It is sad to see house prices on the market like so around Mount Druitt with advertising sale pitching like this 'Offers Over $499,000'. This has all indications it is a 'Sellers market', these words provide discomfort to the important buyers.
A 'Buyers Market' would have the the advertising sales pitching as ' Negotiable' or 'ONO (On or near offer).
It is said that the buyer dictates the market of the property but basically the Real Estate Sales Agent has got commission in eyes and the more they push the market up, the harder it is for younger and eager home buyer opportunists, looking to start their own home life.
In a short space of 3 years, in Mount Druitt unit prices have dramatically risen on the market substantially from $270,000- 2012 to currently as of 18/5/2015 to $330,000 - over 20 percent increase. Housing from $350,000 - 2012 to $525,000 - 18/5/2015 - over 40 percent increase.
So with 20 to 30 group of home owner opportunists looking at each property on average, especially with the affordable units in the heart of Mount Druitt, there is still that shortfall to keep up with the demand. I understand the Blacktown Local Environmental Plan of 2030 - is a mid-short term plan to look at median density housing around train station hubs that will raise the occupancy of the area to the maximum. My summing up is we are not coping with accommodating with the demand of home buyer opportunists at present and while interest rates are low, the demand will maintain or increase. In our Mount Druitt economy we are stimulated by the housing/units trends
My prediction with Home Loan Interest rates increasing possibly next year, the initial demand of housing will flatten and possibly reduce. Yet the planners Mount Druitt need to look at the immediate 5 to 10 years allowing for especially the Mount Druitt Village area, to rise to "Median Density' and then to the North of Mount Druitt!
We wait and see!
Click here for Realestate.com Graphs
No comments:
Post a Comment