Market Update Mixed Bag
Time for another market update on what is happening in your marketplace.
Recently March was somewhat of a mixed bag this year with our sales team having sold close to 30 properties this month alone with some outstanding results and prices achieved, however it has not been all smooth sailing with some open home numbers being on the lower side of the spectrum.
Some of the results achieved this month include the 100% clearance rate with our Auctions this month which saw the following properties all SOLD under the hammer:
- 49 Caloola Rd, Constitution Hill — $60,000 above the reserve
- 12 Second Ave, Toongabbie — $56,500 above the reserve
- 52 Bulli Rd, Toongabbie — $91,000 above the reserve
- 46 Lamonerie St, Toongabbie — $84,000 above the reserve
One particular weekend in March saw 500 parties register across 17 open homes. A property at 4 Goya Place, Old Toongabbie saw 34 groups through and 16 groups offering on the property which lead to a sale price $142,000 above the asking price.
While those are some of the positive highlights of the month as I said previously it has not been smooth sailing across the board. It has now become public knowledge that the this market is the best ever experienced in the area which has led to an increased level of properties becoming available for sale as owners seek to take advantage of these rare conditions.
This unfortunately is beginning to show signs of the marketplace becoming oversaturated with properties for sale and effectively beginning to close the large gap between supply and demand that has been experienced over the past 12 months.
To put this in perspective over the past 6 months successful open homes would see anywhere in the range of 50 — 100 groups register at the first open home. This month we have seen some successful open homes attract 30 – 40 groups. This is not to say that the higher numbers achieved are no longer there as a property at 32 Ancona Ave, Toongabbie saw 79 groups attend the first open home. But it is definitely not something to be ignored either.
The question now is why? With interest rates kept on hold what could be keeping buyers from the market place? Are they getting fed up with the frenzy week in and week out? Are people more concerned about what they are doing on the ANZAC long weekend or over the Easter period to look at homes they will probably get priced out of?
Whatever it is I’ll be continuing to keep you up to date on the good, the bad and the ugly of what is happening in your area as it happens.
I’d would also love to hear what your thoughts in the comment bellow and please feel free to contact us anytime on 02 9896 2333.
About Jhai Mitchell
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.