Welcome to our new monthly market report that has been designed to keep you regularly updated on market conditions as they happen, with a fresh focus on the local market.
It has been quite an eventful year on all fronts to date. The newly elected NSW Premier Barry O'Farrell has promised to release more land for housing to ease Sydney's shortage. The initiative has been designed to curtail soaring rents and housing prices and it will be interesting to see how it pans out. Closer to the heart, the world has experienced some horrific natural disasters, and our thoughts are with everyone involved both internationally and at home.
Sydney has experienced its strongest period of house price growth in nearly 8 years. Latest Australian Property Monitors data for the December quarter 2010 revealed that the Sydney median house price rose by over 20 percent between March 2009 and December 2010. Sydney’s median house price now stands at $637,258 and remains Australia's most expensive capital to buy a house.
With the threat of the GFC well and truly behind us, and only one 0.5% interest rate rise tipped before the end of the year, predictions across the board are pointing toward steady economic growth. The recent election instigated a ‘wait and see’ approach from would be sellers, and now with the five day Easter/Anzac day long weekend behind us, we anticipate listing and sales to return to normal. If you are contemplating selling, winter is often one of the best times to achieve maximum dollar for your home. It comes down to simple supply and demand – with less property on the market, there are less properties competing with you, while the demand remains constant. The anticipated solid and steady market conditions provide a fabulous safe-platform to be trading real estate. Please feel free to contact your local N G Farah sales agent if you would like an update on the opinion of value of your home, or to discuss timing and market conditions.
We are pleased announce that our new and highly anticipated website is now online. Designed with the very latest cutting edge technology to provide you with fast, efficient and user-friendly access, it offers a comprehensive list of property that we update daily and a host of new features to make the process of buying and selling easier for you.
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