Real estate records tumble

Record prices for real estate continue to be broken across our area. One I was involved with at 6 Young St, Coledale went for $4.15m at auction setting a new record for the suburb. It was a special property with amazing architecture and design, however, a significant price for a non-waterfront.

Recently in Helensburgh a new record was set for a house with the sale of 51 The Ridge for $1.7m.

So, what does this mean for your property?

These records provide a benchmark for other properties to be measured against when you need a bank valuation for loan purposes or looking to sell. With more properties coming on the market now and changes to lender servicing criteria by the banks, it is likely these prices will stabilise for the time being.