Ray White Cronulla - Property Report

CRONULLA

Property Report

EDITION 1 could enter date here?

T (02) 9523 3383 F (02) 9527 5736 raywhitecronulla.com
A Level 1, 45 Gerrale Street, Cronulla, New South Wales 2230, Australia

A message from
our broker

Housing Market:
The Good, the Bad

The good
House prices are still dropping, but less quickly. And that’s good news -
for sellers at least! Auction clearances are also being kinder to vendors.
APRA is MC’ing the festivities! Their pending decision to loosen lending
will allow banks to set minimum rates and add a 2.5% rate rise ‘buffer’,
which might make it easier to secure a loan.
The bad
Ouch! Australian house prices have fallen 7.7%* since their November
2017 peak. Sydney has hurtled a gut-wrenching 15% downward - its
greatest fall in 20 years - while, at 11%, Melbourne had its worst drop
ever!
RBA’s cut should help the market bottom out, but don’t expect the
invisible hand to swoop in and restore record-breaking house prices.
Another boom is unlikely. Blame crazy household debt, the likelihood
of worsening unemployment and cautious lenders — even after APRA’s
changes.
Also, the love affair with Australian property has waned for foreign buy-
ers, banks are antsy about investment lending and there are east coast
apartments aplenty coming online. Plus, when a million or so loans*
switch from interest, to ‘principal and interest’ over the next two years,
mortgage service costs will balloon.

So many forces pushing the consumer economy back, before it even
considers tiptoeing forward...

Amanda Wardrop-Baross
Finance Broker

Sold near you

SOLD $1,650,000 SOLD $1,600,000

3 Rose Street, Cronulla 158 Nicholson Parade, Cronulla
322 322

SOLD $2,150,000 SOLD $1,370,000

10 Redgum Avenue, Cronulla 3 Rose Street, Cronulla
422 310

SOLD $1,370,000 SOLD $1,760,000

24 Robinson Street, Cronulla 3 Rose Street, Cronulla
212 432

SOLD $1,811,000 SOLD $1,420,000

3 Lucas Street, Cronulla 10 Denman Avenue, Cronulla
532 322

SOLD $2,350,000 SOLD $1,905,000

28 Hume Road, Cronulla 19 Boronia Street, Cronulla
211 323

SOLD $1,530,000 SOLD $1,725,000

11 Denman Avenue, Cronulla 19 High Street, Cronulla
534 424

SOLD $1,240,000 SOLD $2,225,000

51a Flinders Road, Cronulla 20 Green Street, Cronulla
532 422

SOLD $2,100,000 SOLD $1,750,000

189 Nicholson Parade, Cronulla 5 Wyanbah Road, Cronulla
423 422

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