What’s happening in the Chatswood property market? Ray White Chatswood Managing Director, Robert McElhone, fills us in.
Cold weather and property sales, it seems, don’t mix. During June, the number of properties on the market for sale dipped, just like the temperature.
The good news is that prices remain firm and demand for quality property is good. The general lack of property for sale is assisting in keeping prices firm.
Traditionally in winter, the Chatswood property market is quiet, as many people delay their decision to sell until the warmer months. Many people want to sell their house in spring, when the garden looks good, which is understandable. During winter, most Chatswood gardens are the one colour, but there are less houses for sale, so it can be a good time to sell. I did an auction in the middle of winter once, and the first bid was the reserve!
There are a number of other reasons why people aren’t selling at present, for example, security of employment. Why would you upgrade and take a larger mortgage if you are not certain of your security of employment? The lower interest rates are good, but you need steady employment to pay the mortgage.
Units with easy access to shops and transport remain popular and in short supply.
If you’d like to know more about Chatswood Real Estate, please feel free to contact me on firstname.lastname@example.org or phone: 0418 223 375.