RRE Properties Spring Real Estate News – Michael Michos

Despite some initial dire predictions of a property crash over the last few months, the good news for property owners is that we are still seeing some very good sales results in our local area. Auction clearance rates have been steady in the higher 60% region over the last quarter with many weeks achieving over 70%. Government guarantees for loans of FTHB together with stamp duty and historically low rates are underpinning this high demand for apartments particularly under $750,000. Home sales in our local area have also seen considerable interest, case in point is our highlighted sale below of an unrenovated Rosebery home selling at Auction for a huge price and obtaining well over $400,000 above reserve price.

For those looking to invest in the current market, my pick is the Eastlakes area. With stage one of Crown Groups billion-dollar investment set to be completed in 2021, now may be the time to buy in a suburb that may well be the east’s next new hot spot. World class facilities with quality eateries and tenancies will underpin, in my opinion, the suburbs growth prospects for years to come.

In terms of the rental market, our team has successfully leased over 55 properties this quarter, albeit at slightly reduced rental returns of up to 10%. Houses that offer a “pet friendly” policy have seen an increase in demand as well as apartments with modern internal facilities. Our company is now offering free professional photography to all new managements in order to attract tenants quickly to our homes.

At RRE we would like to hear from you no matter what your real estate needs may be and offer you over 100 years combined experience from the areas oldest independent agencies since 1966. For more property updates please follow RRE on Facebook, Instagram or subscribe to our mailing list. I wish everyone the very best from my team and a safe spring ahead.