In the 49 years that RRE Properties has been opened, the unprecedented level of competition amongst buyers today is staggering, with record prices being achieved in our core areas such as Botany, Rosebery, Mascot and Eastlakes. The last 4 years has truly surprised everybody and buyers have often felt like they are fighting an uphill battle just to purchase a property. Continued low interest rates and the concentration of overseas clients purchasing new projects in our area has certainly surprised many experienced agents and boosted prices.
The question of whether you should sell now to capitalize on this the market is not a simple one as it depends on what you plan to do next. In the last two years we have seen many of our long term landlords and vendors sell, obtain top market price and be prepared to rent or wait and then buy in a more stable market, predicting what many experts are saying which is that the property market will lose its zest very soon. August and September clearance rates of under 80% compared to the average 83.4% seen in the same period last year are certainly figures that experts are not taking lightly.
At RRE we seen cycles of booms for nearly half a decade. A perfect example being pre and post the Olympic Games period of 2000, a boom period being followed by many years of slower growth. So the answer is, if you are thinking of selling, now is the time do so to secure a top market price whilst demand is still relatively strong. Please contact Michael Michos for any of your real estate needs or for an obligation free appraisal of your home.