This property market update will provide insight into the local house market in Stanhope Gardens NSW 2768 for August 2022, four 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 August 2022, there were 6 houses sold in Stanhope Gardens. This number is the same as the previous month of July when 10 houses were sold, indicating demand is decreasing. Half of the properties sold were 3-bedroom houses and half of them were 4-bedroom houses.
There were 4 houses first listed for sale in Stanhope Gardens in August 2022, a similar number compared with July 2022, indicating supply is stable.
Median sold prices
The median price for all houses in August 2022 was $1,167,500 (a 4.3% decrease from the August 2021 median price of $1,220,000 and an 18.9% decrease from last month's median price of $1,440,000). Currently Stanhope Gardens's median price for 2022 is $1,410,000.
For a three-bedroom house, the median was $1,110,000 (higher than last month's median of $1,050,000)
For a four-bedroom house, the median was $1,615,000 (higher than last month's median of $1,605,000).
➞ Related: Know your property value in Stanhope Gardens
The highest sold prices
The highest price sold was $1,655,000 for 43 Yarrandale Street, Stanhope Gardens.
The highest price sold for a three-bedroom house was $1,170,000.
The highest price sold for a four-bedroom house was $1,655,000.
Method of selling
Two houses were sold through auction (33.33%), one house was sold after being passed in at Auction (16.66%) while the other three were sold through private treaty / by negotiation (50%). Stanhope Gardens auction clearance rate for August was 66.66%.
For comparison, in 2022: 83.10% of properties were sold by private treaty, and 16.90% were by auction. The Stanhope Gardens auction clearance rate for 2022 is 46.15% based on 26 auctions conducted. ➞ Related: Choosing auction vs private treaty.
Average days on the market
In August 2022, the average days on the market for all properties were 37 days, four days longer to sell than the last month of July 2022 but one day quicker than the average in 2022. This indicates a lower buyer demand or competition compared with July 2022 but in line with the average of days on the market for 2022. The quickest sale took 20 days whereas the longest sale took 64 days.
Conclusion
In summary, the Stanhope Gardens property market in August 2022 has slowing down. Compared with the month of July, the August's property market showed lower number of sold properties, a similar number of new listing, lower median prices, longer time on the market, and a 66.66% auction clearance rate. It is worth noting that though the overall August's median selling price was lower than July's median price, both median prices for three-bedroom and four-bedroom houses were higher than July's. There is also an increase trend of using auction as a selling method in Stanhope Gardens, though the sold price has not shown to be higher compared with properties sold by private treaty.
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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