THE spring real estate selling season is off to a flying start if recent market trends are any indication.
Highlight so far has been the sale of a home at 2 Barney Street, Kiama - a 1960s-style red brick home on an 1100 square-metre block. It sold to a Sydney buyer for $2.5 million.
The home had been owned by a Hong Kong investment company, which paid $400,000 for the property in 1993.
“The location is superb and is north facing and with superb access to Surf Beach,’’ Raine & Horne agent Steve Pryor said.
“I remember when the home was sold everyone was saying that it was too dear, but when you think the average home back then was probably up around $250,000, it wasn’t a bad buy back then.”
Mr Pryor said that the Kiama market was bucking the state-wide trend, with more buyers than sellers.
Dougmal Harcourts Kiama principal Andy Wharton agreed. “The market, and in particular the $550,000 to $700,000 area are, in most cases, selling as soon as they are listed, with a list of buyers wanting to get into the market,’’ he said.
‘‘There also seems to be renewed interest in ‘top end’ properties.’’ Ray White Real Estate Michele Lay said business had been ‘crazy’ and that it was an auction market.
“The region overall seems to be experiencing difficulties, but Kiama is bucking the trend and attracting unprecedented interest,” Mrs Lay said.
“Like most agents we are suffering from lack of stock, and at our most recent auction we sold four out of six properties offered, another one has sold since and we have an offer on the sixth.’’
Meanwhile, a June-quarter snapshot released in the Bendigo Bank Real Estate Institute of Australia Market Facts report shows Wollongong’s median house price dropped 4.2 per cent over the quarter.
The median figure of $430,000 was also 1.6 per cent lower than a year ago.
Over the June quarter, Sydney’s median house price increased 2.7 per cent and Newcastle 1.2 per cent