Market Report N G Farah clearance rates at 75% in Winter

It is well documented in the Real Estate fraternity that June / July is traditionally not the best time for home sellers to list their property for sale. It is end of financial year to start with and school holidays play a big part in the calendar in July and many families travel north in the winter months.

That doesn´t mean to say that good prices aren´t achieved in the winter months and at N G Farah Real Estate we are pleased to report in excess of 75% clearance rate for properties submitted to auction in July with many properties selling for top prices. The results we have been achieving are a direct result of the strong demand for certain suburbs in the South Eastern region of Sydney.

Highlighting our auction results this month was a sale of a 3 bedroom semi in Maloney Street Rosebery which sold for $776,000. Also a property in Eyre Street Chifley was sold for $1,120,000 and a house in Cobham Street Maroubra sold for $1,430,000.

 For the past 12 months we have been reinforcing to our readers that suburbs like Maroubra, Chifley, Hillsdale, Eastgardens, Botany, Pagewood, Eastlakes, Mascot,

Rosebery, Malabar, Little Bay and La Perouse are still in huge demand and our auction and sales results in 2011 are evidence of this. You can go to our website

www.ngfarah.com.au and refer to all recent sales and upcoming properties for sale.

Moving forward the property market is a direct reflection of confidence in the economy supply and demand and current interest rates. It is ironic but there is a fair amount of uncertainty with all of the above.

The Reserve Bank of Australia has indicated that they still may put interest rates up in 2011 but this is unlikely to happen as some businesses are still struggling through the post GST period. Any further rises in interest rates will most certainly dampen demand for property especially the investment type properties.