Local Real Estate comments from Rex Harper and the team at Century21 Harpers Real Estate.

If you want your property sold, it is very important to get the price right. Competition is fierce amongst sellers and the buyers are very astute. More and more sellers are choosing to market their home without a price. This style of marketing allows buyers to view the property and express their opinion of value. This feedback is provided to the owner helping them to set a saleable price. As part of our buyers’ information nights, we have included a section on how to buy at auction, and how to submit an offer under private treaty. This has empowered the buyers to feel confident in their decisions.

The following is a brief snapshot of what has been happening over the last four years. In the year of 2005 there were 500 sales in the 2350 postcode, an average of 41 sales per month with the median price of $215,000. In the year of 2006 there were 461 sales in the 2350 postcode, and average of 38 sales per month with the median price of $230,000. In the year of 2007 there were 498 sales in the 2350 postcode, an average of 41 sales per month with the median price of $250,000. In the year of 2008 there were 333 sales in the 2350 postcode, an average of 27 sales per month with the median price of $265,000. (Information sourced from RP Data).

 As you can see the median price has continued to increase over the last four years, but the volume of sales over the last year of 2008 has decreased. The Armidale market is very resilient and continues to be an excellent place to park your money. What is showing up in our statistics is the volume of sales in the bottom end of the market has increased (under $300,000). The strength of the lower end of the market will be pushed through the market as people upgrade and move within the town. The top end of the market will continue to come back over the next twelve months, because there are fewer buyers.

First home buyers have never had it so good, with the first home owner grant of $7,000 being doubled to $14,000, and an additional boost of $3,000 a first home buyer can purchase a property with very little saved. Most banks are taking into consideration the grants and using tenant history ledgers to support loan applications. We have just conducted the first of a series of first home buyer information nights, which proved a success. Our next information night will be the 18th of February at 6pm in our office. We have limited seats available, so you will need to call our office on 6771 3277 to confirm your place.

Everything is pointing in the right direction, with interest rates low and looking like going lower and house prices stable, with plenty of choices under the $300,000 mark. 

It seems that the only thing holding people back is the fear of losing their job. You can insure yourself against loss of income; there are ways to protect your mortgage. “Fortune favours the brave”, so do not let fear create in you the inability to make a decision. “Life is something that happens to you as you plan other things.” 

Make sure you are a participant in life and not a spectator.