Bathurst Market Update April & May 2018
During the month of April, our office sold 20 properties, ranging in value from 250K right up to 750K. We saw a strong demand in the markets cheaper bracket, with prices of 400k and under selling quickly, particularly in Eglinton and areas with large blocks.
In the month of May, we sold 29 properties, including a small block of land for $20K and an older house in town selling at the higher end for 850K.
We are seeing an oversupply of new homes on the market at the moment, making price imperative in getting a result,
The lack of residential land for sale is still a huge problem, vacant blocks are extremely popular with people wanting to build brand new homes and for builders to invest and develop??? As we saw in April, properties under the $400K mark are again in very high demand!!
At the moment, we are experiencing extended timeframes from the Banking Industry, with processing and approval of finance taking longer than usual and causing a delay in exchanging of contracts. The Banks are also tightening up on lending, making it a little harder for people to get finance approved.
Overall the market is strong in Bathurst but has softened from this time last year.
If you’re considering selling, or even having a market appraisal done on your home – now is the time. Our appraisal is free, and the best way to understand your position in the market. Contact our team today on 6331 6555.