West End sales market updates: Savvy buyers ready to act
It has been a slow start to the year, whether it is the general uncertainty in the market with the elections looming, changing bank criteria and the challenges getting finance, or buyers are just watching and waiting to see if we have hit the bottom of the market before they act. Either way turnover has been impacting West End’s sales in recent months. While you still see the occasional crane dotting the skyline, the high volume of new apartment projects is mostly behind us. Buyers are savvy and research the market, looking for value and choosing quality real estate. As you cannot predict when the market will turn, most are recognising this may well be one of the best buying opportunities we’ve seen for some time. Well-priced listings on good apartments are attracting solid enquiry.
Often non-locals see value in our market long before those of us living here. The dip in the median apartment price is largely due to more sales of established/2nd hand stock as southern investors appear to be returning to West End. The strengthening rental market is adding to our appeal, and we’re currently short of listings to offer these buyers.