Two months into the new year and our team is back into the swing of things. We’ve been busy has long been a catch-phrase, and boy, do we mean it. Over summer the market has been experiencing a period of adjustment, and we’re seeing noticeable month-to-month changes in averages. The median house price in Bungendore has come back, now sitting just below a million dollars at $990,000 (Pricefinder). Lifestyle properties are still performing quite well, due to limited stock, but have also seen a decline in sold prices. With a state-wide decline in median house prices, where is the market heading now? We wish there was an easy answer. For owners, ongoing demand and limited supply could help to stabilise the market over the next few months. One thing is clear, for those who are selling now, a strong sales strategy is important. Making improvements to the property before you go to market is another important step under current conditions, things like attending to gardens, freshening up the paint, and fixing any bits and pieces that aren’t quite right are essential. For buyers, is it your time now? For those buying for the long term, you may find you can buy at a discount compared to previous highs in a market that still has strong rental demand and good long-term growth potential. The population growth we’ve experienced in Bungendore and our proximity to Canberra continue to support our growth potential, and we certainly see this day-to-day as we meet purchasers looking to move to the area. If you’re making big decisions about buying or selling in the current marketplace, our team is more than happy to help. Whether you’re looking for an appraisal to understand your property’s value or you’re considering buying and struggling to find the right home, feel free to get in touch with our office. WHAT’S HAPPENING IN OUR MARKET?
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