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Ray White Chatswood – July Market Wrap-up

By Robert McElhone

What’s happening in the Chatswood property market? Ray White Chatswood Managing Director, Robert McElhone, fills us in.

July followed June in more ways than one. Our market has seen plenty of good buyer activity and limited property for sale, which is almost a replica of June. We believe, at the end of 2011, a price correction of almost 5% occurred, while this year, prices have remained stable. We continue to receive strong cashed-up buyers from overseas looking to purchase quality homes in the $1m to $4m price range. Buyers also are particular with units and want quality within easy walking distance to the train and Chatswood CBD.

We have had strong enquiry from people looking to sell before the end of year and anticipate a strong Spring market for Chatswood, although usually our Spring market can be more October & November, rather than September.

We leased many properties in June & July and currently our rental stock levels are quite low, which is unusual for Winter. We normally lease less property in Winter, as people prefer not to move in Winter. While interest rates remain reasonably low and NSW population growth continues at the rate of over 80,000 per annum (2010 – 84,600 growth including immigration), property in Chatswood will continue to be sought-after.

If you’d like to know more about Chatswood Real Estate, please feel free to contact me via email: robert.mcelhone@raywhite.com or phone: 0418 223 375.

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