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Ray White Chatswood – September Market Wrap-up

By Robert McElhone

The old saying is that the perfect epitaph for a waiter’s tombstone is, “God finally got his attention……..”

Well, the Chatswood Real Estate agent’s epitaph would have to be, ” We don’t have enough to sell……”

The Chatswood market, together with the rest of Sydney’s North Shore, continues to run on low stock levels, which is giving buyers less choice while assisting to keep property prices steady, and in some cases, quite strong.

We recently sold a house in Carlingford, which goes to show you how the digital age has made it possible for an agent in Cronulla to sell a property at Coolangatta. There were 12 groups at the first Open for Inspection, and 66% of the buyers wanted a copy of the contract! The property sold within a week, for a price just over $50,000 higher than the seller was hoping for.

In the current market, if a property doesn’t sell at Auction, then there is a strong chance it will be sold within one week of the Auction.

With the changes to the First Home Buyer’s Grant (the grant moves to NEW properties only), there will be less demand in the $500,000 to $700,000 price range in Sydney. As usual, when there is uncertainty of employment, there is a reluctance to upgrade – that is, sell and buy, taking on a new or larger mortgage. So at present, a lot of people are “treading water ” and not moving.

Demand for units in Chatswood, especially within 200 metres of the CBD, is still high. Mirvac’s last building “Era ” is under construction, Meriton has taken over the Albert Street car park site and “The Metro” is re-advertising to sell the penthouses.

While the farmers are waiting for the Spring rain, the agents are waiting for more Spring listings.

On a sad note, Vale Michael Lucas of Ray White Bondi Junction, NSW, who passed away in September at the age of only 46. Robert McElhone worked in Bondi Junction from 1985 to 1989 and has many fond memories of catching Michael in the street. He had a very happy-go-lucky attitude, and had built a super business in the Eastern Suburbs. His early passing puts many things into perspective.

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