BUYER BUYER PANTS ON FIRE!!!
Yep! The property market dodged a bullet yet again when the Reserve Bank left interest rates on hold. Phew! Buyers u r in the drivers seat 4 the 1st time in a while. There’s lots of fab buys out there at the moment. So, if you’ve got some spare change sitting around in that piggy bank, give it a good shake & swipe up a bargain…cause now’s ur time 2 shine.
Fresh debt crises around the world – & the depressing effect that has on sentiment – r now weighing on not just shares but also real estate. We know how badly property overseas was affected by the original US debt crisis and some are becoming wary here.
All of which means our property market is more interesting than it has been for a while.
The latest Australian Property Monitors numbers show the median house price fell 0.6 per cent to $546,121 in the 3 months to June. Sydney was the only capital to rise – 0.1 per cent!!!
It is also particular kinds of properties that are being hit. 4 example, many high-end properties, those worth $750,000 or more, r well off their peaks.
Of the 50 prestige suburbs with the biggest median price falls, 21 are in NSW. Leading the list are the prized Sydney locations of Darling Point, down 63 per cent; Tamarama, down 59 per cent; and Kirribilli, down 51 per cent.
Of course, you still need a fair chunk of cash to buy in any of these areas! More – ahem – affordable areas that r feeling the prices pull-back include Sylvania Waters, Little Bay and Narrabeen.
So, 4 those seeking 2 buy their first property, upgrade an existing 1 or pick up higher-yielding investment property, it’s definitely a situation 2 watch. Especially given a structural housing shortage in Australia – an estimated 30,000 too few homes r built 2 meet demand every year – should underpin prices longer term.
Nationally, auction clearance rates have slumped from between 70 per cent and 80 per cent in mid-2009 to more like 50 per cent. Properties are routinely selling after auction when vendors are more realistic about the price they can command.
Buyers are indisputably in the driver’s seat 4 the first time in a good while.
Of course we @ The Novak Agency have loads of incredible properties on the market for sale & if u haven’t seen anything that tickles ur fancy then just give us a buzz 24/7 (we never sleep) & we’ll find ur perfect match. Simple.