Recovery of Albany property market strengthens during 2013

Recovery of Albany property market strengthens during 2013

The recovery in the Albany property market which began during 2012 has strengthened over the early months of 2013.
Low interest rates and the expectation that they may fall even further has given property buyers the added impetus to purchase a home now rather than waiting and taking a risk that the house prices will rise strongly.
There is already evidence of an upward pressure on property prices with the latest REIWA figures showing the median house price in Albany jumped by $15,000 last year to $375,000.
In particular, Professional Albany is finding that more affordable homes in the sub $400,000 price range continue to be targeted by investors as well as first home buyers. Surging rents and very low vacancy rates (our company has a record low vacancy rate of just 1%) are key factors driving activity in the lower end of the property market.
An important new trend in the local property market is the fact that these buyers as well as sellers are becoming more discerning and will only make a decision based upon careful research and information.
To enhance our level of service in this area, Professionals Albany is pleased to announce the appointment of Graham Harvey, who joins our very experienced team as a Sales & Marketing Executive on 2 April, 2013.
Graham brings to our company a wealth of statistical information about the Albany economy and property market and we believe this information will prove invaluable to our clients over the coming year.
By Doug Pearson, Principal, Professionals Albany.