Looking for the upside

Looking for the upside

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’.