Crazy times! We’re increasingly hearing stories from our clients that are missing out on properties and how hot the market is right now. So we thought we’d help out and give you a little insight into the numbers around what’s ACTUALLY happening in Palmy right now!
We get that the numbers are not the part that get you excited about purchasing your new home, but they’re still relevant, which is why your trusted mortgage brokers, Blackbox Finance are happy to do the homework for you. Here’s just a few stats you might find at least a little interesting…
- Current Population 14,700 (Increased 5.3% in 5-years)
- Average length of ownership 12-years
- Owner Occupied Vs Investment 57% O/Occ 43% Investment
- Primary Age Group 30—39 Years old
- Total Houses in Palmy 3,594
- Total Units in Palmy 4,332
- Median House Price $959,000 (Up 13% from 2019)
- Median Unit Price $525,913
- Total Houses currently listed 61
- Total Units currently listed 73
- Gross Rental Yield (Houses) 4% (Up 0.50% from 2019)
- Palmy Sales Per Annum 203 (Up 8% from 2019)
- Change in Palmy median prices Up 8.24% (GC Overall 2.36%)
Data Source: Corelogic
In recent years, Palm Beach has often performed well and weathered financial storms better than most of the Gold Coast. This continues to be the case in 2020. Whilst this is great news for some of us, it also begs a little caution be applied as some of these results are quite impressive. Spend wisely.
So how do I get in front of the crowd you ask? Glad you asked! Here’s a few tips:
- Get a finance pre-approval – This way you can shop with the confidence of knowing you’re already most of the way approved. It will also cut down the time you need from the seller to get your affairs in order, which can prove to be a valuable negotiation tool. Think about it, the seller just wants the right price and to move onto their new lives. The sooner you can make that happen, price becomes a little more flexible.
- Be creative when negotiating – we often see buyers/sellers wanting different clauses added to contracts like allowing them extra time to move out or taking/leaving appliances etc. Be prepared to negotiate on the out of the box stuff. The more you cooperate and communicate, the higher your chances of success. Asks questions of the agent of what the sellers plans are so you can position your offer for greater success.
- Be responsive – With both the agent and your mortgage broker. Don’t be scared of appearing too eager. The seller is on the same page/
- Be aggressive with your offer – Be confident, know the market, know what you want and go get it! There are a number of sites you can google to find negotiation techniques. Worth a 5-minute read and could be the difference.
- The Agent – Whether you like agents or not, they are your only conduit between you and the seller and they have the ability to add context or perspective to your story when re-telling it to their seller. Get them on side, it helps.
Finally, don’t get caught up in the hype, when the market is in short supply, everyone panics thinking their going to miss out. The reality is, there will always be another dream home. Remove emotion from the purchase to avoid heartbreak.