The month of May has remained steady, with 18 new listings and 7 sales amongst our agents. Achieving record results across the board with a significant spotlight on 21 Bourrool Street, Kiama selling for a staggering sale price of $8,000,000, this exceeds the previous area record by $1,675,000! We have also hit a couple of street records, 5 Bele Place, Kiama selling for $3,380,000, surpassing the last street record by $1,730,000 and 7 Havelock Place, Kiama Downs also highlighting another record sale, the property sold for $1,700,000 which is $713,000 above the previous street record!
Over the past two years we have experienced an amazing amount of growth in local house prices, this rise persisted whilst all the expert economists continued to talk the market down throughout the covid pandemic. It was the perfect environment for house price growth, and nothing was going to hold the market back from expanding in a period of low interest rates, low stock levels and high buyer demand.
So, the question everyone is asking at present is, what is going to happen for the rest 2022? As expected, we are now seeing good growth in the unit, apartment, townhouse and duplex sector. This usually follows on the back of house price growth and with several exceptional sales we have already had this year, we can confirm it is a great time to sell if you own a property in this sector.
The star performers so far have been duplexes with several sales in Elambra exceeding owners’ expectations and well positioned apartments in and around the town centre also performing very well. It is a market with far more buyers than sellers so if you have been waiting – now is the time.
The team at First National Coast & Country