A Month of Achievements and Accolades.
May has delivered a month of achievements and accolades worth celebrating, with Dib Chidiac recognised as one of the country’s top performing agents taking out the No.5 ranking in the prestigious Real Estate Business (REB) Top 100 Agents.
With a No.3 ranking in NSW, and No.1 ranking in the Inner West, this national accomplishment shines a light on the entire Inner West, putting the local area we love and know well and truly on the real estate map.
We’re also honoured to be the winners of the esteemed Local Business Award for 2023, recognising excellence in business - our core aim in everything we do - as voted by you, our people who make what we do worth every moment.
We’re dedicated to sustaining our number one position with persistence and commitment to superior service and expertise, as we consistently list and sell more homes than anyone else in our local area. Around 200 local residents sell their home with DibChidiac® each year, and we’re always working harder to grow that figure, with this month alone seeing more than 24 properties sold.
With a combined total of over $50M+ sales this month, it’s fair to say the market has continued its recovery momentum. Some of our standout results this May are:
Continuing the community spirit May showed us, we kicked off our weekend extending our support for the Abbotsford Juniors Football Club at their home ground in Campbell Park, pulling our socks up to smash some goals in celebration of Women and Girls in Football week.
Check out our involvement - click here.
May has brought some changes you’ll want to know about, especially if you’re a first home buyer. Here’s the low down on all you need to know:
Stamp duty thresholds to increase
The NSW government has introduced legislation to increase thresholds for stamp duty concessions so that five out of six (or 84%) of first home buyers pay a reduced rate or no stamp duty.
Changes to the first home buyers assistance scheme will mean properties worth up to $800,000 will be exempt from stamp duty, lifting it from $650,000. Concessions will apply to properties worth up to $1m, up from $800,000.
Property prices show recovery
Sydney’s recovery has arrived earlier than expected, led by strong performance at the premium end of the market which is welcome news.
Data released by Domain shows Sydney’s house prices rose 1.3% in the three months to March, the first quarterly increase in a year and the most substantial gain since 2021.
Revised forecasts by major banks
ANZ is predicting Sydney house prices will rise a further 2% this year, despite rising interest rates.
The housing recovery we are beginning to see has been ignited by record migration, low listings and tight rental markets, prompting more major banks to revise their forecasts.
Buyer borrowing power reduces
The average home buyer can afford to purchase in fewer Sydney suburbs than a year ago, despite sharp property price falls since.
Buyer borrowing power has fallen faster than property values, with the number of suburbs where a couple on average incomes can afford a typical house dropping 20% since the first cash rate hike in April 2021.
by Dib Chidiac in Latest News