Hi everyone and welcome to my first market update for January 2016.
I hope you had a great Christmas break and time with family and friends
With 2015 behind us it was a great year in real estate with high buyer enquiry and steady price growth across all price points. There were also several new records set for local property sales
2016 brings some new legislation changes in real estate pricing methods, we can no longer advertise a property for an offers above or offers over amount. This is intended to give buyers a simpler and clearer idea of the anticipated sale price. A method than can be used in its place can be a price range, as long as the range given is no greater than 10% a traditional set asking price can also be used.
With some promising sales in December one being our recent sale of 97 Maddecks Ave Moorebank Located in Georges Fair. This 4 bedroom home was on 470m2 and Sold for 1,150,000 and attracted over 55 buyer inspections
Another great result for our vendors was our recent sale at 118 Jack O’sullivan Road Moorebank. This 4 bedroom property located walking distance to Moorebank shops was purchased for 1,300,000.
I believe 2016 will be a great year for first home buyers to purchase a property with the heat coming out of the market from 2015. As we see more properties come available and a decrease in competition between buyers there will be some great opportunities locally.
We have been receiving steady buyer enquiry since returning in January and I would anticipate a fairly stable year ahead for prices with the softening of the market, unlike the price growth we experienced over the past few years. This is why I believe it will be a great year to invest in real estate.
For Vendors looking to sell especially as more properties become available you really want to make sure you have a marketing plan in place that is going to attract the attention of buyers, another crucial point would be to price the property accurately if selling by private treaty or to have a great auction plan in place.
If you would like to discuss any real estate matters we would love to hear from you, thank you for taking the time to view my market update and we look forward to working with you in 2016.