Upper Mountains real estate market highlights.
October 2019 was a welcomed return to much healthier activity in the Upper Mountains property market. If we look at sales metrics for Wentworth Falls, Leura, Katoomba, Medlow Bath, Blackheath and Mount Victoria we can see a month on month rise in the median house price since June this year.
The median house price for the Upper Mountains for June 2019 was $575,000, where as the median house price for the area for October 2019 was $640,000, this represents an 11% rise in property prices since June. We have also seen a drop in days on market over the same period. In June it was taking 10 weeks for a property to sell in the Upper Blue Mountains, this dropped to 4 weeks in October. So properties are selling for higher prices and more quickly than they were in the middle of the year.
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National News – Rapid market rebound!
Whilst the market has had it’s ups and downs this year, we’re now seeing promising signs that it’s gaining momentum. Auction clearance rates are up in Melbourne and Sydney and there’s increased buyer demand across the major real estate portals.
The ABC reported earlier this week that the speed at which the housing market has bounced back had stunned many observers. So much so in fact that there is already talk of first home buyers being priced out of the market again, and investors are returning from their 12+ month hibernation thanks to the prospect of decent capital gains and relaxed lending restrictions.
In fact, Sydney house prices regained almost one-third and units roughly one-fifth of the price lost during the recent slump’ (domain.com.au). The quicker-than-expected upswing could be attributed to the slight relaxation of lending standards, interest rate cuts, a post-election boost in buyer confidence and improved affordability.
So what is the government doing to help first home buyers get a foot hold in the market?
A Federal Government scheme kicking off in January 2020 will allow first home buyers to purchase a property with a deposit as little as 5 per cent, it will operate on a “first-in, best-dressed” basis for the first 10,000 who apply.
The Government Mortgage Guarantee Scheme aims to help first home buyers enter the property market by offering loan guarantees for Sydney properties worth up to $700,000, and $450,000 across the rest of New South Wales. In Melbourne, eligible buyers will be able to access the scheme when purchasing a home worth up to $600,000, and $375,000 across other parts of the state.
To read more about the scheme go to;
a Little Ray of Giving – December 2019.
Drop a present into our Blackheath office from the 2nd December and we’ll make sure it gets to a deserving member in our community.
Partnering with Blackheath Rotary and Thrive Services Katoomba