AUTUMN 2022 NEWS
AUTUMN 2022 NEWSLETTER
When it comes to real estate, what’s on everyone’s mind right now? To sell now or not to sell now… to buy now or not to buy now… If we had a crystal ball it would make life a lot easier knowing when the right time to sell and buy property.
Unfortunately, crystal balls don’t exist, only the experience of many years doing real estate through all sorts of economic waves, helps us understand where the market may be headed.
Right now we are seeing a turning point in the property market. At the end of 2021 the housing market was at an all time high. Buyers were struggling to get their hands on a property as supply was low. Enter 2022 with an increase in listings and now buyers are better positioned to negotiate than vendors.
Auction clearance rates are lower this quarter compared to last quarter which indicates vendors will likely have to set more competitive prices in order to attract purchaser interest.
Even though there may be a rate rise sooner rather than later, I still see the housing market staying strong for now. With other factors to take into consideration, for example, tighter lending, affordability, spending away from housing, job security, just to name a few, could see a different scenario in 2023.
Remember, Sydney’s median house price was $580,000 in 2011 and grew at an average annual rate of about 7.7 per cent over the past 10 years. Even though there are real estate booms and corrections, property will always be a good investment. Be aware, it’s only a good investment if you do your homework and know what you really can afford. Try not to get caught up in FOMO or an emotional attachment to a property you just have to buy.
On the rental side, we have borders open now with international students and workers arriving on our shores. This usually drives the rental market which is good news for landlords. It could be a good time to think about that investment property.
A NEW LOOK FOR PARAMOUNT COMING SOON!
A new look is coming to Paramount with a branding refresh as displayed above. After a few decades we thought it might be time to freshen up our look. Like everything with age, it starts to feel tired and outdated. We hope in a few months when we complete the change you’ll love the new style. Watch this space!
PARAMOUNT PROPERTY NEWS
After an unprecedented 2021 we weren’t sure how 2022 would start off. Our rental department has been going strong and our property management team have been working tirelessly to get a quick turn around so properties aren’t vacant for too long. The rental market is still tough but we managed to have little vacancy time for most of our properties.
We have leased 23 properties this calendar year as well as a new block of units at 13-15 Gover Street, Peakhurst, 1, 2 and 3 bedrooms. It was a great turnout and within a short period managed to get the applicants into their new homes.
Our sales team have been working just as hard. With talk of interest rates rising and buyers having more choice due to higher volumes of properties on the market, properties are taking a little longer around Sydney to sell.
We sold some great properties over the summer. Due to getting a great response from a unit we sold that was out of area, we attracted another great sale from the same block. See below.
6/226 Rocky Point Road, Ramsgate
2 Bedrooms, 1 bathroom, 1 car space
We have some great properties for auction and sale right now.
7 Bridgeview Road, Beverly Hills
Auction Onsite Saturday 12 March at 12.45pm
5 bedrooms, 2 bathrooms, 2 car garage
Auction Onsite Saturday 19 March at 2.15pm
3 bedrooms, 1 bathroom, 1 carport
3 bedrooms, 1 bathroom, 3 car carport and 1 garage