1st September
Happy Spring!
We are thrilled about being voted finalists again in the Menai District Business Awards for 2010, the presentation event at Club Menai is one of the highlights on the local social scene each year and this one promises to be bigger than ever, you can buy a ticket now at the club for the night on the 28th of September but you will need to be quick.
Last month there were 39 reported sales leaving just 66 properties for sale in the district. This time last year there were 67 and it got down to as low as 56 in December. It’s looking like going that way again as fewer owners are looking like coming on to the market. That will see upward movement in prices and auction clearance rates in the coming months making it an excellent time to be selling but not much fun if you are buying. One reason for low stock levels could be that as prices rise, so does owner’s equity. We are seeing many dipping into those funds and renovating their current properties and staying there for longer periods. The 2234 district now, in some parts is 30 years old and fully established. An article in the Leader last week did give us a smile with a shadowed area the size of Menai again proposed for future development to keep up with Sutherland Shire Council’s commitment to housing in the Shire to 2030.
2nd August
Around $26,429,000 in property changed hands across the 2234 district in July with 38 reported sales, that’s an average sale price of $695,500. Stock levels are remaining low at only 70 for sale and we are approaching Spring, a time when there are traditionally more people looking to relocate for jobs or schooling. If interest rates remain stable we believe that after this month’s Federal election we will see another spike in the market similar to what we saw in March this year. Buyer numbers are swelling, internet visits are increasing and no sooner are our Domain Magazines delivered each Tuesday they fly out the basket.
Prices have changed dramatically in the last 18 months, if you are curious on values or any recent sales in your vicinity we would be happy to give you an up to date outline of how your property compares to the most recent sales in the district. Don’t forget we are offering a complimentary marketing package or an auction worth $1,895 and a very competitive selling fee if you are thinking of making a move.
1st July
June was a new record month for the year with 47 reported sales across the Menai District leaving just 70 properties for sale, again dispelling the myth that winter is a quiet time in real estate.
Yes the auction clearance rate is down to around 60% but you will find another 30% of those will sell in the following 2 to 3 weeks after auction day. This is advantageous as your home wasn’t ever labelled an old or tired listing, as opposed to a property being on the market for 7 weeks with a price on it.
We are finding that auctions are becoming more popular in the 2234 district due to the limited stock. Owners are guaranteed an unconditional sale and buyers can see an open, honest and unbiased bidding process.
Contrary to popular belief the cost of an auction campaign is no more expensive than any other method of sale. At Manson Property we absorb the cost of marketing your home and the onsite auctioneer’s fee. Onsite is more attractive to buyers as they don’t have to waste a whole evening feeling uncomfortable in unfamiliar rooms waiting for their desired purchase to take place and sellers have the comfort and security of their own surroundings. We don’t believe all homes are conducive to auction but when the time arrives to sell we would evaluate our recommendations on the current climate and your preferred method of sale.
With the end of financial year here property owners should be checking that they have adequate insurances such as building, contents and income protection. For investors, depreciation schedules for income producing property, awareness of any land tax liabilities and review any additional income sources such as interest and dividends from shares.
1st June
May saw the most recorded sales for the year with a very healthy 45 at an average sale price of about $697,000 along with 10 sales in the Mill Creek land release. Only 2 of the blocks sold so far have gone under $500,000 setting the foundations for it to be a million dollar housing development. There wasn’t the frenzy of buyers in May as in March but all the numbers point to a strong market in coming months with the amount of registered buyers growing each week and only 77 properties available, this time last year there were 99 for sale. Along with the Reserve Bank’s decision to keep interest rates on hold today and the stock market with the wobbles again it should be all good news for real estate.
With all the rain about making for the wettest May in 7 years we thought we would give you some dam facts. Woronora dam holds 71,790 mega litres and is 31% full, it’s catchment area is 75km2. Warragamba dam holds 2,027,000 mega litres and has a catchment area of 9,050km2, it’s currently at 55.5% capacity. The new desalination plant can produce 250 mega litres per day or about 15% of the city’s daily usage. You can claim up to $1500 from the State Government if you install a rainwater tank on your property, the more things you connect to it such as toilets and washing machines as well as the size of the tank determine the rebate, go to www.environment.nsw.gov.au/rebates for more information.
3rd May
In April across the Menai District just under $30,000,000 in property changed hands at an average sale price of about $680,000, amongst the 44 sales a 3 bedroom unit in Menai sold for $470,000, a 5 bedroom project home in Menai sold for $1,050,000 and a 3 bedroom villa sold for $680,000. There are now 80 properties for sale, this time last year there were 94 on the market.
The following article from today’s Sydney Morning Herald on growth to the end of March this year is sure to have the Reserve Bank leaning on the raise button at their monthly meeting tomorrow and it may be more than .25% this time.
“Capital city home prices rose by a record 20 per cent in the year to the end of March, giving the Reserve Bank more reason to lift interest rates tomorrow. For the quarter alone, home prices rose 4.8 per cent, easing from a revised 5.1 per cent recorded for the December quarter, the Australian Bureau of Statistics said today. The annual pace compared with the revised 13.5 per cent gain for all of 2009, indicating house price increases are accelerating. Among the capitals, Melbourne led gains both on a quarterly and annual basis, with prices rising 6.7 per cent and 27.7 per cent, respectively. In Sydney, prices rose 21 per cent for the year and 5.3 per cent for the quarter. Perth's annual prices jumped 15 per cent, and 3.5 per cent for the quarter. Brisbane's prices, meanwhile, rose 12.1 per cent for the year and 2 per cent in the quarter.”
Across the district there are 18 properties available to rent, which is the highest we have seen for some time, the cheapest is a 2 bedroom unit for $410 per week, the dearest is a house at Menai for $910 a week.
1st April
March saw 39 reported sales across the Menai District leaving 81 for sale. Several sales set new records for either, their development, street or subdivision and the number of buyers at open houses just keeps on growing. The market frenzy was all over the popular press and TV this week as the media starts catching up with stories from the suburbs. The recurring theme is there simply are not enough homes being built for the growing Australian population which is expanding at 2.1%, nearly twice the world average of 1.1% and there aren’t enough investors interested in buying or building residential real estate because of harder to obtain finance and expensive entry and ongoing costs such as stamp duty, land tax and capital gains tax. The buyers we find that are securing properties in this competitive market are the ones that have done their home work, have a good relationship with their solicitor or conveyancer and an even better one with their mortgage broker. It’s vital to have your finance pre approved and quick access to 5 to 10% deposit.
With summer time over us early birds will get to see the sun in the morning again as we turn our clocks back this weekend. While you are going around the house changing the times test your smoke alarms and even better replace the back up battery with a new one or better still arrange for them to be hardwired as well.
Have an enjoyable and safe Easter, Lené and I both are looking forward to the next few months as we have a great selection of homes available as well as a number of special properties coming up. If you haven’t had an appraisal on your property let us know and we can pop by or send you some of the most recent sales, you will be pleasantly surprised at what sale prices are being achieved.
2nd March 2010
February’s market in the Menai District sprang to life recording a very strong 43 sales totalling in excess of $28,000,000 at an average selling price of around $667,000. At the moment there are 66 properties available for sale, in spring 2003 there were about 75 and in spring 2000 there were 225. We are seeing the numbers of buyers at open homes increasing into the $650,000 to $1,000,000 range now and this is the market that has the highest demand. Most buyers have done the sums and at the moment if you have $100,000 or so in equity it’s better to buy than rent. In our area there are only 11 properties available for lease at a median of $682 per week. At 6.5%, working on this week’s interest rate rise of .25%, $682 at interest only combined with your $100,000 will give you around $640,000 buying power. Yes interest rates are returning to normal levels of around 7.5% but nothing will stop rents. People need some where to live before anything else and it’s been about 7 years since we regularly saw investors in the market. The government needs to release more development sites and encourage investors and not first time buyers very quickly. Reported by The Real Estate Institute of NSW annual underlying housing demand is running at about 200,000 while dwelling completions are expected to fall under 130,000 in 2009/10, a 70,000 shortfall. In contrast to other countries Australia’s strong prudential regulations and conservative lending practices has also kept sub-prime lending to less than 1% of the Australian mortgage market ensuring what recently happened in the USA shouldn’t happen here. By the way if you bought the Telegraph on Sunday and felt depressed by Nick Gardner’s article on “Our real estate losers” where he quotes 24% of buyers who have purchased in the last 5 years have lost money, don’t be concerned, our estimate is that most homes in the Menai District have increased by 10% in the last 18 months with units fetching up to 18% more and fear does sell newspapers.
1st February 2010
According to Saturday’s Telegraph there are a few things that are likely to happen in the real estate market over the next 12 months. Interest rates will rise, by how much is anyone's guess but 1-1.5% is possible. Demand for property will continue to increase due to population growth and rising economic confidence. Values of sales will continue to increase. Rents will continue to increase, possibly to "crisis" levels unless the government acts to stimulate new residential development. Renter numbers are expected to surpass owners by the end of the decade. The Sydney median house price has increased to a record $600,000 up 10.6% on the same period in 2008 and is forecast to rise another $100,000 this year according to RP Data. Interestingly out of the 18 reported sales in the Menai District for January the average sale price was $616,000. There are now 62 properties for sale, which is still below the 75 for sale at the last peak in 2003.
2009 Review & the outlook for 2010
Happy New Year, does 2010 sound like it looks to you? No space craft, no aliens, a few more conveniences/distractions to life but still much the same as it was 20 years ago, except wouldn’t we have loved to have invested in a bit more real estate back then. I bumped into a client today and the home that she purchased for $227,000 in 1991 is getting very close to being worth 3 times that amount.
Locally, December saw 19 reported sales bringing the years total sales to 426, there are now only 56 properties for sale across the entire Menai District. Supply will be the 2nd major key to what happens to the property market in the coming 12 months along with interest rates that most financial commentators predict will move gradually back towards the longer term average of around 7%.
Rental properties are becoming even scarcer with a typical family home in the area fetching $650 to $800 a week. If you would like to swap your current abode I’ve found a nice villa in the south of France for $449 per week and it’s only 20 minutes to the beach, we can lease your property out for the 6 months or so while you are away enjoying yourself.
2010 may well see property prices continue to rise even as interest rates rise with the shortage of homes both for sale and lease, the economy on an upswing and the slowing in unemployment.
1st December 2009
November saw 43 report sales across the Menai District leaving just 67 left for sale (the lowest stock level in the last 14 years). The most activity seems to have flowed to the $600,000 to $700,000 range as a result of the massive first home buyer surge earlier in the year. In September 6079 first home grants were issued compared to 2626 in October. We think the new year will see a boost of activity and no doubt another injection into lower end prices as many buyers are saying to us they hope to recommence looking “once all the first home buyers are gone”. The very top of the market is still 5% to 10% down compared to 2003, an example being 3 Clothier Road Menai, the first home in Menai to sell for $1,000,000 in 2003 recently selling for $930,000 after 6 months on the market. Price growth for 2010 may not be as stellar as 2009 as interest rates return to normal levels but the flip side of that will be higher rental yields as the rental property drought worsens. The Real Estate Institute of New South Wales this week suggested rents could rise by as much as 20% over the next 3 years. That puts the average rental property here from around $600 per week to $720 per week which will force more tenants to reconsider buying.
Join us in our drive to rid the district of fake window shutters and colonial window bars. If you have them or a friend does it’s time ad thousands of dollars to your home with a fresh modern look by removing them. Go on get the screw driver set out that Santa left you and get started. Take before and after photos, you won’t believe the difference.
1st November 2009
If you’ve had an appraisal on your property in the last 12 months throw it in the bin as the good news for property owners in the Menai District is that some are sitting on gains in the vicinity of 5% to 17% based on some sales from October. In part the stimulus from first home buyer incentives has played a roll but the key drivers are stock levels and interest rates. 12 months ago most of us were paying around 9.25%, now with variable rates at around 5.25% that’s a 43% saving on our interest bill a month and buyers are tapping into that allowing them greater borrowing power even in a credit crisis. And if you’re waiting for the new year for all the first home buyers to disappear and prices to fall you will be competing with a lot of other hopefuls as well as a growing band of investors who are looking at dwindling super funds, disappearing share portfolios and miserly 3.5% bank returns in comparison to readily achievable 5.5% returns on property and rising, and no your house won’t just vanish into the ether.
There were 42 reported sales for October, 6 of them in excess of $1,000,000 with one sale in Illawong setting a new record at just over $2,400,000. The number of properties for sale has climbed to 84 giving buyers a little bit more choice. The red hot tip for the cup looks like another .25 basis points rise in that old nag Cash Rate.
1st October 2009
The Spring selling season kicked off with new records being set across the Sydney market. Super Saturday last week saw a new high of 672 properties go under the hammer on a single day. The St George and Sutherland Shire had a very strong clearance rate of 87%.
Throughout the Menai District there were 39 sales in September, at one time the number of properties for sale reached 80 and ended up at 74 compared to 132 available this time 12 months ago. There were 3 reported sales in excess of $1,000,000, boosting the average selling price to around $644,000.
If you have a special event on or are selling something why not put a notice on our new community notice board in Bangor Shopping centre and don’t forget the Spring Fete at Alfords Point Primary School on Saturday the 24th.
Have a great long weekend. Go Parra!
4th September 2009
We are thrilled about being finalists in the Menai District Business Awards for 2009.
1st September 2009
It’s not just the weather that’s warming up now but the market is off and running in what will be a hectic spring season. We are seeing a dramatic increase in the number of sellers about to enter the market with renewed confidence in the economy and the jobs outlook. Many first home buyers will be eager to secure property under $500,000 before the end of this month when the $7000 Federal Government boost halves then ends altogether on the 31st of December. Keep in mind that even from January 1 first home buyers will still pay no stamp duty under $500,000 and also receive the state government $7000 grant so it’s not the end off the world by any means.
August reported sales were well down on previous months at only 26 but that would be entirely based on the fact that with only 67 properties available there is simply a massive undersupply of property, I’d guess that every unit, townhouse and house under $850,000 if on the market now would sell within one to 3 weeks based on the number of buyers we are seeing at open homes.
We are very excited about the launch of our new web site that provides more tips, information and tools to help you in your next real estate move, why not let us know what you think or tell a friend.
1st August 2009
July saw 38 reported sales in the Menai District leaving just 70 properties available for the ever growing bank of buyers with many keen to get in before most grants and concessions expire towards the end of the year. The press has started reporting what we already knew 3 months ago as they have delayed access to March quarter figures and that is that house prices are on the rise. In our area it’s easiest to see this at the entry level of the market in units and townhouses as they are generally similar whereas it’s much more difficult to use average house prices as a guide to where the market is because things like land content, number of bedrooms, pools, views and zoning have dramatic influences on prices and as I’ve commented before you would have to sell the same group of identical homes each year to really give a true indication of whether the market is up or down. But for the record we are back to or just going past the peak of 2003. The top end over $800,000 is still in recovery, there are buyers there but they are fussier than in the 2003 frenzy. Whilst stock levels are at 10 year lows, interest rates at 40 year lows, auction clearance rates at around 70%, government stimulation and the noticeable spring feel in the air it’s a fantastic opportunity for anyone thinking of selling this side of Christmas.
1st July 2009
We were hoping to give you a commentary on real estate along the Italian Riviera this month with our super yacht docked in Portofino harbour but we were 4 numbers short in Oz Lotto, we hope the 2 lucky winners spend it half as well as we had planned.
The number of properties for sale hit a new 10 year low in the Menai District of just 74 mid June and ended up at 78 today. There were 37 sales reported for June at an average sale price of $591,756, in June 2008 there were 26 sales and 139 available. With interest rates at record lows, properties in the lower end of the market back to or above the peak of October 2003, new incentives to buy including a 50% reduction in stamp duty on new homes under $600,000 the next few months leading into Spring are sure to see a flow through effect for mid to high range properties.
Now it’s tax time you may be considering investment property. Rents are on the rise in our area and returns of around 5.5% are achievable. You should also be reviewing your current interest rate and maybe consider fixing part of it as fixed rates are on the increase. You should have a depreciation schedule as well for any income producing property built or renovated after 1985, talk to your accountant about this and other records to keep and deductions you may be entitled to.
1st June 2009
May was an amazing month with the hectic pace flowing from April for the first week or so and then almost to the day of the Federal budget on the 12th many buyers took the opportunity to compose themselves and take a break from house hunting to absorb it’s outcome. With weekend auction clearance rates above 70% and extraordinary numbers at viewings the buyers are back out there competing for very low levels of stock, making it the ideal time to achieve an excellent price for sellers proving again it’s not the time of the year that sells homes but the economic climate. Interest rates are 45% lower now than in spring 2008, another incentive for making that lifestyle change now.
There were 41 reported sales in May and there are about 99 properties currently for sale, in May 2008 there were 23 sales and around 50% more homes available at 145.
With the arrival of winter now is a great time to check your smoke alarms, fire escape plan and turn down the hours you run your pool filter for. If you like being snug as a bug Myers have 30% off Onkaparinga electric blankets, ours is set at Barbados level.
1st May 2009
With school holidays, Easter and a rare Anzac day on a Saturday, April still saw 30 sales and a combined total in excess of $18,000,000 worth of property transacting. This left us with about 94 homes for sale in the Menai District (in May 2008 there were 146 available).
We continue to see big numbers at open homes and it’s not uncommon to have up to 3 or 4 buyers for anything under $500,000 resulting in some excellent prices being achieved. In this competitive market it is essential buyers arrange their finances and legal team well in advance of looking at property.
If you’ve noticed it’s got a bit chilly lately it may be worth sticking your head in the ceiling and seeing if you have insulation. If you don’t, make sure you look into Mr Rudd’s stimulus package and take him up on his offer of up to $1600 worth of cozy pink batts or you can save a bomb by switching your electric hot water to solar power which will be subsidised to the tune of $1600 and if you have moved house in the last 12 months you may want to check if you have received your crisp $900 cheque from our friends at the Reserve Bank, I’ve just forwarded on two of them for past clients. Go to www.economicstimulusplan.gov.au for more details.
1st April 2009
It really is amazing how different it is at the coal face to what you see on the news and read in the papers about the current state of the economy and the real estate market. All I’m seeing is loads of cashed up buyers at open houses, most of them have arranged pre approval for their loans and are confident and keen to buy and get ahead, maybe it’s just our area attracts those in solid situations who are positive about the future, sure some of them are a bit quieter at work but far from a crisis.
March saw some 41 sales with a total value in excess of $25,000,000 changing hands in the Menai District leaving a very depleted list of only 81 properties available for sale (10 year low is about 75 in October 2003). We are now starting to see the flow on effect from the masses of first home buyers going into the properties over $650,000 range, both with more buyers and improving prices.
As you may have heard I recently got married, well I have managed to convince Lené to come and work with me as well, you’ll be seeing plenty of her around, she has a winning way with people and just loves real estate. Pop in and say hi next time you’re at Bangor Shops.
3rd March 2009
More good news came with 41 sales in February and a reasonable supply of new listings bringing the current number of available properties for sale to 93. In February 2008 there were 42 transactions and 133 for sale.
In recent weeks it hasn’t been uncommon to have up to 30 groups of people through an open house with offers coming in over the asking price, which is an amazing turn around from the end of 2008. The year of the ox is certainly looking bullish for real estate, if it’s sustainable beyond the 30th of June 1st home buyer deadline will be the true test to the health of the market.
A few reminders, buyers it’s a good idea to arrange a pre approval for your loan before you go looking as the banks are taking up to 17 days to approve a loan. Home owners should arrange a termite inspection every year in the Shire, with the warm wet weather recently the number of sales being affected by active and non active termite infestation has been on the rise. Tenants do this sum, your weekly rent (say $550) x 52 = $28,600 divided by current variable rates (say 4.39%pa St George 12 month intro rate) = $651,480 loan (purchase price). You may be in a position to buy rather than rent especially if you can come up with at least 5% as a deposit combined with the $14,000 in grants available for 1st time buyers.
2nd February 2009
Last month was what we call in the industry “an absolute cracker”, plenty of enquiry but not too much to show them. There were 29 sales in January (not a huge figure but great for a January and the current economic climate) in January 2008 there were only 16 transactions, there are only about 96 properties currently for sale. This is good for sellers as there is less competition, that means you have a better chance of securing a buyer before the first home buyer boost ends on the 30th of June.
The amount of buyers currently pouring into the marketplace is nothing short of amazing and the properties they are buying will send a wave through the entire Sydney market benefiting all prices ranges but to a lesser degree into higher ranges as money gets gobbled up in transfer fees. What happens after 30 June is anyone’s guess, even if interest rates come down further it won’t be much help if fewer people have jobs later in the year.
Combined with the optimism a new year brings, falling interest rates and near record low stock levels, now’s the time to get your place on the market if you have been holding off for the right time.
8th January 2009
HAPPY NEW YEAR! I hope it’s a safe and prosperous one for you and your family.
I had a brilliant break and spent 10 days in Thailand on a combined holiday/honeymoon and it’s sure good to be back in the lucky country, give me a towel & a 20 minute ride to Cronulla beach any day.
December’s market saw the up and down trend continue with 24 transactions, just bettering the 21 sales in December 2007. Combined with the usual quieter listing period and sellers taking properties off the market for the holidays we have a skinny choice of only 110 currently for sale (About 76 is the 10 year low and around 225 is the 10 year high).
If you’re thinking of moving in 2009 I’d love to show you what your property could achieve. In particular I have 19 buyers looking for a 1st home up to $550,000 (3 bedrooms OK), 21 buyers with $620,000 to $670,000 to spend (anything with a pool is always popular this time of year), and there are 12 customers with $800,000 to $850,000 (must have 2 good living areas or rumpus room). Less competition means better prices and combined with falling interest rates my money’s on a great year for property. Call me now on 9543 SELL and I’ll bowl you over with some great service.
2nd December 2008
November saw a solid result of 42 property sales leaving 139 currently on offer, this time last year there were 27 sales with 104 available. It’s a tougher market but there are buyers about and judging by the hits on the internet there are plenty more about to enter the market that would be waiting to see how the economy plays out in the next few months whilst their borrowing capacity increases as interest rates fall.
Probably the biggest hurdle in the sale process now is securing finance. Banks are tightening up lending policy and valuers are being very conservative with their valuations. If you are close to the maximum loan to value ratio all those weeks of house hunting can come undone so it pays to revisit your broker and go over the sums based on the latest interest rates to avoid disappointment.
Auction certainly wasn’t the way to go about selling in the Menai District in November, 25 went up and only 3 sold on the day, that’s a clearance rate of just 12% but on the other hand it’s quiet common for several buyers to be competing for correctly priced property leaving many extra keen to buy after coming so close.
My Christmas wish list is pretty short this year and it’s coming early as well, I’m getting married on the 22nd. I’d like to wish you and your family all the very best for a safe and joyous Christmas and a simply brilliant 2009 (wow 2009 are we in the future yet where’s my hover board).
5th November 2008
If the median sale price (take out the highest and lowest sale prices then divide by the number of sales) is higher or lower one year compared to the previous year does that mean values have gone up or down. The clear answer is neither, it’s just the easiest way for statisticians to play around with figures so someone can make money out of the information. Saying values in Sydney have changed one year compared to the last would require the exact same houses to be sold again the following year. If we narrowed the field to just Menai and looked at say just two weeks instead of two years and in the first week 7 larger houses sold at a median of $625,000 then the next week 7 smaller homes sold for a median of $500,000 the poindexters would have you believe that values dropped by 20%, fear, it’s great stuff for selling newspapers. The 20% up scenario in the reverse sees more renovation shows and auction stories on the telly to satisfy the greed demand that comes with the warm fuzzy feeling you made over a hundred thousand by just breathing, well done.
Yesterday’s .75% interest rate drop takes rates down a total of 2% in the last 3 months and it’s certainly seeing an increase in buyer enquiry albeit hesitant to commit unless they see real value for money. In October there was only 24 sales compared to 35 for the same month last year. There are currently 143 properties for sale, in November 2007 there were 114.
With only 2 weeks left to settle and move prior to Christmas I think we will see a late rush of activity & after 8 years at Menai Metro I have secured a new shop front in Bangor Shopping Centre and am thrilled with the move, give us a wave next time you’re there.
14th October 2008
The Australian Government has announced a First Home Owner Boost, which supplements the NSW Government funded First Home Owner Grant Scheme. According to the announcement from the Commonwealth:
First home buyers who purchase established homes will receive a boost of $7,000 that will double the grant to $14,000
First home buyers who build a new home or purchase a newly constructed home will receive an extra $14,000 to take their grant to $21,000.
This applies to contracts entered into prior to 30 June 2009.
1st October 2008
Is the world as we know about to end or is it one of the best buying opportunities of all time? No one seems to know but the markets seem certain we will be getting another interest rate drop next week and it may even be a .5 reduction this time on the back of last month’s .25 fall. Many people believe that real estate benefits from stock market corrections as it did in 1987 but interest rates will have to fall faster and rentals will need to go up another 25% a week and that will take time. The key to values in the short term will remain access to finance and jobs. With large public company share prices going through the floor I hardly think they will be embarking on a hiring spree anytime soon, more likely they will be culling.
September was a solid month all things considered, 31 sales with some excellent prices achieved but I have noticed agents becoming more unwilling to publicly disclose the poorer results. My estimate was that about $19,559,000 (which wouldn’t buy you half of one house that sold in the eastern suburbs last month for $45,000,000) of property sales exchanged last month in the Menai District alone, can you work our why our roads & hospitals are in the state they are in with the stamp duty that would be rolling in? There are 132 properties currently for sale, this time last year there were 109.
Some sales last month included;
8 Burrawang Place ALFORDS POINT Sold $841,000
85 Akuna Avenue BANGOR Sold $850,000
26 Burley Close ILLAWONG Sold for $965,000
86 Hall Drive MENAI Sold $625,000
9 Cherrywood Grove MENAI Sold $700,000
Do you love chocolate crackles and pony rides? Get down to the Illawong Primary School Spring Fair on Saturday the 18th and have some fun, see you there.
Bookmarked Properties
|
Privacy & Disclaimer Statement
|
Developed by Portplus © 2010