MARKET UPDATE MARSDEN PARK

Buyer activity in Marsden Park is on the rise with 10 homes selling for the month of July which is up from the previous month which saw 6 homes selling.

This is an encouraging sign that the market may be somewhat stabilising, with buyer confidence slowly returning as is evident by the number of transactions occurring for the month.

The demand for well-priced and well-presented homes continues, with the bulk of the buyer enquiry being received from buyers with budgets between $750,000 – $850,000. One such example was one of our sales at 9 Barkley St, Marsden Park which sold for $896,000 to one of our qualified buyers on the database after being on the market for only 3 days.

Sydney clearance rates continue to hover around a modest 50% with the NW of Sydney reporting a clearance rate of around 42% 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.

Marsden Park, however is still proving to be a popular destination for buyers looking in the NW of Sydney 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 train stations, shopping centres and other attractions adding to the desirability of the area.

“Your local Marsden Park agent”