The local property market has been fairly resilient in recent weeks, despite the widespread impact of Coronavirus. We are carefully following Government guidelines & practising social distancing. Also we are providing hand sanitizer at our office & all of our inspections.
We recently had 3 scheduled on-site Auctions in March (just before the March 25 cut-off). The first was a large family residence with grass tennis court in North Turramurra. We had 9 registered bidders at the on-site Auction & it sold for $315,000 over the reserve price!! Secondly we had another Auction at St Ives, which was for a spacious dual level home with superb views. We had a couple of bidders who were keen to purchase it & the underbidder missed out by only $2,000. Also we sold a third property in St Ives prior to Auction, which was an appealing townhouse in a central location close to shops. In addition to these outstanding sales, we have also just sold a spacious apartment in St Ives for the full asking price!!
In March the Reserve Bank of Australia (RBA) lowered the cash rate by another 25 basis points to a new record low of only 0.25%. This is good news for those getting a mortgage to buy a property, provided of course they are in relatively stable industries & have steady employment.
In these challenging times we wish you good health & to ‘keep calm and carry on’.