Why are real estate agents enjoying the boom in properties?
According to articles on Domain.com.au, agents are enjoying this prime time in real estate to take advantage of auctions. For them, this is the perfect time to engage in selling via auctions as opposed to the conventional way. It’s a booming market with a lot of interest from buyers.
The growth rate for real estate is above 15 per cent in the areas of Canterbury-Bankstown as they have now made it into the million dollar club. The median price for a home/property in Ashbury is now $1,202,000, which is up from $940,000 a mere year ago. Hurlstone Park was at $902,500 a year ago, but is now in the range of $1,120,000.
Real estate agents are currently excited over the rise in prices and the competition between buyers as these factors create perfect auction conditions. Auctions tend to be the best way to sell in this kind of competitive market.
What types of homes are available at the median real estate price?
Some home buyers will be happy to own a home at the median home price, but what are you getting for that investment? Domain.com reports that a median home in Hurlstone Park can get you an older 3-bedroom, one bath home on just under 400 square metres for the median price. You should always have independent pest and building inspections performed before buying, since at these prices, it’s worth $400 plus to ensure your peace of mind.
If you’re looking at homes in more popular areas near the train stations, like Canterbury-Bankstown and the south-west, the prices are very good right now and are selling within two weeks after they go on the market.
The high-density residential areas are taking this opportunity to sell at a profit. Most of these properties are found in and around Campsie within 150 metres of the train station there. The median house price in Campsie is at $920,000, an over 25 per cent increase since last year.
What is happening with apartments in the south-west?
Due to the interest in the south-west and in Canterbury-Bankstown, apartment sales are also on the rise. Apartments that were selling $320,000 a year ago are now selling for nearly $420,000. Off-the-plan 2-bedroom apartments that were at $350,000 a year ago are now going for between $480,000 and $550,000.
Right now, the south-west Sydney areas offer the most affordable pricing on homes and apartments over other regions. Due to the fact that there is an airport planned for the area, interest in commercial opportunities will have a huge impact on these areas. Development in these suburbs will create jobs which makes them more appealing to potential home buyers. The current low interest rates that can be provided through mortgage brokers are driving buyers to the south-west and Canterbury-Bankstown.
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