“How’s the Market?” is a question I am asked many times a day, and from my perspective, the market is alive and well!
In October we saw a boost to the North Shore real estate market with the highest sales volumes in 5 months and the highest median sales price in 4 months. September sales were somewhat restricted due the shortage of available listings, however following an increase in September listings we have seen the flow through effect of higher sales with prices remaining stable. Listing volumes continue to remain strong and we anticipate strong trading through to Christmas.
The North Shore median price in October was $1,000,000, up slightly on $990,500 in September but down from $1,056,000 in October 2017. It seems prices may have found their happy median for the time being with prices fluctuating around $1,000,000 for the past 12 months.
There were 321 sales on the North Shore in Oct 18 up 10% on the same time last year. Days on the market remained relatively low at 36 – the lowest since December 2017.
It should be noted that last year’s sales volumes were impacted by the election. October also saw the introduction of the foreign buyer ban. From 12th December 2018 The Residential Tenancies Amendment Bill prohibits letting fees being charged to tenants. On the 1st January Real Estate changes to the Anti-Money Laundering and Countering Financing of Terrorism Act take effect for Real Estate.
If you would like to discuss buying or selling, simply call me and I’ll be happy to help!
Selling by Auction is the preferred option for many. This is because your property is generally on the market for a shorter time, and has the highest sales rate. An intensive, high profile auction marketing campaign attracts genuinely interested, cash-in-hand buyers.
Click here to see the Harcourts Cooper and Co auction results for the last few weeks.