The real estate market in Chatswood was “on fire” during August. Not literally, but as posted on our website, we sold a house at 28 Violet Street for $408,000 above the reserve and the Auction took over 1 hour! Even a basic two bedroom unit in Katherine Street, Chatswood sold for $30,000 above the reserve.
As usual, demand for property of any description that is within walking distance of the centre of Chatswood is in HUGE demand. Why have prices jumped especially in the middle of a Federal Election? Well, the election was called unusually early, so the effect of an election was minimal. Stock levels are low, interest rates are low and demand remains high. There are still a lot of overseas buyers for the Chatswood market and they believe Sydney is generally “not expensive“.
Overall, there are a large number of immigrants into Australia who settle in Sydney – more so than other cities in Australia. This has added to demand for Sydney property.
At this stage, Chatswood looks set to have strong activity between now and Christmas, as demand has not eased. In fact, buyers are being priced out of Chatswood and forced to look in other areas on the North Shore of Sydney.
The rental market is steady, with property with newer bathrooms and kitchens in high demand. The vacancy factor is still relatively low, so prices remain firm, although top end house rents have eased.