June Market Report GREYSTANES NSW 2145

We have had a fantastic few months of sale figures In Greystanes, on the back of fewer homes being on the market and demand outweighing supply. The prices achieved have been amazing and above expectations

o    Lower listing volumes (fewer properties for sale) are helping protect the market from further downward pressure. So NOW is a GOOD TIME TO SELL

o    While many are concerned about a "fixed rate cliff" ahead, RBA data indicates the majority of mortgage debt is on variable terms. Many people have also been overpaying on their mortgages during the low interest rate cycle, while many others have already refinanced.

o    Further to the recent increase in Interest Rates in June 2023, there may be more rate hikes ahead. b Some economists feel once interest-rates rises have peaked (which is not that far off), and now that inflation has peaked, consumer confidence will return and the market will reset as a new property cycle begins

o    The next stage of the cycle is the stabilisation phase.

o    And there is no end in sight for our rental crisis and rents will continue skyrocketing this year.

 

DUPLEXES: TO BUILD OR NOT TO BUILD 

We have had many locals ask us whether they should knock down and build a duplex. They have seen the substantial hikes in prices for new duplexes and they know their land meets the minimum size of 550sqm and frontage of 15 metres. 

And for many, building duplexes has been an efficient tool for wealth creation.

In the past, conditions were ripe for the small-time builder to make a nice profit from Building and selling duplexes - Interest rates were low, credit was available, home prices were soaring and with community pressure, councils listened and implemented improvements to building and approval processes such as private certifiers to speed up approvals of your plans. 

So, to build or not to build?

 

This is where Cumberland Realty Group comes, to help you navigate this maze.