Elders October Toongabbie Area Market Update

Jhai Mitchell

Spring is in full force and so are the buyers with some record breaking prices achieved last month. We are finding there is a complete lack of homes for sale in Seven HIlls and the Toongabbie area, so buyers are starved for quality homes to buy, this is seeing huge numbers attend our open homes and fierce competition between buyers to secure a property.



 


How is the market?


(Transcript)


Grant changes


 


  • NSW is set to have the most generous first home buyer scheme in the country - provided you buy a new house or apartment.

 


  • The state government has implemented changes in the budget, to more than double the first home grant to $15,000 for buyers of new property priced up to $650,000.

 


  • However, buyers of existing property are in for a surprise. The $7000 first home owner grant - in operation since 2000 - will cease to exist.

 


  • First home buyers of new houses and apartments will also continue to be exempt from stamp duty and it will now apply to properties worth $650,000, rather than the $600,000 previously.

 


  • The budget changes mean that, from October 1, first home buyers who purchase a new home priced at $550,000 can save up to $35,240, which is close to $20,000 more than the previous saving.

 


  • As expected, the government has now ended the stamp duty concessions for non-first home buyers of new properties.

 


  • But by way of compensation, it will offer a $5000 grant to purchasers other than first-timers - investors, upgraders and downsizers - for new properties priced up to $650,000.

 


  • NSW government's commitment to addressing the state's housing shortage, kick-start the housing construction sector and get more people into new homes sooner."

First home owners grant nsw and Stamp duty exemptions explained 09/07/2012



Housing shortage


 


  • The Housing Industry Association (HIA) views the recent Council of Australian Governments (COAG) report as a sure sign that the housing shortage in Australia is worsening.

 


  • What we are experiencing is a listing shortage in area driving buyer competition

 


  • With demand increasing and a disproportionate supply chain, there is fear that buying residential property will go beyond the reach of certain members of Australian society.

 


Interest rates


 


  • The Reserve Bank of Australia decided to finally cut interest rates at their official meeting, lowering the cash rate by 0.25 basis points to 3.25% - the lowest in 3 years

 


Real Estate summery analysis


 


  • With this combination of events it has kept the buyer demand high and homes on the market low which has created a pressure cooker like market.

 


  • We have found this has kept a lot of people sitting on the fence not sure what to do but for the buyers and the sellers actively in the market are experiencing homes selling extremely fast and some buyers missing out not acting quick enough.

 


 


  • As the countdown to Christmas begins, we are hopeful that the market will continue strongly with many buyers hoping to move into their new home before Christmas/new year.

 


  • Even with the First Homebuyer Grant in NSW finished it isn’t slowing the market down and if you are considering selling now would be a great time as we can guarantee you will maximise the price for your home.