$42m Worth of Combined Sales to End November.

$42m worth of combined sales to end November

The end of November is here, and there is no shortage of Christmas spirit in the air as buyers make the most of opportunities still available before the holiday season. With about a month left of selling, properties are moving fast, and vendor expectations continue to be surpassed as the market edges upward and consistently low stock fuels prices.

Multiple properties under contract this week from North Strathfield, Concord West and Concord, to Breakfast Point, we’re raising the bar for December with a total, combined value of over $42m in sales this month across 27 properties.

Our much-anticipated auction at 46 Frederick Street attracted serious interest, with 16 registered parties attending, and an achievement of $360K above its reserve. As an original property in a central location, this home was offered for the first time in 30 years and although the sentimentality of its sale may be a huge milestone for this family, we’re so pleased to have been able to deliver them an exceptional and memorable result.

It is your final chance to organise a free letter from the North Pole, to your home. Don’t miss out. 

We are pleased to announce an incentive for those planning to sell in 2021.

To help kickstart next year, we’re pleased to offer the first 20 listings to launch their sales campaign with us in 2021 a $1,500 credit towards their marketing.* Contact us today to know more – this is an incentive that won’t last as the calendar fills up.

*terms and conditions apply.

An eventful month almost down, and even more eventful one ahead, we reflect on November’s performance and market news in full.

Property prices

If our results on the ground weren’t strong enough to demonstrate the market’s movement from strength to strength, the figures are here to prove it. October stats were released this month, displaying the first monthly increase in property prices since April this year, with national property growth of 0.4%. Overall, the value of property in Sydney 6.1% higher than it was last year, and this growth had been forecasted to continue into 2021.

Revised forecasts

Economists from ANZ and NAB have now forecasted a 5-9% rise in property prices next year, claiming house price growth is likely to be stronger than the apartment sector. The latest figures from the Australian Bureau of Statistics show that finance data supports the revised economic predictions, as finance for property increased 5.9% in September, and the quarterly increase of 20% marked the highest quarterly growth rate on record.

Stamp duty

Last week’s 2020-21 State Budget included a long-debated plan to potentially put an end to stamp duty tax as we know it. A proposed, revised tax model will be open for public consultation in the first quarter of next year, and will consider the option of an upfront lump sum payment, or an annual land lax for purchasers. We’ll know more in the New Year and keep you informed.

Interest rates

The Reserve Bank of Australia has reduced interest rates to a historic 0.10% again this month, a further reduction from the previous low of 0.25% .The figure is expected to remain for a minimum of three more years and play its part in supporting many to make property purchases, even during periods of price growth.

Property reports

It will cost a homeowner less to chip away at a mortgage than it will to pay rent in over 59% of Australian suburbs, according to CoreLogic’s Buy v Rent Report 2020. That’s a substantial increase from 45% just a year ago. Westpac also released their Consumer Confidence Index this month, recording peak levels since November 2013. In asking respondents whether now was the right “the time to buy”, the index rose 8% to its highest level in seven years, and 11% higher than reported in 2019.