Market Update | September 2020 Quarter | Manning

SPRING 2020

experience better

MANNING

MARKET UPDATE

In this issue Market Facts | Finance Update | What’s Sold What’s Selling | Words of Wisdom

WELCOME SEPT QTR

with six (6) offers – 4 for cash in excess of $1.7 million, (it sold for $1.8 million).

Much Ado About Nothing There was much commentary, months ago, about how the real estate market would fall once JobKeeper and JobSeeker grants were reduced in October 2020.

Fortunately this has failed to materialise. October has continued its strong run of sales with both REIWA and us reporting good sales numbers.

REIWA 933 (609 same time last year) Bourkes 26 Most properties are selling with multiple offers. One of our “Best Offer” campaigns closed recently

The same is occurring in the rental space. We have had an average of five (5) applications for every 1 rental available. Rents must stay where they are until 1 April (due to Covid legislation) but then they will increase across the board. Higher rents are bad for tenants but this will attract more investors into the market.

As always, if you are thinking of buying or selling or would like a current market appraisal, please call me on 0408 187 003.

Joe Mucci Senior Sales Executive

As the supply of rentals increase, the pressure on rents will correct.

We anticipate this will take 12 to 24 months.

MARKET FACTS (SEPT QTR 2020) VOLUME OF SALES

By Type HOUSES

13

LAND

tbc

UNIT

tbc

13

29

FOR SALE

GONE

LAND SALES

HOUSE SALES Highest Sale

$1,186,000

Highest Sale

$590,000

Lowest Sale

$475,000

Lowest Sale

$565,000

(Source RP Data as at 01/07/2020)

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FINANCE UPDATE BY GLEN AUSTEN - DIRECTOR - TAG FINANCIAL GROUP As many economists predicted the RBA dropped the cash rate to an all time record low of 0.10% in November, and furthermore have stated that they are not expecting to increase for at least 3 years. Some lenders have passed on the cuts straight away meaning that money is the cheapest that it has ever been to borrow. It also means that having money in savings is not doing much for people anymore as they are not earning any interest and therefore they are better investing it to get a return. As far as property is concerned, this will hopefully be a driver for the market to improve sooner rather than later.

SOLD & SELLING (SEPT 2020 QTR)

Gone

Gone

37 Challenger Avenue MANNING $590,000 3x1x2

Gone

Gone

43a Cloister Avenue MANNING $815,000 4x2x2

Gone

69 Cloister Avenue MANNING $835,000 3x2x2

Gone

24b Craigie Crescent MANNING $1,050,000 4x2x2

Gone

9 Goss Avenue MANNING $570,000

1/25 Canavan Crescent MANNING $605,000 3x1x2

58 Welwyn Avenue MANNING $515,000 3x1x1

Gone

3x1x3

Selling

31 Bradshaw Crescent MANNING $640,000 2x1x1

47 Welwyn Avenue MANNING $518,000 441m²

Selling

Lot 1, 87 Manning Road MANNING Offers Above $399,000 450m²

* DISCLAIMER - Not all of the above GONE properties have been sold or listed by Bourkes

Gone

13b Forward Street MANNING $612,500 2x1x2

Gone

20a Kelsall Crescent MANNING $905,000 4x2x2

Gone

1 / 68 Downey Drive MANNING $510,000 3x1x1

Selling

40a Crawshaw Crescent MANNING Offers Above $999,000 4x2x4

Selling

Lot 2, 87 Manning Road MANNING Offers Above $400,000 450m²

Joe is professional,

efficient and knowledgeable. He works beyond expectation and we feel confident to put our full trust in him. We will definitely use him in the future and recommend his services to everyone. He is not in it for himself; he really does want

“I’ve been impressed with your professionalism throughout. It hasn’t been the easiest of sales, but full credit to you, you got it across the line (even if it was the 11th hour!). We wouldn’t hesitate to recommend you and would be happy to stand as reference for you if required.”

Tim & Kate

“As a first home-buyer, we were glad to have Joe’s knowledge, help and advice to guide us through the process of purchasing our home. Joe was very helpful with questions we had about the property, and provided follow up communication when relevant.

the best for his clients!

Thank you for all your help over the years it is greatly appreciated.

He was clear and professional during negotiations, and helped guide us through the process when we were unsure. We’d be happy to work with Joe again, should the opportunity arise.”

Hannah & Shane

Eamon Tracey Dorricott

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IF YOU WOULD LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH IN TODAY’S MARKET, PLEASE CALL ME TODAY FOR AN OBLIGATION FREE APPRAISAL Joe Mucci Senior Sales Executive

0408 187 003 joe@bourkes.com.au

If you’d prefer to receive this report by email, please email me your details.

Bourkes experience better

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