The start of 2013 has certainly lived up to our expectations on the sales front with 24 properties selling since we reopened on 7th Jan. so for the first 6 weeks its a solid start.
There is certainly a renewed confidence back in the market 2 years of declining values across most markets and a significant reduction in the overall turnover in the market by 8%.
Fortunately for Cunninghams Property this was not the case with our average sale price increasing by 7.5% and our actually property transactions up 10% on the previous year making it our record year.
We are seeing on average aver 17 groups viewing our properties each week, up from an average of 9 this time last year and with over 30 properties open each Saturday we are meeting a lot of buyers every week.
This has also seen our average days on market drop from 38 days for Q4 2012 to be sitting at 29 days at present, again another strong market indicator that gives us extra confidence in market recovery.
Values are now been seen on the slow but gradual increase especially in the sub $700,000 bracket for units and in the $750,000 to $1,500,000 house market with good indications that we may reach at least inflation rate growth across the whole market this year. But we are still cautious as the international market place is still volatile and despite the low level of interest rates Real Estate must still be viewed as a solid long term investment strategy and not a short term windfall strategy.