Elysium Real Estate Market Report April - July 2017
Welcome to the Elysium Real Estate Market Report for April—July 2017. As predicted, sales volumes in the estate slowed through the last quarter of 2016 and first quarter of 2017, partly due to a reduced level of choice for buyers and partly due to higher expectations from sellers as they see the market tightens. The April - June quarter saw four properties sell, exactly the same number as the previous quarter and half the number of the June—September 2016 quarter. Stock levels have been steady, with around 8—9 properties for sale at any time, representing around 4% - 5% of the total housing stock in the estate, however are currently tightening. Enquiry levels improved through July and there area signs the market will continue with some strength in the coming months.
Over the past two years there has been a noticeable trend in sale prices compared to the last asking price of a property. As we all know, there is a huge amount of information available online from property portals. Buyers can assess a property by thumbing through a catalogue of 20 plus photo’s, sometimes a video and make an assessment of value in seconds. It is literally swipe left, swipe right!! If they perceive value, they act quickly, if not, the agent often never hears from them.
Our most recent successes have come from properties advertised at the top end of the expected sales range, but never much over and this strategy has seen sales occurring within $1,000—$2,500 of the asking price and in some cases a price over and above the ask price has been achieved. This is particularly relevant in properties priced under $1,000,000. We are proud to be achieving sale prices that end with $500, or $1,000 off the asking price, knowing we have negotiated the best possible price for our clients. The average days on market for the most recent sales using this strategy has been 14 days.
As we enter the spring and summer selling seasons, new stock coming to the market is low and demand from buyers continues to be strong. We are currently working with a number of buyers who are looking specifically in the estate in price ranges of up to $700,000, up to $800,000 and up to $900,000 and have not found properties that suit. If you have had thoughts of selling and feel your property may sit in these price ranges, please do not hesitate to contact me at any time to discuss this.
Finally, we are now offering a property management service and are very well placed to assist with investment properties in the Estate. We have had many instances where property managers are not aware of the body corporate by laws and do not provide them to tenants, which they are required to by law. This has caused some disharmony in the past as tenants are often unaware of the by laws and their obligations when living in the estate. As with our sales service, our property management service is able to provide expert advice on the issues involved with renting property Elysium Noosa and are on hand to provide immediate follow up. This has proved invaluable to our sale clients many times in the past and will certainly benefit our property management clients. If you would like to discuss the management of your property, please do not hesitate to contact me at any time.
Sean Cary 0418 599 228