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Residential Market Update by Sean March 2017

Hi I'm Sean O'Connor and welcome to the March market report. This month's report is brought to you from Deli & Dine in downtown market street and I certainly recommend that you get down here and try it out.

Well summer is over and the footy season is back. Hence you see the dragon's tie and the red and white lapel. Hopefully the dragon's season will be as hard as the Illawarra market has been throughout the past 12 months.

The recent CoreLogic report has once again ranked Illawarra no.1 for regional New South Wales in capital growth throughout the past 12 months.

Houses were up 15.2% and home units were 14.8% in that 12-month period.

The report also stated because household debt was in all time high, they don't expect interest rates to increase in the near future.

Actually if it wasn't for real estate, they stated that interest rates could actually decrease.

We recently sold a property at 1/14 The Avenue, Corrimal. The property had price expectation of around $600,000.

But due to unprecedented demand, the property sold for $635,000 and was all within a one week period and there has been many disappointed buyers who unfortunately missed out.

As I've said summer is over and there is certainly no signs of property market cooling.

There has been unprecedented buyer demand for properties in the Illawarra region and the number of properties coming to the market is certainly on the decline.

I can honestly say I've never seen a better time to sell. Well until next month, happy house hunting.

Don't forget to go down to Deli & Dine in Market Street Wollongong and say hi to Jo and the team and experience their excellent cuisine.

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