Midyear state of affairs: A closer look at the country’s markets
With market conditions changing at varying degrees across the country, seven experts from Property Investment Profession...
Property sales for the St George region jumped by a huge 50 per cent in the six months to September 30, 2012, according to recent data from real estate group Raine & Horne.
“Strong industry and infrastructure, affordable housing, along with proximity to the airport and the CBD have made St George a destination well worth considering.”
In Bardwell Park, Theo Samos, Principal of Raine & Horne Bardwell Park, says the improvement in property turnover across the St George region isn’t a surprise.
“The steady fall in interest rates over the course of 2012 has significantly improved borrowing affordability and confidence since January,” he said.
A boost in property stock levels, off the back of rallying market confidence, has encouraged many upgraders to take that next step up the property ladder in Bardwell Park, according to Mr Samos.
“Home sales have dominated apartment sales this year with upgraders from strata-titled residences the most prominent buyers of houses in 2012,” says Mr Samos, who recently sold 33 Canonbury Grove, Bexley North, for $770,000 to upgraders.
“This three bedroom freestanding weatherboard home was sold prior to auction to a family shifting from an apartment complex.”
Upgraders are also bidding up Rockdale values says George Kambouroglou, Principal of Raine & Horne Rockdale, who adds any home valued under $700,000 is selling in record time.
“Raine & Horne Rockdale’s average days on market have plummeted by 57%, down from 23 days to just 10 days, and our auction clearance rates have consistently improved in the run up to the final quarter of 2012,” reveals Mr Kambouroglou.
In fact, statistics from Raine & Horne demonstrate that the St George region has maintained a healthy average auction clearance rate of 84% throughout 2012, a result Mr Kambouroglou attributes to low stock levels at the start of the year, plus improved buyer confidence.