Last week, a run down old shack in Thirroul sold for $1.56 million. That’s an incredible price for what is essentially land value in the Northern Illawarra.
The 100 year old house in Spray Street is on it’s last legs, having been seriously neglected for a number of years. However, it’s just a short walk to the beach, the village and the railway station, and sits on more than 1100sqm of land.
So it appears all the talk of a cooling in the property market does not apply to us.
Mattia Samuelsson from Ray White Helensburgh says there has been a dramatic increase in property prices over the last 24 months.
“It was inevitable that things would eventually slow down,” he says, “however we haven’t seen these values recede as they have in some areas. For the first time in a long time, the market looks positive for both buyers and sellers.”
Mattias says despite this overall levelling-off, no changes are expected in the coming months.
“Every so often, a property will sell far beyond all expectations. This is an indication of a healthy market with strong buyer demand. In fact, I’d say we are at the beginning of the real estate cycle, with slow and steady growth ahead.”
Mattias says talk of the real estate bubble bursting is actually just that… talk!
“Often, when industry professionals make sweeping price predictions they are referring to the market as a single entity. It’s the wrong approach when it comes to Real Estate.
“Every area has it’s own factors driving local supply and demand. Despite the distance to Sydney, the Northern Illawarra offers a lifestyle that’s second to none and over the last few years we’ve noticed a real cultural shift. This , along with a limited supply of new properties in this area, means the local market is expected to remain strong.”
If you’re looking to buy a home in the Northern Illawarra, Mattias says don’t wait for prices to fall.
“You might be waiting a long time,” he says. “The best thing to do is create a checklist of your needs and wants. Is it important you’re within walking distance of the station, beach or favourite cafe? How many bedrooms do you want?”
Mattias says establishing the parameters will save you from getting swept up in the excitement of buying a home that’s not entirely suitable. “Talk to the local agents and let them know what you’re looking for,” he says. “They often have a lot going on behind the scenes and could well have the perfect property up their sleeve!”
On the other hand, if you’re keen to sell your home, he says it’s vital you talk to several agents and be prepared to take their advice.
“Don’t get caught up in the potential selling prices. It can be tempting just to go with the person who gives you the highest price but if your home is still on the market months later you’ll regret your decision. Don’t ask how much can we get for your property, but more ‘how are you going to get me the best price for our home?”