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MARKET FORECAST EASTER 2014
Happy Easter,
The realestate sales market has been going flat out over the last 3 months, however over the last 4 weeks we have seen Sydney wide Auction clearance rates drop from 87% to 76% last weekend. On Monday night at the Cooley auction Centre in Double Bay only half of the properties for auction sold. ( see attached article). My thoughts are that in recent weeks, buyers have become a bit jaded as quoted sales prices for auction sales are going for 10% to 15% more than expected. They are frustrated at missing out and spending money looking at contracts with their solicitors, and having building inspections. So now they are sitting on their hands more and waiting.
There is still a massive shortage of properties for sale, especially for investment type properties. Seaforth has less than 20 properties for sale at present compared to at around 44 this time last year. I feel that after the school holidays and everyone, (especially buyers) has had a break, the market will continue to race along and over the next 6 months the strength in the lower part of the market will move up to the prestige part as well. If you have been thinking about selling or upgrading your current property now is a great time to talk to our team.
Have a great Easter
Jason Guildea
Posted on Tuesday, 15 July 2014 by Website Administrator
Record Prices? - What is really happening.
In the last few weeks there has been some spectacular sales in our area. Recent stand out prestige sales include:
- 18 East Esplanade, Manly - Renovated 4 bedroom semi facing Manly Cove. SOLD $4,000,000
- 42 Beatty St, Balgowlah Heights - 5 Bedroom, beachfront reserve home. SOLD $5,250,000
- 17 Monash Cr, Clontarf - Older style beachfront. SOLD$5,050,000
- 36 Edgecliff Esplanade, Seaforth - Modern family home. SOLD $4,356,000
There are a large number of buyers looking for trophy homes in all suburbs, with a current grand estate like house in Clontarf St, North Balgowlah expected to sell this week for more than $2,500,000. Lower interest rates, the recovery in confidence in the property market and the rarity of one off homes continues to drive demand. In the general market there is still an overall shortage of properties for sale. This time last year there were 44 properties for sale in Seaforth compared to 27 this weekend available to buyers. This reduced amount of property stock is also helping to keep prices buoyant.
The mid part of the market is still the softest and hence if you are thinking of upgrading your family home now is the best time to move. Let us know if we can help with selling, buying or leasing. Have a great April..
Best Wishes,
Jason Guildea
Posted on Tuesday, 15 July 2014 by Website Administrator
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