Below is a list of our recent property sales and sale prices.
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With plentiful stock on the market as we head towards the end of the year, it is likely that some of those properties will be purchased by buyers who in turn need to sell their own home to help fund the acquisition.
There are also plenty of property owners out there who are encouraged by current prices being achieved and are worried whether or not the momentum will continue through to the New Year so that they too may benefit from the strong market.
To this end we are constantly approached and asked whether marketing a property over the festive season is a good idea, or in fact how early is too early to commence a sales campaign in 2015.
Dispelling the myths
Not as much competition
There will be fewer properties on the market and as such your property will have less competition for buyer’s attention. Less competition also leads to a higher chance of a premium price with purchasers competing over less stock in the market place.
New Year’s Resolution
Those prospective purchasers who made a resolution at the start of 2014 and have not yet bought will be eager to secure a property before another year passes by too quickly. There will also be a new set of purchasers entering the market who will hit the ground running in January to start the search for their new home.
Spring empty nesters
A large group of recent sellers who sold in Spring are now on the hunt for their next home, cashed up and ready to go.
Over the festive season people have more time on their side, leave from work, less stress and are generally more relaxed. The perfect time to look to purchase a new property.
This is the time of year all the ex-pats come to town from working overseas and only have a small window of opportunity to purchase a property.
One of the more popular segments of our Drummoyne market has been the capital growth in waterfront apartments.
Stimulating the stock volumes in this sector have been first homebuyers who purchased around 5/6 years ago with good capital appreciation and landlords looking to crystalise capital gains.
Generally speaking, the groups snapping up these properties are investors who are able to attractively finance their acquisition and empty nesters looking for low maintenance living with fabulous views to compensate moving from a larger home to a smaller one.
One trend which has become clear is that our vendors who are going the extra mile to style vacant properties are reaping the rewards come auction day with purchasers being able to clearly see themselves living in the premises and giving it their all so as not to miss out on the lifestyle presented to them throughout a sales campaign.
Recent auction sales results
Featured below are some of our recent results, all of which were sold under the hammer and above reserve.
- 13/74 Wrights Road – Sold over $1.5m
- 15/18 Drummoyne Avenue – Sold $1.245m
- 6/98 St Georges Crescent – Sold $1.885m
- 14/68 Wrights Road – Sold $1.630m
On the market now: 11/40 Drummoyne Avenue, Drummoyne
Luxury living on the water’s edge
Feel an immediate connection with the water from this impeccably refurbished waterfront residence. Offering the privacy, scale and feel of a house, it enjoys the premier position in a newly upgraded boutique collection with blissful 180 degree views over the bay from two stylish levels. Wrapped in sunny gardens with direct access to a huge common garden, it features an oversized layout with the proportions of a three-bedroom home.
Auction : Saturday 25th October, onsite @ 4.15pm
Inspect : Saturday 2.00 – 2.30pm or Wednesday 6.00 – 6.30pm
Details : Adrian Sereni on 0417 204 482 | Jacki Williams on 0416 145 647
For more information on this property visit our website »
On the whole, the Sydney property market
performed exceptionally well through Winter
however interestingly locally, Spring initially
seemed a little slow off the mark. The usual
property onslaught we are used to seeing in
September just did not happen though stock
levels are now picking up and October and
November look set to be big months.
The volume of purchasers in the market is
strong of course with interest rates remaining
at a 50 year low. Consumer sentiment looks
to be coming back after the post-budget
slump in confidence and the unemployment
rate dipping to 6.1% in August leads us to
believe that the stellar performance of the
property market looks set to continue through
to the year’s end.
Nationally, the volume of dwelling sales over the 2013/14 financial year are the highest they have been since 2009/10 and 9.9% higher than last financial year and the combined capital cities home values recorded 10.4% value growth for the year to July 2014. More encouraging still are the figures posted for Sydney where houses have increased 17.2% for the year and units 12.1% (RP Data Qtrly review Aug 14).
On the finance front, the most noticeable headline has been the rise in investor finance commitments with the Australian Bureau of Statistics (ABS) reporting the lending to investors surging 29.6% for the year, 6.8% in July 14 alone, and accounting for almost half of the total finance commitments. On the other hand, first homebuyer finance commitments are near to a record low having fallen -15.7% for the past 12 months.
Locally we certainly concur with the above trends seeing a return of investors to the marketplace who are keen to secure a foothold in an area which attracts good tenants, positive yields and where capital growth will continue for years to come. There are fewer first homebuyers in the market, and those that are there are often being outpriced by investors or subsequent purchasers.
With mortgage rates for housing looking to remain steady for the foreseeable future, and the demand for property outweighing supply in the local area, we are confident that these factors combined will continue to underpin property values in the short-term.
With fewer first home buyers able to secure property this of course is helping the local rental market as we see tenants choosing to re-sign leases for 6-12 month periods and properties being vacant for shorter periods. A good indication of the strength of the local rental market is the fact that the first 3 weeks in September saw our Drummoyne office lease 38 new properties. Well done team!
Until next time,