|As an agent, the question I always get asked is “how is the market doing?”, so as we begin the new financial year, I thought it would be timely to give all my valued clients a brief update on the local real estate market.
There are lots of news reports and chatter about the market levelling out and cooling off and, to a certain extent, we are seeing this trend in The Hills. Properties are staying on the market for longer and there are fewer buyers competing to purchase. We are also seeing potential buyers finance taking a lot longer to be approved, combined with tightening lending restrictions imposed from the banks, making it more difficult for some buyers to get the finance necessary to put down a deposit.
On average, we are seeing slightly lower numbers through our open homes, however, we have also begun showing properties on a Sunday to allow for more active buyers to inspect and bring all the decision makers through the property at once. This is proving to be a winning strategy with many sales being made on a Sunday.
According to Cooley Auctions, their recent auction statistics show the average clearance rate is 47% at auction, however this number increases by 14.5% in the 28 days post auction. On average, there are 2.2 registered buyers per auction and properties are selling at $17,500 above the reserve price.
Our biggest challenge in this market is aligning our vendor and buyer expectations. Vendors of course want the best price possible for their property, while buyers want to purchase at the lowest price possible. Our job is to negotiate between the two parties and our focus is to provide factual, well-informed information to our clients so they can make educated decisions around buying and selling property.
Over the last three years the physical landscape of The Hills has evolved as we see the near completion of the Atmosphere high-rise apartments in Castle Hill, plus new housing projects about to begin construction, under construction already or nearing completion in The Hills currently. These developments are designed to introduce a realm of housing options that are positioned within walking distance to the new North West Rail stations.
We have recently been appointed to market three off-the-plan projects: The Village Green in Bella Vista, Villa De M.A in Rouse Hill and Skyview in Castle Hill. These developments offer a mix of one and two bedroom apartments and townhouses and offer a modern, urban lifestyle at an affordable price point and ideal for first home buyers and downsizers. You can see more information about these projects here.
If I can be of any assistance, I welcome you to get in touch and see how I can help you can achieve your property goals.
Thanks for reading!
Chris De Celis
M 0430 119 600
Get in touch with me here