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Is the boom coming to an end?
Figures from the Australian Bureau of Statistics last week show residential property prices for Sydney increase by 15.7% from March quarter 2013 to March 2014. We have also seen in the last 8 weeks auction clearance rate fall from a high of 85% in February and March down to 75% last weekend.
Yes the rate of price growth will start to slow down soon. However we expect it slow to a rate of 5% to 10%. There is still a large shortage of properties for sale on the Lower Northern Beaches. The historical average number of properties for sale in Seaforth for May is about 42. There is currently only 17 properties available. This shortage will continue to keep price growth firm for the next 6 months as there is such strong buyer demand.
In other news we have just finished our “Tips on how to present your property for sale and get more money”. If you would like a copy sent to you please contact Veronica Pontey in our office on 9948 2020.
Best Wishes
Jason Guildea
Posted on Tuesday, 15 July 2014 by Website Administrator
Shortage of Properties For Sale & Lease
I hope you all had a good break over the Easter and ANZAC Day weekends. Our office is now back into the swing of things after 2 quite weeks. What we are seeing in the market place is still great demand for properties, but there is just not enough supply to satisfy demand.
At a rental open for inspection on Saturday last week we had 16 families view 112 Woodland St, Balgowlah. A neat and tidy 3 bedroom home with a pool in a great location. The property was leased on the day for the asking price of $1275pw. There are so many families looking for a home at present in all price ranges and there is not enough stock to go around. This appears to be good news for landlords as the under supply of rental properties will result, we expect in strong rental returns over the winter this year. If you have an investment property and you are not sure you are getting the right return please let Veronica or Emily in our team know. We can show you some recent comparable rentals and give you a complementary property management health check. Contact our office on 9948 2020 for more details.
As previously mentioned in sales we have seen a huge change in the market place over the last 4 weeks with demand finally coming back for prestige properties. Recent sales include 47 Edgecliffe Esplanade Seaforth, a modern 5 bedroom home with great views for $3,550,000 and 1/111 North Steyne, Manly for a brand new ground floor 3 bedroom apartment on the beach front, which sold for $3,700,000. We are currently working with several buyers looking for luxury properties. If you are thinking of moving we might already be talking to someone that would be agreat match for your home. Also properties under $1,500,000 are selling very well with the time on market in this price range being 14 days. Many of these properties are selling for 5% to 10% above initial expectations.
Best Wishes Jason Guildea
Posted on Tuesday, 15 July 2014 by Website Administrator
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