MARKET NEWS
Sales Market Review
Sunday, January 10, 2010
Similar to the beginning of 2009 we have kicked off the new 2010 property market with a flurry of activity. Our open home schedule commenced on Saturday 16th of January and we were immediately hit with a strong wave of buyers, with two of our new listings noting in excess of 100 parties in attendance. While seeing that volume of buyers is impressive for the start of the year, it doesn’t come as a major surprise as the final quarter of the 2009 market finished strongly and we sensed that the appetite for property remained healthy.
Our office performed solidly in 2009 and we thought we would highlight a few results that we are particularly proud of. During 2009 almost 45% of all local sales by Balmain-based agencies were carried out by Cobden & Hayson. Our office is the only agency to have secured a price well exceeding $10m for a single residence in the area which is almost 50% higher than the previous record.
Now to some predictions if you’re game! It certainly appears that our local market is setting up for another solid year. We noted that the top end of the market picked up significantly month on month last year, which certainly stemmed from very strong gains in the mid-tier property price sector and improving confidence in the economy. We believe this trend will continue to gather momentum as the stock market steadies and the mortgage market continues to loosen up. There appears to be no shortage of aspiring purchasers, so we could see some gains being made in the $2m+ category.
Many media outlets continue to report on the Inner West as being a property hot spot thanks to the close proximity to the CBD and the broad range of property entry points attracting a very large pool of buyers. The reality for much of the Inner West is that it is a finite area with limited property opportunity. Particularly in areas such as Balmain, Birchgrove, Rozelle, Annandale, Leichhardt and Drummoyne we commonly see demand outweigh supply. Add into the mix that most buyers are looking for fairly specific characteristics in a home and all of a sudden buyers may only see a suitable property become available a few times per year.
We are already witnessing that ever-strong underlying current of buyer enthusiasm for Inner West property. It appears realistic that all price sectors will see modest gains this year with certain unique homes experiencing stronger growth due to increased demand. It does remain important though to position and present your home correctly to achieve the optimum result. Have a great 2010 and we look forward to continuing our monthly updates.
- Sales Market Review
- Sales Market Review
- Sales Market Review
- Sales Market Review
- Sales Market Review
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