It has been a very busy year for Real Estate in the Port Stephens area for selling, leasing and holiday letting, with an exceptionally high demand for all properties. The majority of our buyers and rental home owners come from Sydney, a trend associated with Sydney’s booming property market. This trend is looking to continue in 2017. To satisfy this increase in demand, we are in need of properties for sales, permanent rentals and holiday accommodation.
Recently, a unit in Weatherly Close on Shoal Bay Beach, which went to auction, saw two buyers bidding against one another resulting in a sale $60 000 above reserve ($630,000). Due to this result, and similar sales, other buyers and owners of similar properties have an increased perception of their properties worth. I firmly believe that if you are considering selling your property in Port Stephens, sooner will be better than later, take advantage of this amazing market.
Many of our current buyers who have sold their Sydney properties for $1,000,000 plus are putting a portion of the money into retirement, and leaving a large portion of the money for buying in our Blue Water Wonderland. These buyers are often fixated on the idea of their dream home, and are paying above market value for this dream. The current environment is a dream come true for owners wanting to achieve a premium sale price.
The cheapest interest rates ever are upon us, creating an exciting sensation in the real estate world. Although, the banks and financial institutions are becoming increasingly difficult to borrow from, requiring more security and equity. We offer a financial service that many people are taking advantage of to asses their options, a short phone call with our Loan Market representative could save you and improve your lifestyle.
These are interesting times we are living in. My advice, please don’t overindulge in borrowing or committing too much. I believe we are entering a time of global readjustment and deflation which will provide a great market for our children, although at the price of a tough near future.