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Residential Property Market Update October 2017

Hi I'm Sean O'Connor from First National Real Estate Wollongong with your Market report. Where has this year gone? It's literally only three months and 14 days before the big fellow in the red suit arrives. It's been a really strong year for real estate investors however the last quarter figures show that the market has certainly started to slow and the prices have begun to plateau. So, if you're thinking about selling now is the time to sell while this market still has a little bit of steam left in it.

 

The price you achieve today could well be the same or more than you might achieve in two to three years’ time. The very latest figures show that in the last seven days there was 768 properties that went to auction in New South Wales.
 
However, the clearance rate was only 58% Recently our sales agent Jennifer McCormack sold a property at 24 Rae Cresent, Balgownie that defied this slowing market. In the first week, we had 54 inspections 27 offers and the property sold for $30,000 above even our highest expectations and this was certainly a great result for all involved.
 
Well we are now well and truly into the Spring selling season yet the number of properties coming to market is substantially down on last year and the years before. However, I do feel that for these two buyer there's still plenty of good buying out there and I hope to see you at one of our open houses over the next few weeks.
 
Happy House Hunting!
 
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