A promising turnout at last week's open homes has led us into a week of excellent sales results. We showcased seven homes to 87 groups last Saturday, with standout numbers at 802/49 Hill Road attracting 23 groups.
We exchanged two properties this week, one unconditionally and the other under contract. Both properties were secured after their first open home, with one marking our first off market sale for the year. With high attendance rates and strong buyer demand, low stock and steady competition is likely to result in consistently shorter periods on the market, driving price increases which are already beginning to show.
RP Data for December 2020 has shown an increase in Wentworth Point’s median property prices for the first time in six months. Heightened borrower confidence in record low interest rates could also push property prices even higher, according to analysis by the Reserve Bank of Australia (RBA). The RBA has predicted that values could increase up to 30% nationally within a quick, three year period as a result of prevalent buyer beliefs that low interest rates are here to stay.
The Australian Bureau of Statistics has also released data this month that strongly supports the peak in borrower confidence. The stats show the rising trajectory of new home lending which increased in November for the sixth consecutive month at a 5.6% jump, reaching a new record of $24 billion. That’s a 23.7% increase year on year, and marks six months of uninterrupted momentum that has created the ideal market environment for buyers to participate in.
Three new listings are hitting the market this week, all with a combination of premium waterfront positioning or direct water views that just might be your opportunity to own an outlook over your own private paradise.
