The question on top of many home owners minds right now is how how the property market is going to be effected in 2009. The good news for everyone, at least on a local level is that the market is off to a fantastic start.
Nerang First National sales have really taken off with a touch under $4.5 million dollars worth of residential sales made in just the past 7 days. January is normally very active and as the districts highest selling agency we always expected a good result but these results are even above our expectations.
Many commentators suggested that the only sectors that would be active is those targetted by first home buyers given the governments recent first home buyers bonus scheme and the recent reduction in stamp duty for first home buyers in Queensland. The reality is a far different story with all sectors recording significant sales.
The public’s trust in property even in these troubling times appears rock solid. This is great news for the majority of Australians whose primary wealth is tied up in real estate, often through the family home.
All this whilst the sharemarket continues spinning its wheels and the ALL ORDS remains around the 3500-3600 mark, down more than 45% off its peak in 2007.
It’s not all good news though as there as days on the market statistics blow out. In fact across all local agents over 50% of all sales have been on the market for more than 8 weeks before they acheived a sale. Selecting the right agent, pricing the property right and a little bit of patience is now more important than ever.
January is normally a big listing month and this year is no different. Many owners hold off listing in December because of Christmas. Then you have normal job transfers and new years resolutions covering a change of lifestyle and January can often more than double other months for listing numbers.
With more than 654 propeties being marketed by all agents in the suburbs of Nerang Carrara and Highland Park there is still plenty of choice for buyers. When you consider that only 76 of those properties are actually under contract right now there is still plenty of competition even before the typical January influx. This represents only 11.62% of all listings have been converted to be under contract.
Local Property For Sale and Under Contract Levels
To put this in persepective, this time last year saw just over 520 properties with more than 120 properties under contract. This represents over 23% of all properties under contract, or more than double the current rate.
Real Estate is like most industries, 80% of the business is done by 20% of the people. If your looking for results even on todays market give one of our team a call today on 07 55960055.
Related blog post and pages:
- Local Real Estate Market Activity for Nerang, Carrara and Highland Park Analysing the real estate market is never easy. Actual sales data takes months to process through solicitors and government databases before its available for real estate agents, jounalists or market...
- Local Real Estate Market Activity for More Gold Coast Suburbs Last week we released market activity statistics in the form of a motion graph on three Gold Coast Suburbs which were Nerang, Carrara and Highland Park. Read the full article...
- Carrara, Nerang and Highland Park Property Market Update The past 12 to 18 months for our economy and that of the world has been unlike any we have seen for a generation. It is probably understandable then that...
- Early Queensland Property Market Recovery Predicted According to the recently released First National 2009 Property Outlook Mid Year Update, the Queensland property market should be well positioned for the earlier than predicted Australian property market recovery....
- Local Property Sales Statistics Updated It does not matter whether you are looking to purchase a property in the local area, or you are property owner or potential investor, the latest property statistics is always...
