Last week we brought you the brand new architectural haven at 429/2 Wattlebird Road. This week we placed it under contract. With barely four full days on the market, the Australiana-inspired home immediately attracted 14 enquiries and 11 group inspections, as the first Sanctuary building re-sale property to be sold by a local agent.
The price increases documented in the last two months are beginning to materialise, with 216/8 Baywater Drive selling for $515,000 - an approximate $10-25K increase on comparable properties in the building this year. We can expect our local market to continue benefiting from further price boosts, generated by competition and low supply, as several buyers competed for this one property.
Demand is constant and consistent, and this has applied particularly to first home buyers all year. The most recent Housing Affordability Report has highlighted the 10 year high we’re currently at when it comes to first home ownership, and an overall improvement in housing affordability nationally. Across the country, first home buyers now constitute more than 40% of owner occupiers, and in Wentworth Point, their position has remained prevalent, with 62% of our sales this year to those purchasing for the first time.
Over the September quarter, the average loan size to first home buyers decreased 5.4% to a simply manageable $406,223. With favourable market conditions continuing, additional draw cards such as the lifestyle and connectivity offered by Wentworth Point at an achievable price point, are likely to see its popularity increase in 2021.
For those planning on entering the market in 2021, let us put you in touch with the right people now. Prepare to be in the strongest position when the right property is here for you.
