Sales Figures Indicate a Buyer's Market
The Mid-North Coast region experienced a significant slowdown in dwelling sales, with May year-on-year sales down by a staggering 32%. This is not only below the region's five-year average but also presents challenges and opportunities for home buyers. House dwelling sales were down 33%, while unit sales decreased by 27%.
For potential buyers, this slowdown suggests a buyer's market. With less competition, buyers may have more time to carefully consider their options and negotiate good deals.
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Unit Sales by Price Bracket: Affordable Options
When looking at unit sales by price bracket, it becomes evident that there are pockets of affordability for potential buyers.
There are various unit options for potential buyers. For those seeking affordability, units priced at $200,000 or less and the $200,000 to $400,000 range offer accessible choices, accounting for 2.1% and 15% of unit sales, respectively. Additionally, the majority of unit sales, at 42%, fall within the $400,000 to $600,000 bracket, providing diverse selections for buyers looking for reasonably priced units in this picturesque region.
House Sales by Price Bracket: Diverse Choices
House buyers also have a range of options across different price brackets:
- Houses priced at $200,000 or less represented 2.2% of sales,
- while the $200,000 to $400,000 range and the $400,000 to $600,000 bracket accounted for 9% and 22% of house sales, respectively.
This wide range of choices ensures buyers with varying budgets can find a suitable property in the region, making homeownership accessible to a broader spectrum of individuals.
Falling Property Values: A Buyer's Advantage
The Home Value Index for July 2023 reveals that both houses and units on the Mid-North Coast experienced decreases in value year-on-year. House values were down 9%, while unit values decreased by 7%. For buyers, this decline in property values represents an opportunity to enter the market at potentially lower price points.
Property Value Quartiles: Finding the Right Fit
Buyers can take advantage of the property value quartiles. The upper quartile for houses saw an 11% decrease, while the lower quartile decreased by 4%. The median value for a house in July 2023 stood at $751,562.
For units, the upper quartile decreased by 5%, while the lower quartile increased by 8%. The median unit value for July 2023 was $525,515. These figures provide valuable insights for buyers seeking properties that align with their budget and preferences.
House Hunting Bargains: Vendor Discounts
Buyers looking for bargains will find the current market favourable. Vendor discounting for houses was at -5%, and the average time on the market was 66 days. Compared to the previous year, this represents an increase in vendor discounting (-3%) and a longer time on the market (41 days).
Unit Buyers' Advantage: Vendor Discounts
Unit buyers can also benefit from vendor discounts, which were at -4.3%, with units spending an average of 62 days on the market. One year ago, vendor discounting was at -3%, and units spent 38 days on the market. These figures indicate opportunities for unit buyers to negotiate better deals and explore options more thoroughly.
In September 2023, the Mid-North Coast real estate market offers a range of opportunities for potential home buyers. The slowdown in sales, declining property values, diverse price brackets, and favourable vendor discounting all point to a market where buyers have the upper hand.
This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication.
