The second quarter of 2022 ushered in a changing local property market. From Easter onwards we noticed more property coming onto the local market, buyer numbers starting to decrease and days on market rising. We also saw auction clearance rates drop to around 50% which indicates a balanced rather than a boommarket. Despite this we have still sold some local property at great prices. Most interest was for well presented family homes and for villas. The official cash rate increased consecutively (3 months in a row) from 0.1% to 1.35%. We do expect that this rate may increase further as the Reserve Bank looks to keep inflation under control. What this means for the local property market is that rising interest rates will reduce numbers of buyers as they will need to be able to service a loan with greater interest payments. This will have the effect of reducing buyer demand. We are starting to see this occur in a minor way in our area. However, properties that are priced in line with the current market and are presented very well have a greater chance of selling for a strong price. On the rental front we have seen demand for rental properties jump up while the sales market is changing. For the first time in over 2 years, we are noticing that rental prices have increased by up to 5% and even higher for new or as new properties. This will be welcome by many landlords that were unable to lift rents during the COVID years. 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 Andrew Prodromou Director Tony Kalinderidis Sales Manager Rema Fakhoury Sales Consultant Domi Antalfy Sales Consultant Trang Lazcano Sales Consultant Haley O’Hara Sales Support Rebecca Hughes Sales Support
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