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Ray White Chatswood – May Market Wrap-Up

By Robert McElhone

Soon to be Chatswood’s tallest residential building, Era, located in Railway Street, has topped out on the 41st Floor. However, it won’t be the tallest residential building for long, with the Metro adjacent to the railway station now well under construction.

May saw some great residential sales, notably a 1 bedroom unit in Whitton Road selling for $61,000 above the reserve. Ray White Chatswood is the leader in Chatswood with the sale of units by Auction. Many agents think you can only Auction houses. Robert McElhone has seen many Auctions, including a car space in the City and a 10 year lease for the Sydney Fish Markets. Auctions give a seller the opportunity to achieve a premium price and the buyer has every opportunity to buy the property without the fear of being gazumped. Even a Commercial building in Chatswood sold in May at Auction for $14 million!

Sydney’s North Shore continues to receive excellent buyer demand with strong prices being fuelled by the continuing lack of stock and generous lower interest rates. Easy access to shops and transport is driving the strong enquiry for units.

Rental vacancies are currently down and probably the lowest vacancy level for 2013. Rents are steady and generally houses over $1,000 per week are in high demand. Don’t forget – if you own a residential property you should be claiming depreciation. Ray White clients can get a discount if they want to get a Tax Depreciation schedule. Download details here.

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