Millwater & Milldale Property Update
With Mike Pero Real Estate Millwater
It’s always interesting when putting together the statistics for the most recent month, to see if it turned out as expected. June played out pretty much as predicted with some key numbers worthy of discussion. I guess the most important number for many is the median house price. It’s certainly the one most spoken about in the media. In June we have seen a slight decline. In reality it is the second month in a row that we’ve seen a reduction in the median and while at first glance this may support the notion of us coming off the peak of the market, there is more to the story.
Sales volumes for June are down. It’s not from lack of demand but purely the lack of property on the market. The sales mix for June was also slightly different from previous months, with more smaller houses being sold. When combined with the low volume this has skewed the median and average lower than otherwise may have been the case. Probably the most important number in the list this month is the average days to sell – 28 days is the lowest we have ever seen this number with the long term average sitting at 71 days. This accurately reflects what we are seeing in the market, with strong demand for housing in Millwater and a real shortage of options to buy.
So, the current situation reasonably clearly determines what the immediate future of the market in Millwater will look like. An ongoing shortage of listings will ensure those properties that do come to market over the next couple of months will attract strong attention and generally achieve high prices. Beyond this period, heading into spring we are expecting listing numbers to increase, probably only marginally with high pricing levels continuing. We do expect more buyer reluctance as prices go beyond what many are willing or able to spend, particularly in the light of interest rate increases. This would further play into the concept that we are at or close to peak prices, with further significant increases unlikely to be sustainable.
We are expecting interest rate increases to have a more profound impact on the market heading into winter 2022, with the expectation there will be some slowing of demand. The current shortage of supply nationally will continue to confound would-be sellers as the options for them once sold remains difficult. Building costs and timelines will continue to increase as inflation and supply issues take hold. Overall it appears the market is going to remain tight, costly and somewhat difficult for some time to come, meaning longer term planning is required around housing decisions. If you are considering that your current housing doesn't fit your long term plans, please feel free to get in touch for an obligation-free discussion. We may be able to add some options for you to consider.
021 665 423
About Mike Pero Real Estate Millwater
Grayson and Sarah live and work in Millwater and know the market extremely well. Their clients attest to their enthusiastic and professional approach as well as the high value proposition that the Mike Pero Real Estate brand provides.
Clients appreciate that because they are locals they not only have an in depth knowledge of the current market but also strive to make a fabulous impression by delivering optimum results.
“We are proud to be the business owners of Mike Pero Real Estate Millwater, servicing the area from Millwater to Long Bay and across to Albany."
- Grayson and Sarah
Contact us at Mike Pero Real Estate for more information on residential sales in the Millwater area.
"The dream team strikes again. For the second time we have had the pleasure of having Grayson, Sarah and the team at Mike Pero Millwater market and sell our property. They made the process easy and took care of all of the details for us. The professional photos were fantastic and made all the difference for our online marketing. Second to none, real estate professionals we would recommend to everyone."
Shane & Nicole Woods | Prospect Tce and Skipjack Pass
"My sincere thanks go to Grayson Sarah and Vanessa from Mike Pero for achieving the successful sale of my property in Millwater. Grayson is happy to spend as much or as little time with you as you require to find out all about the exciting but sometimes stressful process of selling a beloved home. No question went unanswered from him - or Sarah and Vanessa for that matter -and they work so well as a team. I would highly recommend them to anyone thinking of selling their home as not only do they achieve great results they have your best interests at heart."
Kathryn Deakins | Blake Greens
"We have used Sarah and Grayson from Mike Pero Millwater on three occasions to sell our homes. On every occasion we received good market information and the final result exceeded our financial expectations. Appointments were always kept and phone calls always returned without delay. Open home feedback was prompt and accurate.
Grayson and Sarah helped us finish creating our retirement fund in under 5 years. We are really happy we were loyal to a fantastic team who always exceeded our expectations."
Mark and Donna Bradford | Madison Terrace, Bartlett Drive and Botanical Drive
Grayson and Sarah were brilliant from the get go - the transparency and communication, including regular updates helped us feel connected to the marketing plan with the end goal always in mind. We felt like we were dealing with real people that understood us and our family needs. Being a part of Maddren Homes and in the business of building/selling homes, professionalism and quality are important to us and with Grayson and Sarah we felt we got looked after every step of the way. They were professional and approachable and we were constantly kept informed - we felt like our home was always a priority and they were focused on achieving a great outcome for us, which they did! We’d recommended listing with Mike Pero, as we would again in a heartbeat. We wish them every success. The kids were rapt their playhouse was even sold. The Anderson Family | Outlook Terrace