The GFC on the Killcare Peninsula

This weeks newsletter looks at how the suburbs that make up the Killcare Peninsula have fared pre and post GFC. We have taken the 3 financial years prior, July 2004 – June 2007 and the 3 most recent, July 2009 – June 2012. With the caveat that these are fairly small sample sizes, so should be treated as general indicators rather than empirical evidence, a summary of how each suburb performed over the respective 3 year periods is as follows.

Killcare
Number of sales increased 17% from 35 to 41
Total value of those sales increased 12% from $32.64m to $36.63m
Median sale price fell 11% from $775,000 to $693,000
Average sale price fell 4% from $932,789 to $893,602
Summary: Activity held up well but prices have dropped.

Killcare Heights
Number of sales decreased 20% from 59 to 47
Total value of those sales however increased 7% from $42.36m to $45.46m
Median sale price jumped 25% from $590,000 to $740,000
Average sale price increased 35% from $717,975 to $967,201
Summary: What GFC ?

Hardys Bay
Number of sales increased 35% from 20 to 27
Total value of those sales increased 41% from $17.19m to $24.22m
Median sale price rose 11% from $812,500 to $900,000
Average sale price increased 4% from $859,650 to $897,056
Summary: Sailed through the GFC turbulence quite well.

Pretty Beach
Number of sales increased 64% from 22 to 36
Total value of those sales increased 58% from $15.36m to $24.23m
Median sale price fell 10% from $657,500 to $592,500
Average sale price fell 4% from $698,182 to $673,153
Summary: Similar performance to Killcare albeit in a more active market.

Wagstaffe
Number of sales decreased 41% from 29 to 17
Total value of those sales decreased 54% from $29.79m to $13.68m
Median sale price fell 13% from $790,000 to $690,000
Average sale price also fell 13% from $1,027,420 to $897,056
Summary: Wagstaffe was hit hardest by the GFC of all Killcare Peninsula suburbs.

Based on median price the ranking of our suburbs changed as follows;

2004-07
1. Hardys Bay – $812,500
2. Wagstaffe – $790,000
3. Killcare – $775,000
4. Pretty Beach – $657,500
5. Killcare Heights – $590,000

2009-12
1. Hardys Bay – $900,000
2. Killcare Heights – $740,000
3. Killcare – $693,000
4. Wagstaffe – $690,000
5. Pretty Beach – $592,500

As always if you have thoughts or observations we would love to hear from you via email warwick.davis@raywhite.com or on Twitter @RWKillcare.