News
Real Estate Market Wrap 2009
With purchasers taking full advantage of the First Home Owners Grant and record low interest rates throughout 2009, Fitzpatricks Real Estate has seen property sales reach record levels over the past 12 months.
The majority of 2009 saw strong first home buyer activity, however the latter part of the year showed lending to first home buyers dwindled as the federal government began phasing out the grant. Figures show the number of owner occupier loans issued in November 2009 decreased by 5.6%. The number of loans to first home buyers declined by 20%, the lowest result in a year. As a proportion of total loans the number of first home buyers decreased from 26% to 22%.
As a whole, New South Wales reported the highest number of first home buyers, a strong result considering it is the least affordable state or Territory in Australia in which to own a home.
At the end of 2009 the median house price in Wagga Wagga was $295,000, while units reached a median price of $215,000. The average time a house stood on the market in Wagga Wagga during 2009 was 107 days, while units were on the market a little longer at 165 days.
Fitzpatricks Real Estate saw strong open house attendances throughout 2009 with 3620 groups of people attending 585 open houses, with an average of 6.18 groups attending each open for inspection. On a weekly basis Fitzpatricks Real Estate had an average of 12 open homes, with a total of 73.8 groups of people attending each week.
Despite the expectation that interest rates are set to rise, Fitzpatricks Real Estate believes signs are good for a healthy market in 2010. Whilst there will no doubt be a slight hangover from the effects of the First Home Buyer Grant, investors and retirees will still make their presence known.