Winter 2009 Market Report

At long last we are playing witness to a more stable real estate platform with increasing market confidence across the board.

The extension of the increased First Homeowners Grant, coupled with the very recent stamp duty reductions are improving sales at the lower end of the market. This has resulted in a "trickle up effect" - whereby homes in higher price brackets are gaining momentum from buyers wanting to move up.

The result? The turnover that has been lacking in recent times in the middle to upper end of the market has gained momentum, although we are still seeing very little commitment in the $4,000,000 plus range. In other parts of Sydney confidence has definitely returned to that more expensive market with some noteworthy Eastern suburb and Lower North Shore sales.

Back in the Upper North Shore, Chadwick First National has been responsible for some of the strongest sales results in the Ku-ring-gai area, including the top 5 sales in Turramurra (for the 12 month period ending June 2009) as reported in the North Shore Times on 5th June 2009. These sales included:

We also secured the second highest sale price in Warrawee for the same period with 11 Harrington Avenue selling for $3,250,000.

Overall the market is currently experiencing vastly improved sentiment although there is still an awareness of the fragility of our environment as we find our feet again. The fundamentals of historically low interest rates, documented under-supply of housing and the lowest vacancy rates for 4 years, all point to a steady year ahead with modest growth in value.