The property market’s growth is slower than in the previous two years, but northern district agents observed strong signs showing an increase in the number of buyers, according to an article published on realestate.com.au.
“The market has stabilised. It’s not like it was a couple of years ago, but it’s not plummeting either. It has evened out,” said Betty Ockerlander from real estate agency McGrath — Epping.
A late Chinese New Year and uncertainties caused by the banking royal commission contributed to a gloomy market at the start of the year. Last month, though, the number of buyers started to rise.
Ockerlander and Omid Sayehban, another agent from McGrath — Epping, auctioned a new four-bedroom house at 15A Wycombe St, Epping, on the day of the New South Wales election.
Two of the three registered bidders pushed the sale price to $2.09 million, which was above an undisclosed reserve.
Buyers are back after pulling away from the market for quite some time, according to Stefon Bertram from real estate agency McGrath — Ryde.
“From October to January, there were very few transactions, but now transactions have started again, people look at that and jump on board,” Bertram said.
In another transaction, a renovated three-bedroom house at 18 Santarosa Ave, Ryde, was sold after auction for $1.47 million.
Bertram said that the vendor decided to wait for the buyers to come after property initially passed in at auction when bidding stayed at $1.385 million.
The property was, then, listed on the market for sale with a buyers’ guide of $1.45 million- $1.5 million.