The Singleton real estate market continued to impress through 2022 although it eased as the year progressed.
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The first half continued where 2021 left off with great urgency in the market with supply low and demand high.
As the talk, then the reality, of increased interest rates set in, our market saw `days on market' increase and the interest from Sydney and Newcastle investors decrease, resultingly stock levels rose which eased the pressure on prices and has now seen some stability return to pricing in what was a galloping market.
The good news for sellers is prices has stabilized and not dropped and the gains realised over the last 30 months remain.
This is well reflected on the amount of million dollar sales seen at The Retreat and on small to medium acreage, a demand that continues.
Residential homes now start at around the $400,000 a 35% rise on the entry level 2019 prices, likewise townhouses and units have seen a better than 30% increase.
We remain a viable, affordable, value market and with the continued rallying coal price and employment opportunities in abundance nothing will change soon.
Residential homes now start at around the $400,000 a 35% rise on the entry level 2019 prices, likewise townhouses and units have seen a better than 30% increase
- Peter Dunn
Covid bought the eyes of Sydney and Newcastle and other regional centres to our market then once they came and saw the Hunter Expressway and town infrastructure and green space, liked what they saw and committed.
Our pricing continues to appeal when comparing Branxton, Maitland and lower hunter markets.
2023 looks to continue to deliver value for the seller, with stability for the buyer although if supply levels continue to rise naturally the market will cool.
Priced right properties will sell, but those looking for ambitious high prices, where before may have got lucky, will not compete.
The recent residential release of Bridgman Ridge Stage 8 again demonstrated where the market is with 5 of 11 blocks sold in the first 10 days all exceeding $400,000.
A further test for Singleton and the attention of buyers out of the 2330 postcode will be in January when the grand landmark property in Edinburgh Avenue `Pelerin' goes to market.
Overall, 2023 looks set to continue along the lines of the market we are experiencing right now.
