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MAY MARKET UPDATE

Capital gain conditions across the housing market have continued to gather pace according to CoreLogic. There are plenty of reasons why the Sydney housing market is showing a substantial higher rate of capital gain compared with other markets, such as a high rate of population growth, strong job markets which is reflective of the buoyant services and construction sector, and the large number of investors that are adding to housing demand.

We noticed demand for one of our properties, 25 Parklands Road, North Ryde that was auctioned off on the 8th of April. With just 18 days on the market, 97 groups throughout the campaign, 5 registered bidders, and 20 bids, it sold for $2,550,000 under the hammer, making it the current record price for North Ryde! This home was in prime location with many features to offer; five bedrooms, three bathrooms, modern kitchen with butler’s pantry, underfloor heating, two lounge areas separated by a fireplace, zone ducted air con, solar panels, and much more!

Over the past twelve months, New South Wales and Victoria have accounted for just over two thirds of the nation’s population growth. The long term average suggests the ‘normal’ share of population growth in these two states is about 51%. Such strong population growth is a significant contributor to housing demand.

Finally, investments across New South Wales continue to be substantially higher than other states, with the most relating to housing finance commitments according to Australian Bureau of Statistics. If you’d like to discuss finance prior to buying a property, please contact our loan specialist from Loan Market, Nick Gray on 0420 944 243 or via email nick.gray@loanmarket.com.au and he’d gladly have a FREE CONSULTATION with you!

Wishing all the mothers a Happy Mother’s Day!

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