The continuation of the record low cash rate is being touted as responsible for the surge in capital city property prices. Overall, Australian house prices are up by 9.8% with all capital cities showing healthy increases but it was Sydney that was the star performer in 2013. With all the figures for the year now available, the 15% surge in Sydney house prices makes it the clear winner.
Record Numbers Coming to Open Houses and Looking Online
This startling rate of growth was not confined to houses, as units also had a very favourable growth rate of 11.6% for the year. First time home buyers and investors are the dominant force driving this growth along, their confidence buoyed by low interest rates and a low, steady cash rate. We are seeing record numbers of people turning up to open houses, and our web statistics show the same kinds of numbers looking at our properties online.
Many buyers who have missed out on their ideal real estate Sydney property at auctions are becoming desperate and paying too much to secure a property. In these circumstances we recommend that both buyers and sellers choose their real estate representatives carefully. Having an experienced professional who knows the area and is proactive in listing and selling properties is the best person to have on one’s side in a hot property market.
Fast, Proactive Action Needed by Sales Teams
Our team at Prudential Real Estate are seasoned professionals who are friendly, helpful and know the industry and the local area thoroughly. Sellers appreciate the negotiation skills of our salespeople which can add as much as $20,000 to the final price they get for their properties. Frustrated buyers who are missing out on properties because of the speed of the current market activity will find our sales team to be hyperactive in responding to queries and booking inspections for them.
We like to help out wherever we can so we have developed a guide for buyers called “The Smart Way to Buy a Property.” This guide is available free as a download from our website. It contains interesting and helpful information that will take buyers from their first decision to buy right through to the final settlement.
The market shows no signs of dropping and it is expected to firm even more in 2014 with further value increases in the range of 3% to 5%. This makes it all the more important for buyers and sellers to find experienced, professional and ethical real estate representatives to act on their behalf. Buyers and sellers can have confidence in established agencies like Prudential Real Estate that have been in an area for a number of years and built up a reputation for quality service.
