Published on July 18th, 2012
Tough market shows signs of improvement
Despite pockets of growth in some key areas, there is still room for improvement in the Sydney and regional New South Wales property market.
Elders New South Wales franchise manager Steve Kitson is confident that land and residential sales will pick up in the next few years.
However, the real estate expert is also aware of the difficulties vendors will have attracting new buyers in challenging economic circumstances.
"Really, the market is going to be tough – and it is going to be tough for the next few years," Mr Kitson explained.
"On average agents are making four to five sales a month," he said. "Some may do ten to 12 listings, but the actual sales figure is probably half that."
Mr Kiston is expecting market fragility to lessen over the next two years – a trend that will most likely be led by areas that are already performing well.
Offsetting the somewhat bleak outlook for much of the state are consistent sales results in areas that seem to be insulated from the worst to the country's economic woes.
Property in the inner west of Sydney continues to attract keen buyer attention as middle-to-high income earners look to settle in the area, while the further west new home developments in St Marys, Penrith and the Hills District are helping to accommodate the city's growing population.
High turnovers have also been noticed on the state's north coast as young families and first homebuyers either take up residence or resettle in Taree and Port Macquarie.
But the standout performer in NSW was the town of Griffith, which has all the ingredients of success, including a buyout market defined by consistent turnovers and strong sales results – something many other regions will not doubt be envious of.