Despite real estate dominating the news headlines for all the wrong reasons in the last month of summer, some of Australia’s capital cities enjoyed, wait for it … a slight bump in prices. But don’t pop the bubbly just yet. Tim Lawless, head of CoreLogic, said that lower stock on the market put a floor under price falls.
Illawarra prices declined 0.6% over the month, down 3.8% over three months with the median house price sitting at $933,616 and units at $674,845. That brings the total decline in prices in the Illawarra to nearly 13% over the past 12 months.
Tim Bartlett, principal of Bartlett and Co. Property, appealed to property owners to take perspective.
“Since March 2020 there are parts of the Illawarra that have put on over 25% – so these falls represent a pull back on what was a very overheated market. Unfortunately, the real pain will be felt by those who have purchased in the last 18 months,” he said.
Bartlett suggested that with lower stock on the market, heading into the autumn season looks like a great time to list.
Beat the Grind
This month, Tim and Alana popped their head into the local – Cordeaux Caffeine – to give away the first 50 free coffees and their new Bartlett and Co. keep cups.
It was great to meet the locals and serve a variety of the morning brew. The team at Cordeaux Caffeine poured everything from the flat white to soy latte; from an almond cap to espressos. There was even a baby chino in there somewhere.
We’d love to thank the team at Cordeaux Caffeine and we look forward to doing it again soon!
The power of colour
Check out our Instagram page to get hot tips for styling your home when it comes to selling.
That starts with colour. Interior colours have the power to change our mood and emotions.
Designing your house with the right colour palette can completely transform the atmosphere and make you feel rejuvenated and inspired.
Whether it’s a pop of colour on a bold feature wall or a subtle change in decor, colour is the magic ingredient that can make a house feel like a home. Here are some examples of how the colours you choose for your interiors can make you feel.
Check out the mood board here. https://www.instagram.com/p/CndGApCOpr1/
What if I need to sell in a recession? Don’t do it alone!
Ok. Can we end on a tough one?
For those of us with enough grey in our beard, we remember well the impact of interest rate rises in the lead up to the 1991 ‘recession we had to have.’ These days it is feeling eerily similar. Breakfast television is crowded with stories of young families facing the so-called interest rate cliff, where the RBA says that over 800,000 people will revert to a variable rate after July this year and be met with significantly higher loan repayments.
What does that mean for people who purchased in the last 18 months? Unfortunately, it looks like some pain. Refinancing will become more difficult because declining house values mean that some vendors will find themselves ‘under water’ (the loan is greater than the value of the house) and tighter lending standards mean that banks will need to stress test the ability to repay at even higher interest rates.
When you are facing stress like this, it is important not to walk it alone. In fact, Mark Bouris from Yellow Brick Road gave some excellent advice for people with a mortgage in 2023. The key message? Pick up the phone and talk to your bank, to your financial planner, to your real estate agent. Bouris’ message is well worth a watch.
Follow us on socials
Find out the latest in real estate news and views at Bartlett and Co. Property socials.
Learn about the properties we have for sale, open house times, stylish tips and news around the Illawarra.
Remember to like and subscribe…. and share!