Devonport Real Estate Market Retreats

Posted by on Jul 25, 2011 | Leave a Comment

While the number of sales was the highest since Feb and first equal for the previous 12 month period, the price differential between sale price and GV plummeted. Given this coincided with a rise in the days to sell, this is normally an indication of a fire sale; that is, a number of vendors who have had their properties on the market for some time simultaneously deciding to get rid of them, with less concern for the price achieved.

Nevertheless, the last few months have indicated a clear improvement in the market from a seller’s perspective; more houses are moving at better prices. Almost any villa property below $1m is selling very well against GV, as they have pretty much through the entire housing slump. The real variation in value achieved is in the top end, where properties alternate between selling for double digit percentages over and under GV.

Table_09 2011-07-25

Table_10 2011-07-25

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