This property market update will provide insight into the local house market in Stanhope Gardens NSW 2768 for July 2022, three months after the announcement of the first interest rise by the Reverse Bank of Australia (RBA) in May 2022.
➞ Related: Stanhope Gardens Property Market
The number of houses sold and for sale
In July 2022, there were 6 houses sold in Stanhope Gardens. This number is one less than the previous month of June when 7 houses were sold, indicating demand is slightly decreasing. Three of the properties sold were 5-bedroom houses (50%), two were 4-bedroom houses (33.33%) and only one was a 3-bedroom house (16.66%).
There were 4 houses first listed for sale in Stanhope Gardens in July 2022, a significant increase compared with none listed in June 2022, indicating supply is increasing.
Median sold prices
The median price for all houses in July 2022 was $1,440,000 (an 18.03% increase from the July 2021 median price of $1,220,000 and a 12.5% increase from last month's median price of $1,260,000).
For a three-bedroom house, the median was $1,050,000.
For a four-bedroom house, the median was $1,605,000 (higher than last month's median of $1,202,500).
For a five-bedroom house, the median was $1,299,000 (lower than last month's median of $1,690,000).
➞ Related: Know your property value in Stanhope Gardens
The highest sold prices
The highest price sold was $1,630,000 for 8 Perfection Avenue, Stanhope Gardens.
The highest price sold for a three-bedroom house was $1,050,000.
The highest price sold for a four-bedroom house was $1,630,000.
The highest price sold for a five-bedroom house was $1,525,000.
Method of selling
Only one house was sold through auction (16.66%), one house was sold off-the market (16.66%) while the other four were sold through private treaty / by negotiation (66.68%). Stanhope Gardens auction clearance rate for July was 100%.
For comparison, in 2022: 83.33% of properties were sold by private treaty, and 16.67% were by auction. The Stanhope Gardens auction clearance rate for 2022 is 45.45% based on 22 auctions conducted.
➞ Related: Choosing auction vs private treaty.
Median days on the market
In July 2022, the median days on the market for all properties were 23 days, five days quicker to sell than the median in 2022, which indicates a higher buyer demand or competition.
A five-bedroom house is the most popular with buyers as it takes the shortest time to sell on the market (median of 20 days), followed by a four-bedroom (median of 21 days) and a three-bedroom house (150 days on the market).
In comparison, for 2022, a five-bedroom house also takes the shortest time on the market (median of 23.5 days), followed by a four-bedroom house (median of 30 days) and a three-bedroom house (median of 32 days).
Conclusion
In summary, the Stanhope Gardens property market in July 2022 has remained strong. The property market showed high median prices, short time on the market, and a 100% auction clearance rate, all realised despite the uncertainty period created by the interest rise announcement. Based on market time, the demand for a five-bedroom house was the strongest, followed by a four-bedroom house and a three-bedroom house. July's median selling price was higher than June's median price indicating the upward trend of the selling price. It is also important to note that there is a considerable number of properties going to the market in July this will increase the property supply available for buyers, which might affect the market in the following months.
Know your Stanhope Gardens property market
To get the latest information on Stanhope Gardens property market, connect with Irving Gunawan your top-rated Stanhope Gardens 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 Stanhope Gardens. You can also read the answers to the most asked question by home sellers about selling property in Stanhope Gardens.
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