with Alison Beveridge
Sydney house and apartment values fell just 0.3 percent in September to a median of $859,943, a rate of decline that has eased since July, according to the latest CoreLogic Home Value Index. The combination of low mortgage rates, and the prospect that rates could fall further, plus government incentives and improving consumer sentiment appears to offset the negative economic shock triggered by this year’s pandemic.
Breakfast Point Realty has bucked the Sydney-wide trend. Here we have a range of good properties for sale, at a time when there are still many buyers active in the marketplace. In October we were thrilled to have a total of 16 properties for sale and it was pleasing to note the diversity in terms of one-, two- and three-bedroom properties, as well as a truly unique 270-square-metre penthouse spread over two levels.
Breakfast Point Realty has bucked the Sydney-wide trend..
Traditionally in Sydney, vacancy rates have been tight, hovering well below the level of 2.5 percent, which usually represents a balanced rental market. However, the current overall vacancy rate in Sydney has crept to 4.6 percent and varies slightly in different areas. Right now in Breakfast Point, we are slightly lower at 3 percent, and the average weekly rent sits at $525 per week for a one-bedroom, $700 for a two-bedroom and $950 for a three-bedroom. For those who are looking at getting into the market and wondering where to start with savings, I read a great article in the Australian Financial Review recently that was practical and simple in these unusual times.
“Spend a little on whatever makes your heart sing,” said Antoinette Mullins, who is a Certified Financial Planner at Beyond Today. Her advice is to not just focus on short-term goals, but rather consider your goals and values: what’s important to you now? Also consider what may be important in 10 years or more, then split spare money between the two and it will make a big difference. Her key tips are:
- Make a pre-tax contribution to your super. This reduces tax and helps during retirement.
- Take $100 a week and put it into a high interest-earning savings account. This can be used for medium-term goals, such as holidays or to help through life’s little emergencies whenever they pop up.
- Take $100 and spend it on the “now”. In other words, whatever makes your heart sing.
Until next time… Alison
CURRENT AVERAGE SALE PRICE AND DAYS ON MARKET FOR BREAKFAST POINT* CoreLogic data