With spring underway for 2023 we have made a few observations regarding the local property market. Thankfully and mercifully the Reserve Bank of Australia (RBA) has not increased the cash rate for the last 3 months which has been received with a sigh of relief for those clients that are looking to buy or own a home with a mortgage. The market currently is delicately poised as there are a few external pressures that are supporting a rise in the market. A forecasted increase in immigration will drive up property demand without adequate supply to meet it. That means properties that are made available either to be sold or rented will have greater competition thereby increasing both rents and sales prices. The reason why immigration is needed is due to skills shortages across several industries. With sharp increases in rents, many tenants are now entering the property market to buy as in some cases, mortgages are coming in much less than rentals. This of course is expected to add buyers to the market and increase competition and prices. Newly built duplexes have been coming onto the market in the last few months after there was a long shortage due to COVID and access to building materials and trades. These properties have sold at encouraging prices and are providing interest in the local area for more development. The other main change that has occurred was on 23 June 2023, when the Canterbury Bankstown Local Environment Plan 2023 and the Development Control Plan 2023 became active. The Local Environment Plan has seen considerable changes in the zoning of our area especially around the suburb centres and train stations. Please feel free to reach out to us if you have any questions regarding these changes. Should you wish to know what your home might be worth in this market for rent or for sale then please call our large, very experienced, and successful team to assist you. We look forward to hearing from you soon. WELCOME LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH? Call us today on 9771 6115 for an obligation-free Market Appraisal. Theo Kalinderidis Principal Jenny Fisher Sales Consultant Tony Kalinderidis Sales Manager Trang Lazcano Sales Consultant Rebecca Hughes Sales Support Tatiana Rodrigues Sales Support
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