Market Update April 2012

Market Update

Real Estate Sales were strong during the first quarter of 2012 for N G Farah. Properties that had been on the market from late 2011 and hadn’t yet sold, were eventually sold in the first quarter of 2012 for their asking prices. Overall there has been a shortage of stock in the southeast region of Sydney and as a result of that, there are not as many buyers looking for property. Buyers are inspired by choice and you can be sure that the more properties that are for sale in the area, the higher the numbers will be at open houses.
 
The Southeast is still poised for continued growth, demand for property is increasing and buyers see more value now in the market than maybe 2 or 3 years ago. The fact that the rental market is on the up and up and there is a shortage of rental accommodation will ultimately fuel property prices in our area. Already in 2012, N G Farah have made some record sales which include 
 
-       4 Winburn Avenue Kingsford                        $2.83 Million
-       3/96 Beach Street Coogee                            $2.2 million
-       36 Burke Street Chifley                                 $1,050,000
-       36 Sackville Street Maroubra                        $1.53 Million
-       22 Rainbow Street Kingsford                        $720,000 ($120K over the reserve)
-       3/8 Major Street Coogee                                $1,050,00 ($130K over the reserve)
-       273-275 Avoca Street Randwick                  $4 Million
-       28 Abbe Receveur Place Little Bay              $1,070,000
-       58 Snape Street Maroubra                            $1,185,000
 
Governor of the Reserve Bank, Glenn Stevens decided to keep interest rates on hold today, but you can rest assured that over the next 3 – 6 months, interest rates will definitely fall, which will make property even more attractive. Buyers are attracted to the Southeast of Sydney due to its strategic location to the CBD, Sydney Airport, UNSW, Eastern Beaches, Prince of Wales Hospital and Centennial Parklands. Ultimately the Southeast is land locked and whilst buyers may be cautious today, we believe prices will continue to be buoyant as more people continue to value convenience and lifestyle over price.
 
Already in 2012, N G Farah boasts an auction clearance rate of 76%, well over the industry average which has remained between 50%-60% for the past 12 months. May is traditionally a strong selling month, so buyers will have more choice in the weeks after Easter.