Latest News
Market Update - September 2008
Wednesday, September 24, 2008
Since opening our first real estate office in Mona Vale in 1994, we have not seen such turbulent conditions in the Sydney, and in particular Northern Beaches property market.
In 1994 there were approx 13 real estate agencies located in Mona Vale and by February 1st 1995 only 8 remained. This was a direct result of the slowing of the market with extended sales times for properties and a general lowering of stock coming to market.
Over the past 12 months we have observed increased difficulties in the financial markets both here and abroad. One of the effects which the real estate industry has been dealing with is the effect it has had on buyers in the market. The credit squeeze has resulted in the banks being more cautious to whom they lend money and this has in turn reduced the number of "real buyers" in the market place with the ability to exchange contracts and settle within a reasonable timeframe.
August 2008 saw a continuous clearance of stock with a sale occuring in our office every 3 working days throughout August. Largely due to the "doom n gloom" of the world wide stock markets. September has been abnormally quiet with many well intentioned buyers sitting on the fence "waiting to see".
True property investors know that the time to purchase property is at the bottom of the cycle and with prices easing and rents increasing the 1 & 2 bedroom apartment is starting to look like a good place to put that super. Property is a medium and long term investment and we fully expect after a settling of the general financial market conditions for the investors to return to the property market.
For more information on local market conditions please contact me via our office or send me an email.
- Kerrie Patterson- Licensee in Charge