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The GFC on the Killcare Peninsula

By Warwick Davis

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.

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