MARKET UPDATE CHISHOLM

Buyer activity in Chisholm remains consistent with 4 sales in July, slightly down from June where 5 homes sold. Days on market, however, have dropped to be currently around 45 days, this is an improvement on the previous months statistic of 67 days.

The demand for well-priced and well-presented homes continues, with the bulk of the buyer enquiry being received from buyers with budgets between $600,000 – $750,000.

Sydney clearance rates continue to hover around a modest 50% with the Hunter region of Sydney reporting a clearance rate of around 62% for the month of July (source rpdata).

The one factor which has had a major impact on the market has been the Royal Commission into the banking sector which has seen a number of changes to the lending environment.

As a result of all these changes, the mortgage market has changed. The amount borrowers can borrow relative to their income has generally been reduced, resulting in an overall softening of prices being achieved and properties taking a little longer to sell.

Chisholm, however is still proving to be a popular destination for buyers looking in the Hunter region with the close proximity to amenities and transport being a big drawcard, along with the large amount of infrastructure being developed in the area with new shopping centres and other attractions adding to the desirability of the area. With the completion of the North Connex freeway due in late 2019, accessibility to Sydney will be vastly improved and demand for property in the local area should continue to grow.

“Chisholm’s local agent”