The Singleton housing market offers home buyers and tenants a diverse range of property options.
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Michael Cruickshanks is Director of LJ Hooker Singleton and has assisted buyers and sellers in the region for 24 years with LJ Hooker. He is passionate about the industry and the impact his work has on the lives in his community.
"Real estate isn’t about houses, its about people and helping them find their ideal home, or helping others to sell and move onto the next chapter in life, it's very rewarding."
He shares his insights into real estate in Singleton.
What has the last 6 months in the Singleton property market looked like?
Turnover is increasing, in fact the number of properties sold has tripled from that of 3 years ago. We're slowly starting to see housing prices increase, particularly in entry level properties as home buyers gain confidence in the local property market. The biggest challenge right now is the negativity around borrowing.
What's the average time on market for property?
The average is around 90 days, although some properties are selling within a week. Properties at the upper end of the market are taking longer to sell. It really depends on the vendors' motivation to sell.
How have house prices changed?
Going back to the peak in 2012, house prices fell by between 10 and 20 percent, house prices now are well and truly on the increase. We're selling about 35 - 45 properties a month at the moment.
What are buyers after and where are they coming from?
Locals are buying, people are up-sizing, growing families are in need of bigger homes. The rural market is also very strong from 5 acres to 100. Established homes are in strong demand. The cost of land hasn’t fallen but the cost of building has hiked, so these homes are a better prospect for some.
What's driving growth?
Predominantly the mining industry. Locals are buying as they are now confident in the market. To some degree the Expressway has also contributed as its afforded people an easier commute.
Has the flattening of the Sydney property market impacted the region?
No. When Sydney was booming during the Olympics, our market was in downturn, during the GFC our market was still strong and now as Sydney plateaus we are seeing prices climb.
What does Singleton have to offer buyers?
In the centre of the Hunter Valley it's easy access to the mining industry, it's on the back door to vineyards and yet commutable for private schools and the beaches, all within 10 minutes of the CBD. To discuss your real estate needs contact Michael on 0409 362 130.