Ray White Umina Beach

What’s happening in our market? It’s the question on everyone lips.... have property values declined on the Peninsula and surrounds in recent times? This commonly asked question stems frommuch media negativity and speculation. The short answer to this is NO, however the market has shifted dramatically from a boom market to a balanced market. The number of properties for sale has increased and at the same time, buyers have declined – most notably in the investor segment which is traditionally a strong buyer group in our market. This is resulting in extended average days on market and a definite plateau in prices. Buyers are taking a more cautious approach having more time to research and negotiate before making offers. There have also been less extraordinary “out of line “, high sales which have defined the market in the past couple of years due to the extreme competition and lack of choice. Vendors willing to meet the market in terms of price are selling well in reasonable time frames – our average time on market is still only 39 days. Overall, we would call the current market well balanced, or normal, as opposed to the boommarket we have all enjoyed and experienced as property owners and agents in the past few years! This is great news for the sustainability of the market and the value stability of your prized asset. In terms of the market looking forward, we expect to see a continuation of this balanced market given the fundamental drivers of demand are likely to remain - being low interest rates and strong population growth, together with relative shortage of supply of houses/units. Is it a good time to sell? Absolutely, with strong capital growth locked away in your property and more subdued growth potential moving forward, now is a great time to cash in. Most importantly, in a slightly more challenging market, having an experienced agent will mean potentially netting tens of thousands of dollars more in your pocket – the team at RayWhite Umina are the most skilful and seasoned in town and ready to assist. RayWhite Umina Beach