After a quiet October, our sales division is experiencing a big upswing in apartment sales.
"It's been quite frenetic," says Sales Manager Mark Barry, "with 16 agreements on paper this month, including four or five multiple-offer situations. The market's good; we've been flat out."
The sales department has just employed a new team member and is currently recruiting for an additional person in anticipation of a busy year in 2014. The LVR restrictions recently imposed by the Reserve Bank are driving a small number of first-time buyers to buy apartments, while arbitrary lending restrictions on sub-40m2 units are driving up the prices on any apartments over that size. Banks which have previously been lending generously have tightened the reins again, particularly on apartment buyers.
"A lot of people want to borrow 70% or 80% but the banks won't lend on it," says Mark. "It's a bit like the lenders are ruling the market, which is a shame. I think the most logical investment isn't an $800,000 house, it's a $220,000 apartment - it's hard to go broke with one of those."
If you are interested in selling your apartment, or in adding to your portfolio, or you'd like to know what your apartment is worth, call Mark on 027 5794793 or email him at email@example.com.