Real Estate Agent Jye Embur from The Agency gives us his Market Wrap for Alexandria and discusses what he’s seeing for the market on Soho Carpool.
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Here’s the transcript of the video:
Jye Emdur the from The Agency Thanks for joining the Carpool series with Soho. Thanks for having me. Heaps happening in your Marketplace I guess, post-elections, market wrap, Alexandria. Yeah, what's the market wrap? So yeah lots happening. After the election obviously and a couple interest rate cuts. W've seen a big shift mainly in buyer confidence. So a lot more buyers out there and more highly qualified buyers than we have seen in the past 6-12 months. So people are out there looking to, you know, secure their next investment or their dream home. Alexandria, it's your, I guess, your marketplace, you know it pretty well. What's the big attraction to investors or even owner-occupiers wanting to live in Alexandria or actually get into the market there? Yeah people love it. Like really really love the community and the vibe. There's a great sense of community even though there isn't a general, you know, like a village as such. There's just a big community sense from the streets. To, you know, little pockets of Alexandria obviously schools, local parks, cafes, restaurants. So there's a huge attraction and I think with the CBD expanding constantly, people looking to try and get close to the city but not in amongst it. Yeah, so something like Alexandria where it's only 10 or 15 minutes away. Either driving or, you know, public transport. It's a great place to either invest for the same reason and for families to move into and live there. So we're finding a lot of investors love it because there is quite a high turnover in some of the homes and we find a lot of first-home buyers buying into, you know, a two bedroom or three-bedroom home or apartment. And then they have another kid or another dog and they have to upsize. So they'll sell that but by then they’ve, you know, learnt to love the area. So they'll rent back or they'll rent something until they find the next place. And obviously lots of upgrades and developments happening at the moment, which is, you know, bringing more and more people to the area and making it more accessible and usability is great as well. I guess listing levels are a little bit low, but coming into Spring, do you think that's going to change? And what are some of the advantages for vendors bringing their property to market now? So obviously a little lack of stock at the moment which is you know positive, again, on the buyer side. It means that people are coming through the homes that we do have. So if you are listing between, you know, even now and Spring or the end of the year, you've got a big pool of buyers who are probably all going to come through the same home. Rather than having, you know, maybe ten places to look at. We meet people sometimes who, you know, can come in for 5 minutes because they've got eight other places to be. So definitely, if you're listing between, you know, now and Spring and even the end of the year, there's a less of a competitive edge on that side where your house isn’t in heavy competition. Yeah, gotcha. So that's definitely positive. And this year especially, has been one to, there's been lots of excuses to not sell your home. We've had, you know, public holidays and school holidays all falling in the same 10 days. So there was a very quiet period in April and March. And obviously dreaded winter, people really really don't like selling homes in Winter. Yeah, which is fine. So that sort of does put a little dampener on as well. And obviously the election. So leading up to that it was very quiet and interest rate cuts, people were waiting for that. So there are a couple different changes that people have been waiting for. They're all near to the end of that. So as soon as Winter’s gone. So yeah, it's a great time of year, definitely, to start thinking about it, if not now then into Spring or the end of the year. Jye,you obviously sell a lot of properties throughout the year. Post-election, any noticeable sales that you want to touch on? Yeah one in particular quite recently actually. It was a two-bedroom cottage or weatherboard original home with parking on Jennings Street, Alexandria, which is one of the favorite streets there in the Golden Triangle. And really interesting one. That home hasn't been sold. It's actually been in the family for almost 60 years. So the gentleman we sold it for, he grew up in the home with his family. So it was really beautiful to work with them. And that one we had 20 registrations at the auction. So really good one to see, you know, straight after the election. So this the auction was the 4th weekend post-election. So we started the campaign the Saturday after the election. We had 4 weeks, ran it to auction and a really really good result. So it sold for $1,460,000. So for a two-bedroom in the area is a really great result. So that was a really good one. Definitely notable for, you know, for the rest of the year. And yeah, they're great, you know, case study I guess for our vendors that there is interest back in the market. Yeah, awesome.