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Market Update - December 2009

Enquiry is still strong across the general market and although the number of prospective buyers has slowed, good levels of sales activity are still being recorded.

Average time on the market for well-priced, well-marketed properties is less than thirty days, however finance is still taking at least 14-21 days for approval.

Financial institutions have yet to relax their somewhat stringent approval conditions and our office is dealing generally with cashed-up buyers. First Home Buyers are fading away quietly.

According to RP Data Property Pulse, “With the First Home Buyer’s Grant Boost being wound back and mortgage rates rising, it is anticipated that more people will be forced to remain in the rental market. The impact is likely to be that rental rates will once again start to climb, especially given that nationwide our annual dwelling new requirement continues to go unfulfilled.”

Our local vacancy rate is low and rental levels have stabilised after falling back approximately 5% over the last 12 months.

RP Data comments on the advertised ‘stock on the market’, which is a good indication of current market conditions. “New listings to the market have increased slightly this week and sit at about 50,000, with total listings also increasing slightly. Compared to last year, new listings and total listings are well below that figure currently indicating the good health of the property market.”

RP Data anticipate a slowdown is just around the corner as we move closer to the Christmas New Year period.

Our office has experienced quite a number of strong selling months now. We need a lot more stock to meet the demand we generally encounter, surprisingly, over the December/January period. Please feel free to contact one of our friendly team on 07 55 245 245 if you’re considering buying or selling now or in the New Year.

On behalf of the team here at Professionals Banora Point, we wish you and your family a happy and safe Christmas and a prosperous New Year in 2010.