Elders October Toongabbie Area Market Update

Spring is in full force and so are the buy­ers with some record break­ing prices achieved last month. We are find­ing there is a com­plete lack of homes for sale in Seven Hills and the Toongab­bie area, so buy­ers are starved for qual­ity homes to buy, this is see­ing huge num­bers attend our open homes and fierce com­pet­i­tion between buy­ers to secure a property.

 

How Is The Market?

(Tran­script)

Grant Changes

 

  • NSW is set to have the most gen­er­ous first home buyer scheme in the coun­try — provided you buy a new house or apartment.

 

  • The state gov­ern­ment has imple­men­ted changes in the budget to more than double the first home grant, $15,000 for buy­ers of new prop­erty priced up to $650,000.

 

  • How­ever, buy­ers of exist­ing prop­erty are in for a sur­prise. The $7000 first home owner grant — in oper­a­tion since 2000 — will cease to exist.

 

  • First home buy­ers of new houses and apart­ments will also con­tinue to be exempt from stamp duty and it will now apply to prop­er­ties worth $650,000, rather than the $600,000 previously.

 

  • The budget changes mean that, from Octo­ber 1, first home buy­ers who pur­chase a new home priced at $550,000 can save up to $35,240, which is close to $20,000 more than the pre­vi­ous saving.

 

  • As expec­ted, the gov­ern­ment has now ended the stamp duty con­ces­sions for non-first home buy­ers of new properties.

 

  • But by way of com­pens­a­tion, it will offer a $5000 grant to pur­chasers other than first-timers — investors, upgraders and down­sisers — for new prop­er­ties priced up to $650,000.

 

  • NSW government’s com­mit­ment to address­ing the state’s hous­ing short­age, kick-start the hous­ing con­struc­tion sec­tor and get more people into new homes sooner.

First Home Own­ers Grant NSW And Stamp Duty Exemp­tions Explained 09/07/2012

Hous­ing Shortage

 

  • The Hous­ing Industry Asso­ci­ation (HIA) views the recent Coun­cil of Aus­tralian Gov­ern­ments (COAG) report as a sure sign that the hous­ing short­age in Aus­tralia is worsening.

 

  • What we are exper­i­en­cing is a list­ing short­age in the area, driv­ing buyer competition.

 

  • With demand increas­ing and a dis­pro­por­tion­ate sup­ply chain, there is fear that buy­ing res­id­en­tial prop­erty will go bey­ond the reach of cer­tain mem­bers of Aus­tralian society.

 

Interest Rates

 

  • The Reserve Bank of Aus­tralia decided to finally cut interest rates at their offi­cial meet­ing, lower­ing the cash rate by 0.25 basis points to 3.25% — the low­est in 3 years.

Real Estate Sum­mary Analysis

 

  • With this com­bin­a­tion of events it has kept the buyer demand high and homes on the mar­ket low which has cre­ated a pres­sure cooker like market.

 

  • We have found this has kept a lot of people sit­ting on the fence not sure what to do, but for the buy­ers and the sellers act­ively in the mar­ket are exper­i­en­cing homes selling extremely fast and some buy­ers miss­ing out not act­ing quick enough.
  • As the count­down to Christ­mas begins, we are hope­ful that the mar­ket will con­tinue strongly with many buy­ers hop­ing to move into their new home before Christmas/New Year.

 

  • Even with the First Home­buyer Grant in NSW fin­ished it isn’t slow­ing the mar­ket down, and if you are con­sid­er­ing selling now would be a great time as we can guar­an­tee you will max­im­ise the price for your home.

About 

Jhai is an award win­ning Inter­net Mar­ket­ing Real Estate Agent for Eld­ers Toongab­bie and Kings Langley. After run­ning his own inter­net mar­ket­ing busi­ness he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to mar­ket them­selves online. Jhai is now fixed on one goal. To teach real estate agents that they can mar­ket online so much bet­ter than they cur­rently are.

Since then he has been con­sist­ently quoted in the Sydney Morn­ing Her­ald and Real Estate Busi­ness online. He is a reg­u­lar guest blog­ger on TheHomePage.com.au, shar­ing his expert­ise of mar­ket­ing aspects for the Real Estate Industry. His biggest pas­sions are his wife, mar­tial arts, dogs and most of all property.

seven hills real estate agent NSW
Cnr Federal Road Prospect Highway Seven Hills NSW 2147 Australia