This property market update will provide insight into the local house market inThe Ponds NSW 2769 for August 2022, four months after the announcement of the first interest rise by the Reverse Bank of Australia (RBA) in May 2022.
âžž Related: The Ponds Property Market
The number of houses sold and for sale
In August 2022, there were 12 houses sold in The Ponds. This number is similar to the number sold in previous month of July, indicating demand is stable. Seven of the properties sold were 4-bedroom houses (58%) and five of them were 5-bedroom houses (42%).
There were 14 houses first listed for sale in The Ponds in August 2022, an increase compared with 10 listed in July 2022, indicating supply is increasing.
The highest sold prices
The highest price sold was $1,998,000 for 49 Meander Crescent, The Ponds.
The highest price sold for a four-bedroom house was $1,567,500.
The highest price sold for a five-bedroom house was $1,998,000.
Median sold prices
The median price for all houses in August 2022 was $1,465,000 (a 24.7% increase from the August 2021 median price of $1,175,000 but a 3.9% decrease from last month's median price of $1,525,000).
For a four-bedroom house, the median was $1,425,000 (lower than last month's median of $1,520,000).
For a five-bedroom house, the median was $1,555,000 (lower than last month's median of $1,870,000).
âžž Related: Know your property value in The Ponds
Average days on the market
In August 2022, the average days on the market for all properties were 71 days, 40 days longer to sell compared to the previous month of July 2022 and 27 days longer to sell than the average in 2022. This indicates a lower buyer demand or competition compared with the average of July 2022 and the year 2022. The quickest sale took 18 days whereas the longest sale took 132 days.
Method of selling
Four houses were sold at auction (33.3%), while the other eight were sold through private treaty/negotiation (66.7%). The Ponds auction clearance rate for August was 66.7% based on 6 auctions conducted.
For comparison, in 2022: 83.12% of properties were sold by private treaty, and 16.88% were by auction. The Ponds auction clearance rate for 2022 is 70.27% based on 37 auctions conducted. âžž Related: Choosing auction vs private treaty.
Conclusion
In summary, The Ponds property market in August 2022 has slowed down. Compared with the previous month, August's property market showed the same number of sold properties, an increasing number of new listings, lower median prices and a longer time on the market. Despite this, The Ponds still showed a high auction clearance rate of 66.7% where 4 out of 6 properties were sold at auction which explained an increasing trend of more auctions conducted. It is also important to note that there is a considerable number of properties going to the market first time in August which will increase the property supply available for buyers, this might affect the market in the following months.
Know your The Ponds property market
To get the latest information on The Ponds property market, connect with Irving Gunawan your top-rated The Ponds real estate agent to discuss your real estate needs at 0468 956 677.
It's important to stay updated with your property's market price, so if you want to know the value of your property in this current market, you can start with a free property appraisal for The Ponds. You can also read the answers to the most asked question by home sellers about selling property in The Ponds.
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