Hi I'm Sean O'Connor with you May market report. With the Wollongong market continues to power ahead, however we must be a little cautious as banks have started to become restless and they are slightly increasing their interest rates and this could certainly affect the market throughout the next 12 months. The market is still strong, however, we are expecting that it may begin to plateau or even dip throughout the next 12 to 18 months.
I'm going to declare that if you're thinking of selling, I really believe now is the time to sell as we believe the market has peaked, however, it is still strong and there's still plenty of competition out there for properties.
This month I just wanted to talk a little bit about property investing and the best places to invest. Firstly, if you are looking to get into property investment market, I believe that you should look at region that is highly populated, have good property growth, high employment, and they are close to universities and is certainly a bonus if they are close to capital city. Well Wollongong does tick all those boxes and is certainly proven a resilient market over the past decade or so.
In the past month we've had a fantastic results. We recently sold a property that is hotly contested at 19 Morse Avenue, Kanahooka. This property was in a first hand buyers’ price range and we had a huge amount of enquiries, it sold for 38,000 over asking price. And it is certainly an indication that first hand buyers’ market is still very strong.
This week, we had again a property going to auction at 31 Bukari Street, West Wollongong. It's a great location close to universities and close to the city. The home has great bonuses, four brick construction, it's a tiled roof and it's a 670sqm block. The property does need quite a bit of renovation, modernising and updating. It's an ideal property to purchase if you are looking for a property you add value. Because in the West Wollongong area, this property is going to sell under the average price.
I'm Sean O'Connor and this has been your May market report. Until next month, happy house hunting and I hope to see you at one of our open houses throughout the month.