Nick: Hi It’s Nick Gauci here and welcome to the Prudential Real Estate Market Wrap up for December 2016. Today I am joined by Adam Bryant. How are you Adam?
Adam: Great thanks Nick.
Nick: Well, what an amazing year we have had here at Prudential Real Estate. This Christmas, we have some exciting news for local property owners across the Macarthur. According to RP Data we have experienced a whopping 23.3% increase in property prices in the Campbelltown LGA and a significant 19.3% increase in property values in the Camden LGA across the 2016 calendar year.
Adam: In fact, over the past two years we have seen a steady increase for property prices throughout Macarthur. Some noteable suburbs which have experienced significant capital growth include;
● Narellan (39.2% growth)
● Oran Park (31.5% growth)
● Bradbury (42.1% growth)
● Rosemeadow (40.6% growth)
● Leumeah (47.6% growth)
Nick: So what does this mean for local property owners? Well, say for example if your property was valued at $350,000 in 2014 and your suburb has experienced market growth of 20%, your property and your net wealth has grown by huge $133,000!
Adam: Whether you are thinking about upgrading your home or investing, if you want to know more about how to use the equity in your home contact Prudential today.
Nick: I remember at the beginning of this year many so called experts thought that prices would level off early on in the year and even decline as the year went on.
Adam: Instead 2016 has seen the market continue to gain strength with some ridiculous prices achieved such as at 59 Emerald Drive in Eagle Vale which sold for walking $760,000!
Nick: So what does 2017 hold for homeowners in the Macarthur area?
Adam: With interest rates projected to stay below 2%, house prices are expected to continue on their steady upward path.
Nick: Well, thanks for tuning into our final market update for 2016! On behalf of the entire team here at Prudential Real Estate, I’d like to take this opportunity to thank all of our clients for trusting us with all their property needs throughout the year. We wish you all a very Merry Christmas and prosperous new year.