As our market transitions into the middle months of the year the property landscape remains more balanced when compared to last year as the looming question over interest rates was yet to be answered. This has translated to auction clearance rates hovering around the 60% level over April and an increased supply of property remaining on the market. These questions surrounding interest rates has now been answered with the RBA now announcing an increase to the cash rate to 0.35% which marks the first time there has been an increase to the cash rate since 2010. This news is certainly not surprising, with many buyers having already factored in their budgets and property search.
How this will translate into the market moving forward is to be seen however, it is important to note that buyers who operate during these periods are driven solely by lifestyle such as, up-sizing, down-sizing, and will be less concerned with month-to-month dynamics as their decisions are guided by factors other than finance.
What will become increasingly important for campaigns will be the strategy and investments home owner’s make before taking their properties to the market. One size will not fit all properties and it is essential that nothing be left to chance. Investing in the property’s presentation, as well as a more attractive pricing strategy, will become essential to a successful campaign.
Taking a closer look at our market place it is important to note that the medium housing prices for each of the suburbs our office services, such as Epping, Eastwood, Carlingford, Ermington, Dundas Valley and North Epping, either held or increased its value during March and remains blue-chip in the eyes of buyers.
A testament to this was our recent result at 54 Gloucester Road, Epping which sold under the hammer in the final weekend of April for $2,350,000. What is noteworthy about this sale is that our office was the third agency to be commissioned to perform the sale and was able to attain a price $450,000 above the highest offer both previous agencies were able to attain.
Further notable sales results include that of 9 Dallwood Avenue in Epping and 14 Campbell Street in Eastwood which both sold for $3,800,000 and $3,610,000 respectively, and reflect the continued strength of the premium market.
A trend which continues to be noticeable in our local market is the increased demand for properties which are completely finished and move-in ready. With renovating reported to be both a costly and lengthy exercise in 2022, buyers were concentrated on turn-key properties with nothing left to spend.
If you would like receive an updated market appraisal and tailored marketing strategy for your property, I invite you to contact me. Should you also be in the market to purchase, my team would love to work with in securing your next home or investment property.
Peter Hunt | Director
0434 821 219