Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Home sales to surge in 2010: Ray White

By Staff Reporter
11 December 2009 | 1 minute read

A robust residential property market is forecast for 2010 provided interest rates don’t climb too much higher, according to Ray White.

Ray White has enjoyed strong property activity this year, with more than 4,215 auctions listed over the past 12 months in NSW alone.

“These results show that the market has been coping very well with rate increases,” Ray White NSW CEO Stephen Nell said.

Advertisement
Advertisement

Anthony Kassis of Ray White agreed, telling Real Estate Business that auction sales in the Maroubra and Mascot areas have been exceptional, despite it being the lead up to Christmas, which is traditionally seen as a quiet period.

“Auction sales have done very well this year and continue to do so, with prices moving up by about 10 per cent [compared to last year],” Mr Kassis said.

“We recently sold a two bedroom residence at auction for $965,000 – about $130,000 over the reserve price, which was astounding.”

Off the plan sales have also been doing extremely well, according to Mr Kassis, who said the agency recently sold 65 units off the plan in Dulwich Hill.

“Off the plan sales are popular right now, particularly in this economic climate, because they enable buyers to save money over the next 12 months or so while having the ability to lock in an early interest rate,” he said.

But despite the currently positive outlook, Mr Kassis said if variable home loan interest rates were to hit 7.5 to 8 per cent, the market would see a downward shift.

“It’s a really good market at the moment, but that will change if banks increase their variable home loan interest rates again,” Mr Kassis said.

Mr Kassis also said the end of the first home owner grant boost may also result in an ease in market activity in 2010, but remains positive.

 

Home sales to surge in 2010: Ray White
default
lawyersweekly logo

Tags:

Listen to other installment of the Real Estate Business Podcast

 

Do you have an industry update?

top suburbs

12 month growth
Queenton
69.76%
Flying Fish Point
69.61%
Point Piper
69.17%
Glenelg South
69.02%
Pretty Beach
69.01%
Bar Beach
68.9%
Northampton
68.7%
Kembla Grange
66.91%
Boomerang Beach
66.67%
Gnarabup
66.67%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.