We have had a fantastic start to the 2019 year with two great sales and one property leased after the very first inspection.
23 Elston Ave Denistone SOLD for $2.4m
11/46 Fontenoy Rd Macquarie Park SOLD for $1.1m
9/29 Forster St West Ryde LEASED after first open for $450 per week
Since our first open home on 7th January we have experienced increased buyer numbers compared to the end of last year and my feeling is that buyers are now realising there is value to be had in the current market.
The main issue we are experiencing at the moment is the tighter lending restrictions for owner occupiers well as investors which also can mean longer cooling off periods and just things taking longer to move forward overall – a lack of urgency and also a fear of paying too much.
We don’t have long to wait to see what the recommendations are from the Banking Royal Commission which will be handed down on the 1st February, so that will be interesting.
We also have an election coming up which always signifies uncertainly with the main one for property relating to the scrapping of negative gearing by the Labour government should they get in. There are arguments for both sides so once again only time will tell. Could it give a little kick to the market if they provide a deadline and people want to buy an investment that they will be able to negatively gear? Or will there be more stock because people want to sell their investment properties believing they won’t be worth as much?
What people need to keep in mind that no matter what the market is doing people still need to buy and sell and as I always say, if you are buying and selling in the same market – there is really no issue.