Experts are feeling optimistic about the north shore’s property market after real estate agents report a surge in interest from buyers.
Agents are seeing large increases in the number of people attending inspections as savvy buyers rush to take advantage of a soft market.
Vendors appear also keen to take advantage of current conditions with a 133 properties in the past week hitting the market, according to CoreLogic. Turramurra has more new listings than any other suburb come up for sale this week.
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McGrath Estate Agents founder and executive director John McGrath said all of his offices across the north shore are seeing more buyers flock to open homes this year, compared to last.
“Early in the year we generally see renewed interest from buyers, but this year seems to higher than usual,” he said.
“Smart buyers are seeing that they are buying at a 10-15 per cent discount compared to last year, they also sense that they have a limited window of opportunity to take advantage of this, as it won’t last forever.”
Mr McGrath urged buyers looking on the north shore to act sooner than later as the window will close “and you won’t even notice”.
“You won’t know if you’re buying at the bottom of the cycle for another 12-18 months, but I would say we are pretty darn close, so if you find a home you love and the price is right, you should jump on it as soon as you can,” he said.
Raine and Horne Lane Cove principal Stuart Bourne sold a Lane Cove apartment to a first homebuyer last weekend, and reported that property saw double the number of inspections in January, compared to December.
“Before Christmas we only had five to six groups coming to open homes, now we’re averaging 12-14 groups an inspection,” he told the North Shore Times.
Mr Bourne said that many buyers, in particular first home buyers feel that it is their time to get onto the property ladder.
“A lot of new buyers that we haven’t met before feel that this year is their chance to buy something because of a fall in price or as they feel they’ve outlived their current home,” he said.
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