Confidence Returns as Market Moves Forward
Monday, 3 August 2009
If you are still nervous about investing in property, newly released figures should provide comfort that the market is once again heading in the right direction. The latest Residex results show that Sydney has registered solid growth in the past quarter, with median prices for houses increasing by 2.31% to $577,500 and median prices for units jumping 2.55% to$417,000.
At the start of the year the storm created by the global financial crisis saw many get understandably edgy. After all, there is nothing to scare buyers like the fear of massive job losses and plunging property prices. Thankfully the worst predictions did not come true and the outlook is looking increasingly positive.
For many home buyers the dreaded GFC has been a blessing in disguise, delivering record low interest rates and some excellent buying opportunities. With the economy seemingly on the mend, the mood is buoyant among buyers and further growth can be expected.
The weekend saw Sarah Lorden Real Estate sell three properties at auction, with all three making excellent prices. The market for properties under $1,000,000 remains extremely strong with a two bedroom house at 2 Goodsir Street Rozelle selling under the hammer for $862,000 a staggering $92,000 above the reserve. 77 Foucart Street Rozelle sold under the hammer for $571,000 and 42 Percival Street Lilyfield sold for $897,000, a record for a two bedroom cottage.
With competition certain to remain strong over the coming months, great opportunities exist for those ready to sell.
