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Residential Market Update by Sean June 2017

Hi, I'm Sean O'Connor with your June Market Report. The New South Wales Government has abolished stamp duty for first home buyers provided your property price is under $650,000. This is expected to create a lot of activity in this price range. It’s a great win for first home buyers and certainly a very good incentive.

A recent CoreLogic report has indicated that the market has started to soften with prices in Sydney remained the same for the past three months. However at the auction we recently conducted in 51 Hillcrest Street, Wollongong has certainly go out of that trend. It's a property that needed some renovating, needed a lot of work, and it was sold for a well under the median price for the area but it was a great result for the owners. It was $90,000 above the reserve price. There was a lot of competition for this property and it just proves that well-priced property in good location are certainly in demand.

We have several new listings coming online this weekend which is a sign that the market is going into transition where buyer will end up with a lot more property on the market for longer . We have a property at 35 Brentwood Avenue, Figtree featuring a four bedroom with granny flat and is positioned on 1,800sqm of land and the price guide for this property is around $800,00 so we are expecting a lot of interest on this property. Another property is a nice two bedroom apartment in 1/11 Grafton Avenue, Figtree and this is a great property for the first home buyers. It is ideally located, close to Figtree Grove and all amenities and its price guide is around the $350,000 mark.

Until next month, we hope to see you at one of our open homes. Happy house-hunting!

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