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Residential Market Update by Sean September 2017

Hi I'm Sean O'Connor from First National Real Estate Wollongong with your September Market Report. Well, Spring hasn't exactly sprung but we expect the market will fire up in the coming months whatever interest rates are low and we expect that to continue for another 12 months real estate will continue to forge ahead.

 

As expected we just saw a smart slowdown in the number of bidders at our auctions and this caused the the clearance rate to decline to as low as 60% in some cases. However, most of the properties that were sent to auction are did sell after auction within that within a couple of weeks. We recently sold the property at 113-115 Kembla Street this was a commercial property that consisted of two shops, a warehouse at the back and a lot of hard stand area now this property sold for 1.7 million which was an excellent result for all involved. Residential land is in high demand and this sector continues to saw as young couples look to cash in on the the government incentives that apply to new properties and we expect that land will become in even higher demand as the supply decreases.


Well I'm Sean O'Connor this has been your September market report happy house hunting and I hope to see one of our

opens over to come