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It’s business as unusual!

By Jessica Ridder
We are here to help and support ALL of our customers during lockdown. Our physical offices may be closed but we are still working. We have conducted 2 online/virtual auctions this month, both selling well above reserve.
At Ray White Blackheath & Ray White Katoomba we are experiencing extremely high buyer demand at the moment as city based residents look to relocate to more rural areas, this is resulting in properties being on the market for very short periods of time, with many properties selling after the first inspection. We are seeing multiple buyers offering on each property, this competition is pushing prices up well above the owners expectations in many circumstances.
The current average sale price for a house in the area is $712.000 with average days on market of 27. The average sale price for a house sold by Ray White is higher at $779,000 with lower days on market at only 18 days. This means that Ray White on average sells property for higher prices in shorter time frames than the local area market average.
It is a great time to sell. This is the best market that we have experienced in many years. What are you waiting for? Call the team at Ray White to discuss your property on 4787 8797. The exciting news is that we have recently opened our sister office in Katoomba at 164 Katoomba Street (next door to Domino’s), so if you have a property in Katoomba, Leura or Wentworth Falls that you would like to lease or sell, call the team at our Katoomba office on 4782 7683.
We are a registered covid safe business.
National Real Estate news
National housing values increased by 6.8 per cent over the past three months, with every capital city recording positive growth . The strong selling conditions that we are seeing nationally at the moment are the result of several factors;
Firstly, we are experiencing the lowest borrowing costs on record and there looks to be no plans by the RBA to increase interest rates until 2024.
Secondly, Australian’s love travel and with international boarders closed and domestic borders experiencing closures over the last 18 months many people have saved a significant amount of money that they would have traditionally spent on travel, and they are putting this money into real estate.
Thirdly, although the mortgage holiday that was offered by banks during the height of the pandemic in Australia is now over, that had a stimulatory effect on the property market. People were able to retain their homes during a time that would have seen high mortgage stress, this has resulted in reduced supply in a time of high demand.
The last factor that has resulted in the strong selling conditions that we are currently experiencing at the moment is the Home Builder Grant offered by the government, this saw a big return of first home buyers into the market purchasing brand new homes, we saw the highest level of first home buyers entering the market since 2009 with 26% of new mortgages been taken up by first home buyers.
Looking at the national real estate market the winners overall at the moment are rural areas. With people looking to relocate from the cities seeking areas that are safer, quieter, more affordable and closer to nature and wildlife the rural real estate markets around Australia are achieving high prices, properties are selling more quickly and rental demand is up.
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