Strong competiton for property.
Welcome to the first edition of “Real News” – with our new website launched & all the bugs discovered – we hope – it’s time to focus on what’s happening in Real Estate in the Seaforth / Balgowlah area.
Many feel that our area’s greatest strength is the summer lifestyle and we at R&W have been making a point of enjoying the benefit of a swim/surf before and/or after work. The very lifestyle that motivates many of the purchasers we deal with to secure property in this area!
Competition for local property appears to be back with strong attendance to all open for inspections – one property in Balgowlah Heights recently enjoyed 65 groups through a single open.
The prestige market has over the past couple of months, enjoyed a level of enthusiasm not experienced for over 18 months. There has not been the same number of buyers looking over $2 million as experienced in the early to mid $1 millions; however from the recent sales we have been privileged to bring together in the $2 – $4.5 million range (89 Seaforth Crescent Seaforth, 37 Edgecliffe Esplanade Seaforth, 42 Peronne Avenue Clontarf, 11 Gordon Street Clontarf, 19-21 Ellery Parade Seaforth, 6 David Place Seaforth) – buyer confidence at this end of the market is definitely back and a few more prestige listings are in the wings.
Most of us were pleasantly surprised when the Reserve Bank announced that they would be keeping rates on hold for the time being. From the current data however, it would appear that we are going to see interest rates continue to trend upwards this year, although most astute purchasers have been factoring this in for 6 months or more.
With unemployment seen as being back under control, inflation & housing activity are the main figures that the Reserve Bank will be monitoring closely and will determine how quickly interest rates return to their equilibrium levels.
Over the next few weeks we will be reviewing the sales activity of local suburbs over the past few years. Being located in Seaforth –it seemed a logical choice to start here.
Seaforth sales so far in 2010*
Total number listed 41
Total number of sales recorded 10
Total Value Sold $13,567,500
Public Auction 3 Properties $ 3,655,000 (Total Value)
Public Auction Average $ 1,218,333
Private Treaty 7 properties $ 9,912,500 (Total Value)
Private Treaty Average $ 1,416,071
Median Price $ 1,117,500
Average Price $ 1,356,750
Highest Sale $ 3,950,000 (R&W)
Seaforth Sales in 2009*
Total number listed 180
Total number of sales recorded 174
Total Value Sold $226,737,894
Public Auction 37 Properties $ 40,542,500 (Total Value)
Public Auction Average $ 1,095,743
Private Treaty 137 Properties $186,195,394 (Total Value)
Private Treaty Average $ 1,359,090
Median Price $ 1,106,750
Average Price $ 1,349,630
Highest Sale $ 4,600,000
Seaforth Sales in 2008*
Total number listed 210
Total number of sales recorded 172
Total Value Sold $258,337,260
Public Auction 39 Properties $ 61,913,500 (Total Value)
Public Auction Average $ 1,587,525
Private Treaty 133 Properties $196,423,760 (Total Value)
Private Treaty Average $ 1,476,870
Median Price $ 1,085,000
Average Price $ 1,501,960
Highest Sale $ 5,910,000
Seaforth Sales in 2007*
Total number listed 183
Total number of sales recorded 116
Total Value Sold $169,498,128
Public Auction 37 Properties $ 48,355,240 (Total Value)
Public Auction Average $ 1,306,898
Private Treaty 79 Properties $121,142,888 (Total Value)
Private Treaty Average $ 1,533,454
Median Price $ 1,235,000
Average Price $ 1,461,190
Highest Sale $ 8,310,000
Till we meet again, wishing you the best in your property search,
The team at R&W.
To keep an eye on this week’s reported Seaforth real estate, Clontarf real estate, Balgowlah real estate, Balgowlah Heights real estate and North Balgowlah real estate http://www.teamrw.com.au/buy/local-market-watch/*
*Sales are as reported by Australian Property monitors
12.02.10
Thanks for the market update Tim, it’s always good to be informed about what’s going on and what to expect with the market. Look forward to future editions!
Well done guys a great newsletter and very interesting statistics which I sure your readership will find most helpful in reading your market. Great to see another Richardson & Wrench agency taking the initiative by becoming the voice for your demographic markets.
Congratulations on your new website – excellent navigation and very clear with distinctive lines.