Point Cook Real Estate Market Update – November 2017
Hey, everyone, it’s Amar from Black & White Real Estate again and welcome back to the Point Cook Real Estate market update for the month of November. This may very well be one of the last episodes for this year so I just want to, first of all, thank you thanks to everyone basically who’s tuned in over the last few months that I’ve started doing this. I really really appreciate the feedback that I’ve received and for everyone who’s actually shown interest in watch the videos over the last few months.
So to begin with look we are well and truly into the selling season. Spring is already here and as I record this, we are into the summer season as well so the market could not have been better in the Point Cook region. There have been a total of 221 sales over the last three months collectively with a median house price in Point Cook now sitting at $620,000. Now that’s phenomenal – just last month when I did this video, I remember the median house price was sitting at $600,000. That’s a jump of $20,000 on an average in a short amount of space which also brings our total growth over the last 11 months to 17.1%, now that’s phenomenal in any market so that is fantastic for homeowners all across Point Cook.
There were a total of 163 new listings on the market which is again a very strong number and it brings a total number of sales in the last 12 months to 1374.
Why are those numbers important? So the total number of sales are important because it basically demonstrates that if the number of listings that are on the market versus the number of sales that we’ve had, if the sales outweigh the listings well then clearly there’s a shortage of supply which means you get a better value for your property which is exactly what we’ve been seeing over the last 12 months given the property prices have been going up every single month.
The average days on the market that a property stays on in Point Cook is 28 days again very reasonable so the turnaround is really really quick as well. Now just quickly I also wanted to talk about the property rental market and as we stand the average rental in Point Cook is or the rental return is $410 per week which brings the yield to 3.8%. There are also 1102 properties available for rent at this stage in Point Cook.
So that’s it for all the numbers and the stats just finally before I let you go I would like to talk about one of the key things that I’ve been having a discussion with few of my clients over the last few days so I guess if they are thinking along those lines I’m sure you guys have the same questions. It’s about should we put our properties on the market now or should we wait until when people are back from holiday so the end of January or early February?
The feedback I’ve received is that we probably want to wait until then because that’s when most of the serious buyers would come back into the market. But I tell you what, that’s actually not correct. People who are looking and people who are serious to buy will absolutely look through the holiday season as well and what it also does is, which many of us don’t think about is that if you are thinking along those lines, guess what majority of the homeowners will be thinking along the same lines. This means quite a lot of the properties would come on the market during the same time as well, which in turn means there’s a shortage of properties at this stage, leading into January and February, which gives you a lot more opportunity to be in front of a whole heap of buyers without having a lot more competition with other properties on the market. So keep that in mind and that’s it I’ll start wrapping up.
I just want to thank you all for tuning in it’s been a fantastic year so thanks for your support I hope you all have a Merry Christmas and a fantastic new year. Stay safe during the holiday season and if there are any questions we are still available I’m only a phone call away so thanks again have a great run into the New Year and I’ll see you guys in
Thank You, Bye Now!
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