The market has seen some real positive signs of improving over the past 30 days. This renewed confidence has been brought about through the Coalition winning the election, as we won’t see the radical property changes come into effect that Labour Party were suggesting.
This has given buyers and in particular investors confidence in this sector. The royal commission is in our review mirror and to help with peoples ability to improve their serviceability APRA is reducing the interest rate stretch test on people who want to get a loan down from 7%.
This mixed with a reduction in the cash rate to 1.25% are all good things to reinvigorate a less buoyant market.
I must caveat that there are still some head winds in our market in the eastern suburbs. Though there is a lot to help re stimulate things.
Over the last 30 days our auction success rate is up at 85%, we have seen an average of 504 buyers inspect our 28 opens per week. Email inquiry is up 17% for the same time last month.
DESPITE the COVID-19 pandemic, an Associate Director and Sales Executive from the most successful Australian real estate business within the Ray White network has sold six properties totalling more than $15,500,000, in just 10 days. The highlight of the six deals was the $3,500,000-$3,700,000 sale of 1 Shaw Street (pictured above) in … Read more
IT WAS a chilly night in Sydney but that didn’t stop nine eager bidders from turning out for the hotly contested Ray White Double Bay auction at 113 Victoria Road, Bellevue Hill. Sold by Double Bay Managing Director Elliott Placks and agent Alan Fettes, the four bedroom home went under the … Read more