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Market Report March 2016

By Ian Campbell

Market Update

The property market in our area continues to perform steadily, with plenty of potential buyers attending our open homes in their quest to invest.

The main problem, however, still appears to be a lack of stock. While buyers are encouraged by low interest rates and a more moderate market compared to the frantic pace last year, many sellers are still apparently taking a “wait and see” approach.

This vendor hesitation appears to be Sydney-wide. Listings for the first “Super Saturday” – which fell on the Saturday before Easter – were down on last year, as was the auction clearance rate at 75%.

This compares with a clearance rate of 87% for the same time last year. However, it is important to remember this rate is a reflection of the entire Sydney market.  Auction clearance rates for our area and the eastern suburbs have remained above 80%.

If you have been thinking of selling, now is the perfect time to take advantage of strong buyer demand and low stock levels.  Our highly skilled sales team would be delighted to assist by outlining the best approach to achieve the maximum price for your property. Please call us today on 9331 9600.

Kings Cross Festival 

The team at Ray White Elizabeth Bay would like to extend a big thank you to all who dropped by our stall at the recent Kings Cross Festival to say hello.

We were blessed with sunny skies and big crowds for the annual event which brings together many locals and visitors keen to take part in the fun.

Congratulations to those who won the prizes we offered on the day which included a term’s worth of children’s dance classes at Bondi Junction’s Kizlounge.  Entries into two other prizes – a $100 dinner voucher for the delicious Potts Point restaurant Ceru and a yellow trendy Ray White Bike – were drawn at our auction on March 31.

Review your Finances

If you are thinking of buying, the first step is to get your finance organised. Meanwhile, for those already in the market, it’s wise to regularly review your financial situation to ensure you have the best deal.

If you need help with financing Gary Phillips – the Loan Market representative responsible for servicing our landlords and clients – will be happy to help. He can be reached on 0413 100 302.

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