The property market is flooded with serious buyers!

As 2015 has progressed, we have seen the number of buyers increase dramatically and this has led to the strongest market for many years. Although price rises in the Illawarra are more moderate than the Sydney market, local property prices are still rising, as is the number of keen buyers hunting for property.

All Residential Real Estate Managing Director Perry Beebe commented “In the last couple of weeks, we have had multiple properties sell very quickly at well above the asking price. One recent example is a home in Third Avenue, Port Kembla. The list price was Offers above $429,000, and after a targeted marketing campaign we had 55 groups view the property at the first open for inspection. We received 16 offers and the property sold in 9 days for $542,000, which is 26% above the list price.”

Some property owners decide to wait until they think the market has “peaked” and then sell, believing they will achieve a better sale price. However history shows that this is almost impossible to predict and by the time you find out you missed the peak the market is already in decline. The economic predictions are that the regional markets should continue to gain momentum and perform strongly in coming months, as strong price growth in the capital cities drives home buyers and investors into regional areas.

With so many keen buyers pushing up prices, now is an ideal time to upgrade, downsize or buy an investment property. After all, only 1 out of 55 buyers bought the Port Kembla property mentioned above, so that leaves 54 buyers still actively looking!

If you are thinking of selling, and are interested in how we can help you achieve a similar sales result for your property, we’d love to help you. Give our expert team at All Residential Real Estate a call on 02 4228 2555 or send us an email sales@arre.com.au.

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