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Market Update - February 2010

December and January have witnessed solid buyer enquiry for all classes of real estate, despite the festive season.

Achieved sale prices are returning to pre-GFC (Global Financial Crisis) times, however, buyers are still shopping around.

Generally, sentiment for real estate is reflected by the following comment, which was published in the Herald Sun on January 22, 2010.

“Australians’ love affair with property shows no sign of faltering, with 74% believing now is a good time to invest in bricks and mortar.”

According to the latest Citibank Australia Wealth Report, most people feel an investment property is the best place to park their money, followed by a savings account, fixed term deposit or cash management account trust (68%) and superannuation (63%), according to reports in The Australian. Shares and managed funds were the least popular (less than 50%). The Citibank survey was conducted by Newspoll, with a national study of 1085 people aged 25 and over.

Certainly our region remains a potential growth area, however restrictive State Environmental Planning Policies, Local government fees and development requirements do not encourage developers to the area.

While there is a substantial amount of land zoned for Urban Expansion, it is painfully slow to gain development approvals to proceed. The effect of these restrictions and processes is to put upward pressure on property values in our area. Investors are beginning to re-enter the market and this trend will continue.

We have a limited number of properties for sale, and we need more property listed to meet the current demand. Rental enquiry for December was low and properties were difficult to let, however, there was a turnaround in January, with agencies reporting a very successful enquiry and letting month for permanent accommodation.

If you’re thinking of selling or buying, now is a good time to give us a call on 0755 36 2744.