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Residential Property Market Update by Sean February 2018

Hi I'm Shaun O'Connor welcome to our February Market Report. Well the feisty season is now behind us but the good news is that 2018 has certainly started with a bang. You might recall out November-December last year the market really did die on us.

Well surprisingly since we've come back from the Christmas-New Year break, we have found the market to be on fire. We're averaging about 10 to 15 groups through our open homes. We recently had a property at 17/41 Smith Street, Wollongong that attracted thirty two groups of people through that property in the first two weeks, the property was a lovely three-bedroom apartment on the fourth floor with northeast aspect and lovely large wraparound balconies.

We had at least six prospective purchasers on this property and the owners decided to accept an offer prior to auction of 1.25 million. Now this was by far and away a record for this building and a great result for the owners. Another property that we recently sold at 48 Smith Street, Wollongong was a lovely two bedroom apartment without a building parking the property attracted 42 groups of people through there and how opens in the first two weeks this property ended up selling for five hundred thousand which was also a record for that building in a very good result.

Traditionally the first quarter of the year is a very busy period for real estate in the Illawarra and this year is proving to be no exception. We're expecting this market to continue hopefully throughout the year and if you try to remain on hold the market could really fire up again and continue the boom period.

Well happy house hunting and until next month I hope to see you at one of our open homes. Thank you


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