Ray White Property

What’s happening in our market? Auction clearance rates cracked the 81.7%mark in Sydney in February, a clear indication confidence is back and housing finance data shows a sustained increase in demand for housing. Various state government first home buyer schemes and the new federal government 5% deposit scheme is a huge help to first home buyers getting into the market. Buyers are back but where are the sellers? This was most evident over summer in the Brandy Hill area, where there was only one sale in the last 3months. Now the drought has broken and the holiday season has passed, the demand for properties both rural and residential is as high as ever. Lower interest rates and serviceability rates mean that the cost of getting a mortgage is lower than it has ever been. Sally Tindall, Research Director at Rate City says “With fixed rates now as low as 2.50 per cent, banks are being forced to take the knife to their home loan rates to attract new business. CBA’s decision to cut all investor fixed rates is a sign it wants them back on the books.” What does the future look like? The region is rich in natural resources, it has an innovative manufacturing sector, the health sector is expanding with the new hospital at Maitland and the RAAF base is only set to grow. With this at our doorstep the future is bright for the local property sector and demand for housing in all price brackets is set to increase dramatically. To book an appraisal of your property, please call or message Scott Hunter on 0448 870 068 or Dee Braithwaite on 0458 206 063 and go in the chance to win a brand new lawn mower!