This property market update will provide insight into the local house market in Stanhope Gardens NSW 2768 for October 2021 during the easing of the Covid-19 lockdown.
âžž Related: Stanhope Gardens September 2021 housing market.
The number of houses sold (indication for the supply).
In October 2021, there were 19 houses sold in Stanhope Gardens. This number is more than the average number of houses sold in October within the past three years, where 9.5 homes sold. For comparison, in September 2021, only 10 houses have been sold in Stanhope Gardens, indicating supply is increasing.
Eleven of the properties sold were 4-bedroom houses (58%), four 3-bedroom houses (21%) and four were at least 5-bedroom houses (21%).
Property selling methods: auction vs private treaty.
Two houses were sold through auction (11%), while the other seventeen were sold through private treaty / by negotiation (89%). Stanhope Gardens auction clearance rate for October was 100%.
For comparison, in 2021: 83.76% of properties were sold by private treaty, and 16.24% were by auction. The Stanhope Gardens auction clearance rate for 2021 is 74.42%.
âžž Related: Choosing auction vs private treaty.
Median days on the market (indication for the demand)
In October 2021, the median days on the market for all properties were 17 days, five days quicker to sell than the median in 2021, 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 15 days), followed by a four-bedroom (median of 19 days) and a three-bedroom house (median of 21 days).
In contrast, for 2021, a four-bedroom house takes the shortest time on the market (median of 19 days), followed by a three-bedroom house (median of 20 days) and a five-bedroom house (median of 36 days).
Median sold prices.
The median price for all houses was $1,300,000 (32% increase from the October 2020 median price of $983,666 and 8% increase from last month).
The median for a three-bedroom house was $1,196,000 (higher than last month median of $1,165,000).
The median for a four-bedroom house was $1,300,000 (higher than last month median of $1,232,500).
The median for a five-bedroom house sold was $1,760,000 (higher than last month median of $1,654,500).
The Highest Sold Prices.
The highest price sold was $1,820,000 which becomes the highest sold price in 2021 for Stanhope Gardens.
The highest price sold for a three-bedroom house was $1,300,000.
The highest price sold for a four-bedroom house was $1,820,000.
The highest price sold for a five-bedroom house was $1,800,000.
Conclusion.
In summary, the Stanhope Gardens property market in October 2021, aided by the ease of Covid-19 lockdown, continues strong. The property market showed high median prices, short time on the market, and 100% auction clearance rate, all realised despite the increase of property supply available on the market. Based on market time, the demand for a four-bedroom house was the strongest, followed by a three-bedroom house and a five-bedroom house. October median selling price was higher than September median price indicating the upward trend of the selling price. It is also important to note that the highest selling price for 2021: $1,820,000, achieved in October 2021.
It's important to stay updated with your local property market, so if you want to know the value of your property in this current market, you can start with 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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