposed to their wish lists. We recommend re-connecting with your lender to assess and assure your pre-approval is current. Whilst this has led to the slowing of the frenzied pace of growth seen during the pandemic, regional NSW price growth is still up 9% over the year. Singleton has seen a remarkable 31.8% growth in median house prices over the last 12 months, with the median price now sitting at $560,000. Compared to the $375,000 median in 2017, it is clear the impact on demand and price patterns that the pandemic had, as the area benefited from lifestyle, convenience and affordability preferences. So far, we have seen these benefits buffer regional markets from the declines seen in Sydney and Melbourne. We are still seeing evidence of this, as we still frequently show properties to people from Sydney and Newcastle, looking for a tree change or investment. For sellers, conditions have become more challenging over the last 6 months amid the changing market. This means expectations around pricing will need to be realistic and put an added importance on pricing the property according to market conditions. When choosing an agent, ensure they know the market and are honest about the price range and not just bidding for your business.  A quality marketing and sales campaign is also required to attract the right buyers. As rents continue to rise and housing values ease, gross rental yields remain on a rapid upwards trajectory. National yields are sitting at 3.6% and regional NSW yields are at 3.8%. Singleton is currently outperforming the national, and regional NSW rental yield averages, sitting at 5.1% for houses and 6.1% for units. The last 12 months has seen a steep rise in rent prices across Australia. Regarding the Hunter region, Singleton leads the way with a growth of 25%. The rental market doesn’t look to be slowing down, as prices are being driven  by tight rental supply. The national vacancy rates dropped from 1.3% in June to 1.1% in September (the lowest on record). While not everyone has money saved for a deposit, as rents rise, and property values ease, those that do may look towards purchasing to avoid rising rents. We trust you find this interesting and if you would like further information or have any questions regarding the article just call us on (02) 6572 4000, drop in or send us an email. Enjoy your spring.