The Spring Market Lead Up
Updated: Aug 20, 2019
We've had an interesting year so far, with a housing market still cooling from the heat of 2017 both state and federal elections being held earlier on in the year, a banking royal commission that resulted in tougher lending criteria and a huge under supply of stock on the market. However things look to be on the improve, with APRA easing up on their lending criteria, interest rates at all time lows and clearance rates improving in Sydney and Melbourne. These change in conditions look to be creating a lot of positivity in the market place with increased buyer activity and some great sales recently which I'll go into below.
The General Berry and Surrounds Market
Although the general market place has been slow compared to some of the previous years, there have been some phenomenal results achieved locally through out this year. From my experience, the homes that have been transacting have been with cashed up buyers that aren't in need of finance, looking for lifestyle small acreage properties.
Let's break down the market place into a few segments below:
Old Town Berry
One of the harder markets to be selling in currently. The slowing of our feeder market, Sydney, has really taken effect on the residential property market place, with fewer sales happening, longer days on market to achieve sales, and great discounting on pricing to attract buyers.
The current median price for a house in "Berry NSW" is $1,275,000 with a rental median of $575 PW.
Notable sales this year in Old Town Berry:
46 Queen Street Berry selling for $1,410,000
51 Prince Alfred Street Berry selling for $1,520,000
Huntingdale is the market that has felt the downturn the most out of all of the micro Berry regions. With fewer buyers in the market place and plenty of stock being offered in this area, sales have been few and far. However, our office has noticed what looks like the bottoming out of prices in the estate, with land sales starting to pick up again and some houses changing hands too. This could be a good indicator to buy now if you've been on the fence waiting for the right moment.
4 blocks close together on Parker Cres through 4 different agents have just transacted, all of a similar size being either side of 1,000sqm and ranging from the lowest price for 89 Parker Cres at $387,000, 87 Parker Cres at $394,000, 85 Parker Cres for a rumoured $400,000 and our sale of 91 Parker Cres for $425,000.
Some other notable land sales which were done by our office in the estate are:
41 Parker Cres, Berry selling for $575,000
52 Parker Cres, Berry selling for $730,000
Notable house sales are:
7 Womack Cres, Berry selling for over $1,000,000
11 Womack Cres, Berry selling for $1,028,000
19 Boran Close, Berry selling privately off market for over $1,000,000
Berry Heights is one of the towns best kept secrets for those looking to purchase a larger land holding but with the convenience of being able to walk to town. This area comprises of Kangaroo Valley Rd, Thomas Close, Kentia Crescent, Sabel Close, Raffia Close and Mount Vista Close.
I believe that this area has some of the towns most undervalued properties, and this can be seen when looking at sales in Old Town Berry and some of the top sales in Huntingdale. In Berry heights the zoning is R2 Low Density Residential with a minimum lot size of 4,000sqm (1 acre). So if you've been looking for a good size house, with plenty of room for a pool, shed and space for the kids to run around, this is where you should be looking and new buyers into this area are starting to pay attention too.
A random fact about this area, some of it used to be Berry's golf course!
There hasn't been a lot of transactions in the area this year but what has been bought so far have been good deals:
5 Thomas Close, Berry sold by me for $1,320,000
19 Kentia Cres, Berry selling for $1,280,000
The best buy I've seen this year happened in this area:
10 Mount Vista Close, Berry which was 8 acres of flat land with a creek selling just $1,550,000
Most of the lifestyle properties which offer 5 acres give or take can be found in the outlying suburbs that surround Berry but which residents would say "I live in Berry" if they were out of area as most people have no idea where Bellawongarah, Beaumont, Jaspers Brush, Meroo Meadow, Far Meadow, Broughton Village, Broughton Vale, Foxground, Wattamolla or Woodhill, but everyone knows Berry!
The lifestyle properties are where we've seen some great results this year, and it's definitely where the majority of buyers have their attention. If priced correctly these homes aren't hanging around on the market for too long and generally we're getting inundated with enquiries for them.
Notable lifestyle sales this year:
32 Old Pioneer Crest, Broughton Vale selling for $2,080,000
96 Roxbrough Rd, Far Meadow selling for $1,850,000
599 Coolangatta Rd, Berry which is rumoured to have sold for around to $3,000,000
Large acreage properties have been a strange market for the last few years, with most buyers opting to look for the easier to maintain 5 acre properties and steering away from the hands on 50 - 100+ acre offerings. However the tide might be turning for those looking to offload a farm with some amazing results being achieved recently.
Notable farm sales this year:
2 Connors Creek Rd, Broughton Village selling for $2,100,000
123a Beach Rd, Berry which is rumoured to have sold for around $5,500,000
181 Wire Lane, Berry selling for $5,400,000
The Best Buys in Berry Right Now
If I was in the market and as someone who is very educated on the local market place these would be my top 3 picks:
4 Sabel Close, Berry. This is a great entry level home on one acre in Berry Heights with huge potential. It's a 90's architecturally designed home that is ready for a jazz up with a low asking price, there is plenty of room to add value.
3 Tourist Rd, Beaumont. First of let me just say, yes, I know it's pink and yes I understand that might not be your taste, but let's not forget... it's only paint and you can change it to something more your style. However, paint aside, the views here are insane! The floor plan maximises the views from all the major living areas and master bedroom, it's a solidly built house, it's 15 mins from Berry, Kangaroo Valley and Nowra and did I mention the views are INSANE! Seriously this should have sold by now, so if you haven't given it a look yet, book a viewing today.
45 Victoria St, Berry. This home is an amazing location. Walk to the shops, school, train station, pub, footy training, gym... everything! And to top it off its pretty much renovated throughout and is on a whooping 1,294sqm block with a north rear. It make sense, put it on the list!
So that's a wrap. Do your research, find a new little South Coast nugget to call home, and give me a call if you need any help either buying or selling. TM