Real Estate News - Spring 2009

Sales

Another strong month of sales locally and finally this week the usual pre-christmas rush for new property listings has hit the market place. Yesterdays Sydney Morning Herald reported ‘solid residential price rises… for a 3.6% rise in Sydney house prices over the September quarter… The data indicates the second consecutive quarter of price growth above 3% in the Sydney property market.' This is great news! With price growth continuing, interest rates are tipped to go up by 0.5% on Melbourne Cup Day on the back of strong inflation figures released this week and with the increase in the number of houses for sale there is talk that price growth could dampen. I don't think it will. Price growth locally has been fairly steady over the last 6 years and I expect the market to remain strong for the next 12 months. Now is a great time to be buying.

If you are looking at buying another investment property or you are thinking of moving, please let us know.

Property Management

October has seen the number of properties for lease in the Manly area continue to drop. For Seaforth there are now 12 properties for lease compared to 44 in March. Prices continue to be strong. We are seeing corporate leasing enquiries return with budgets up to $4000 per week.

And we do need more properties for lease to meet tenant demand.

Have a great November!

[ Raine & Horne Seaforth Property Management Team]

Best wishes
Raine & Horne Seaforth

Regards
Jason Guildea
Principal.