Nick has lived and worked in Hewett (Click for Market Comparison Report) for over 20 years, which has given him some of the best experience and knowledge of local property and the market. This experience is especially valuable given the current, unstable market conditions.
So it would be of no surprise if you've seen Nick's face around the suburb on For Sale boards all around!
Average vendor discounting rate (or, the amount which home-owners drop their price in order to sell), is only 2%, but in monetary terms, $10,000.
Most homes take around 192 days to sell, however the current days on market rate for properties on the market now is closer to 155, which is an indication of more property coming to the market as the seasons turn to Spring, signalling a warming-up of the market.
A Cheaper Market
Interestingly, the average "For Sale Price" (the amount the home was placed on the market for originally) of all sold homes since January was $472,581, whereas the current "For Sale Price" of homes currently available is a little lower, at $467,283 which is an indication of a shift in property prices, which may be explained by the increase in "For Sale" properties, as vendors compete to sell aas quickly as possible.
Total Suburb "Turnover"
Noteably, our research indicates that year-to-year, 8% of all property in Hewett changes hands. In 2015, so far only 5.8% (40) of all homes in Hewett have successfully sold and settled to new owners, which is normal compared to the previous 3 years data. With Spring approaching, we expect a dramatic increase in the number of sales, however current outlooks suggest that the normal 8% rate may not be achieved this calendar year.
If you wish to get more information on the Hewett market, or general real estate market, please call Nick Bevan, 0407 917 456 for a confidential, no obligation discussion.