Property News November 2017
National Property Clock November 2017
Wollongong has been a strong regional performer. According to the Australian Housing Outlook 2016–2019, its median house prices jumped 9.2% in the 2013/14 financial year, accelerating to 18.4% in 2014/15 and remain high at 13%.
As with other nearby regional centres in NSW, this buoyancy has been driven by its relative affordability compared to Sydney as well as its proximity to Sydney. An estimated 20% of its adult population commute to Sydney for work.
Illawarra has enjoyed a buoyant property market since mid-2013 and it shows no signs of a slowdown as it continues to benefit from steady employment, the strength of the Sydney property market and low interest rates.
According to Herron Todd White, the market has been good from Helensburgh down into the Shoalhaven. Nowra and surrounds have enjoyed sustained growth for the first time in many years.
Investing in property: where do I start?
There are many people who have prospered by investing in property, however property investment can be risky and has high barriers. In addition to the amount you pay for the property, there’s also stamp duty and other associated costs waiting to eat into your profits.
There also can be risks – for example, that you buy a property that is unattractive to tenants, that your property sits empty for long periods or that its value drops over time. Using an experienced professional to assist can dramatically reduce any potential risks.
Sellers Advocacy Commercial
PROPERTY: TAREN POINT
SOLD: Price: $1,800,000
We were appointed to manage the sale of an industrial warehouse. Our client was motivated to sell the property but was busy with several other projects he had already committed to. Our client’s instructions were simple – engage the best agent for the job, manage the sale process, report to them on a needs basis, and push the agent to achieve the best possible outcome.
We appointed an agent with the selling strategy to be an auction campaign. The campaign started well with a majority of the enquiry coming from owner-occupiers. By the end of the campaign, the enquiry rate had dropped considerably, however, an investor inspected the property late in the campaign and put forward an offer which was compelling.
We instructed the agent (after discussions with our client) that a deal was there to be done, however, the offer needed to higher with shorter settlement terms, otherwise, we would proceed to auction. Later that day a higher offer was submitted and contracts were exchanged.
Project managed sale
2 Yoorami Rd, Beverly Hills
Sold for $1,630,000
Car spaces 1
Sold Date: 25th November 17
Appointed Agent: McGrath South Hurstville
Negotiated price and terms
8/22 Beatson St, Wollongong
Purchase Price: $603,000
Car spaces 1
Sold Date: 23rd November 17
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If you need help sourcing property call us today on 0414 322 233