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Shortage of Properties For Sale & Lease

I hope you all had a good break over the Easter and ANZAC Day weekends. Our office is now back into the swing of things after 2 quite weeks. What we are seeing in the market place is still great demand for properties, but there is just not enough supply to satisfy demand.

At a rental open for inspection on Saturday last week we had 16 families view 112 Woodland St, Balgowlah. A neat and tidy 3 bedroom home with a pool in a great location. The property was leased on the day for the asking price of $1275pw. There are so many families looking for a home at present in all price ranges and there is not enough stock to go around. This appears to be good news for landlords as the under supply of rental properties will result, we expect in strong rental returns over the winter this year. If you have an investment property and you are not sure you are getting the right return please let Veronica or Emily in our team know. We can show you some recent comparable rentals and give you a complementary property management health check. Contact our office on 9948 2020 for more details.

As previously mentioned in sales we have seen a huge change in the market place over the last 4 weeks with demand finally coming back for prestige properties. Recent sales include 47 Edgecliffe Esplanade Seaforth, a modern 5 bedroom home with great views for $3,550,000 and 1/111 North Steyne, Manly for a brand new ground floor 3 bedroom apartment on the beach front, which sold for $3,700,000. We are currently working with several buyers looking for luxury properties. If you are thinking of moving we might already be talking to someone that would be agreat match for your home. Also properties under $1,500,000 are selling very well with the time on market in this price range being 14 days. Many of these properties are selling for 5% to 10% above initial expectations.

Best Wishes Jason Guildea

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Posted on Tuesday, 15 July 2014 by Website Administrator

MARKET FORECAST EASTER 2014

Happy Easter,

The realestate sales market has been going flat out over the last 3 months, however over the last 4 weeks we have seen Sydney wide Auction clearance rates drop from 87% to 76% last weekend. On Monday night at the Cooley auction Centre in Double Bay only half of the properties for auction sold. ( see attached article). My thoughts are that in recent weeks, buyers have become a bit jaded as quoted sales prices for auction sales are going for 10% to 15% more than expected. They are frustrated at missing out and spending money looking at contracts with their solicitors, and having building inspections. So now they are sitting on their hands more and waiting.

There is still a massive shortage of properties for sale, especially for investment type properties. Seaforth has less than 20 properties for sale at present compared to at around 44 this time last year. I feel that after the school holidays and everyone, (especially buyers) has had a break, the market will continue to race along and over the next 6 months the strength in the lower part of the market will move up to the prestige part as well. If you have been thinking about selling or upgrading your current property now is a great time to talk to our team.

Have a great Easter

Jason Guildea

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Posted on Tuesday, 15 July 2014 by Website Administrator

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