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NO STOCK! SOLD OUT.
The equilibrium is way off balance.
Being sold out of property, especially in the lower Northern Beaches can be a good thing, but also a bad thing.
The current levels of property available within Freshwater, Queenscliff, North Manly, Curl Curl and North Curl Curl totals only 29. This includes apartments and houses. That’s less than 6 properties in each suburb. Everyday buyers and buyers agents are phoning in to check on new listing status and although several appraisals are being done, many are not coming to market.
WHY?
There are many factors holding back sellers such as;
* Right now, what can they buy? There is no choice
* With a volatile economy and consistent interest rate rises, the market is nervous
* From declining to steady markets, it is a directionless trend
Buyer volume is the one and only price supportive trend at present. We are experiencing a drought, and this happened back in 2015. The volume low was 21 properties on the market. Agent competition at was it’s peak.
A buyer called on Monday and said he went to an open house and had to wait for 40 minutes to gain entry and there was approximately 80 people attempting to see a two bedroom unit.
If I was considering selling, this would be your time! With this many buyers – regular pricing of property goes out the window, and demand takes over. In my assessment, if the price expected was $1.1m, then expect an outcome from $1.2m-$1.35m.
The Forecast:
Important future recognition points:
1. The government’s budget delivery
2. The Fixed Interest Rate Cliff – high volumes of fixed rates begin to revert to viariable commencing in June and continue into 2024 – CBA estimate 800,000 loans across Australia
3. Further interest rate movement to puase and slow down CPI (inflation)
Come September, the natural Spring rush of new properties, the volume is likely to be enhanced by owners teetering on the edge each month
Rentals & Landlord’s Investments:
For the first time in many months, we”ve started to see a slowing of aggressive tenant applications. The prices are definitely firm, however, the change in season and nearing the middle of year have slowed the previously very upbeat process.
As money gets tighter and people contract their spending, endabled by high food and retail prices, this was bound to occur – eventually.
With not a lot on the market, we are pleased to announce that two recent sales for the office were EXCEPTIONAL!
41 Wyadra Ave, Freshwater under instruction from the owners, was shown off market.
It was subsequently sold in 5 days and 7 hours to one of registered buyers from Singapore.
For the upper end of town;
11 Beach Street, Curl Curl enjoyed negotiating with a total of 6 offers from mostly upgrading Northern beaches families. Each offer received was inexcess of $7,000,000.
With these two notables sales, we can confidently tell you that we have over 26 newly registered buyers, ready and finance approved to buy ranging from $5m-14m.
The simple strategy being to commence with a 7 day off market introduction and feedback week, whilst then launching into the market.
Want to know more? Please give us a call on either 9905 4100 or 0408 007 390.
The Budget
https://www.abc.net.au/news/
ASX predicts when rates pain will end
The ASX futures market has predicted when interest rates will stop rising in Australia. And it’s more bad news for mortgage holders.
Read more…
https://stocks.apple.com/
A ‘consumer recession’ is barrelling towards us — and the RBA won’t flinch
It was designed to shock, and it did just that. On Tuesday, the Reserve Bank of Australia (RBA) increased its cash rate target — after a month’s pause — by 0.25 percentage points, to 3.85 per cent. Both the share market and the Australian dollar lurched from a midday slumber to a “what the?” moment. You could imagine traders across the country jolting forward in their chairs, wide-eyed. The ASX200 fell more than 1 per cent in the blink of an eye and the Australian dollar rocketed up 1 US cent,
Read in ABC News: https://stocks.apple.com/
House prices: Sign Australia is teetering on disaster as mortgage cliff nears | news.com.au
March 2023
Statistics:
| Total Listings Mar | 29 |
| Total Sold Mar | 19 |
| Withdrawn | 3 |
| Clearance | 65.5% |
| Sold Under Guide Price | 1 |
| Investments Listed | 9 |
| Owner Occupier Listed | 20 |
April 2023
Statistics:
| Total Listings April | 30 |
| Total Sold April | 11 |
| Withdrawn | 0 |
| Clearance | 37.0% |
| Sold Under Guide Price | 1 |
| Investments Listed | 9 |
| Owner Occupier Listed | 21 |
May 2023
Statistics:
| Total Listings May | 5 |
| Total Sold May | 0 |
| Withdrawn | 0 |
| Clearance | 0.0% |
| Sold Under Guide Price | 0 |
| Investments Listed | 3 |
| Owner Occupier Listed | 2 |
