June has seen consistent sales across all sectors with 12 sales and 11 new listings achieved amongst our agents. Again, another street record was achieved, this time in Renfrew Road, Gerringong – $3,500,000 by Ryan Stalgis, $500,000 above the previous record. Two of our rural listings in Jamberoo and Far Meadow also achieving great results.
Now to answer the big question that is on the tip of everyone’s tongue at present….Which way is the market heading for the second half of this year? We are now seeing the market stabilise and expect property prices to plateau over the next 6 months. There has been plenty of speculation in the press about house prices dropping but we do feel quite shielded from that here in our very tightly held location. A huge oversupply of properties available to purchase would be the main catalyst for a drop in prices and we are not seeing this at all. Buyers do have a few more properties to choose from at present but the sale prices we have been able to achieve are still quite strong.
The number of buyers active in the market has dropped considerably from last year but this is mainly due to many of the properties coming onto the market now being out of reach for a large portion of the buyers that didn’t secure a property earlier last year when the median sale price was much lower. Active buyers who are currently trying to secure their little piece of the south coast are still presenting strong offers for the right properties.