On the back of what was a crazy year for Real Estate, 2022 presented many hurdles particularly from May onwards. With the federal election, several interest rate increases and international affairs impacting buyer confidence – the market transitioned from what was largely a seller’s market to a much more settled environment, typical of normal market conditions.
In general, the expectations of sale prices dropped from the middle of the year, and average days on market increased (61 compared to 31 in 2021). However, the year was not short of sale achievements! 7 street records, 1 estate record, 1 vacant land record and a suburb record for Kiama were amongst our 112 sales for the year.
We were also fortunate to be named Winners of the Real Estate Institute of NSW – Residential Sales Team Award! This was a huge honour. These awards are the biggest and most respected industry awards in NSW. This award considers not only sales volumes and results, but also client satisfaction and community support.
The Team at First National Coast & Country.
WHAT ARE WE PREDICTING FOR 2023?
Our outlook for the first two quarters of 2023 is for a steady market, which now seems to have factored in any future interest rate rises. With wages slowly increasing, immigration increasing, rents rising and interest rates settling, it feels like we should pass the low point around the middle of the year and see higher numbers of buyers enter back into the market during the third and fourth quarters. Even though properties are still taking a little longer to sell, the prices being achieved are still very good. Sale prices do generally come back slightly after a substantial amount of growth in a short period of time, and this is exactly what we have experienced over the last two quarters of 2022. In conclusion, 2023 will quite likely play out to be a year where the market steadies and settles down and there is no doubt, that we will still have plenty of people wanting to purchase their little piece of paradise in the amazing little coastal strip we all love so much.
Locally, we have been involved with supporting over 20 community, charity and sporting groups and events throughout the year of 2022. Our team live in the areas we service, so being able to contribute to these groups and events as a business means a lot.
Our latest community support was the Christmas giving tree. Thank you to our generous community who donated at one of our three offices to the Salvation Army 2023 Christmas Appeal and the St Vincent de Paul Society giving tree!
We are so grateful to be able to donate these gifts to make a child’s Christmas a little more special.