The Price Plateau continues….
Most agencies around the Northern Suburbs are reporting a busy Feb with multiple offers on many properties especially in the first home buyers bracket under $400k. This won’t be brought out in the stats for another month but expect to see a lift in turnover. The young buyers I have contact with are all talking about wanting to get into the market with low interest rates being a big driver.
Days to sell jumped in Jan (as happens in most Januarys with the market traditionally quiet from mid Dec to mid Jan. I would expect to see this drop back to around 40 days to sell when the Feb stats are released in three weeks time.
The number of homes selling are still at all time lows. There is definitely a shortage of property on the market in the Northern Suburbs with homeowners either just sitting tight to see what happens to the market or considering adding on to or updating their existing homes. This is leading to multiple offers on well priced, tidy homes.
Rental values still holding in value though anecdotal evidence suggests that the number of places being let is down.
March 02 2009 09:59 am | North Wgtn House Market Trends