Sydney’s South-Eastern suburbs property prices are certainly not cooling off in time for Summer – they’re actually on rise as buyers make their way to the beach to make the most of Sydney’s amazing Summer weather.
Shane Vincent of Belle Property Randwick said, “The strong growth we have seen in the lower end of the property market over the past 12 to 24 months has steadily flowed through to properties at higher price points as sellers become cashed-up buyers.”
This is great news for sellers as Alexander Phillips of Phillips Pantzer Donnelley says properties in the $3 million to $5 million bracket are averaging just 11 days on the market. Phillip Pantzer Donnelly, an agency that focuses on the Eastern Suburbs has had two record breakings sales coming in at $100 million for September and October.
These properties that are being snapped up and down the East Coast of Sydney from Bondi to Maroubras and Little Bay caused stock to be down by around 20 per cent. Daniel Gillespie of Belle Property Randwickbelieves that there just isn’t enough property stock to meet buyers demands in the region.
Mr Gillespie said, “There is always strong demand for well-positioned properties within walking distance of the beach.” And why not buy in time to enjoy beach walks, ocean swims and summer breezes?
It is important not to rush straight in and buy one of the first properties that catches your eye. When buying property, knowledge is power and a building & pest inspection report will provide you with comprehensive information on the state and condition of the property.
Photo by Wendy Harman