FEB18-09

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Monitor The

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Volume 5, Wednesday February 18th, 2009

Housing market more realistic W

hile doom and gloom has prevailed in the national and, to a lesser extent, the South Australian real estate market, Roxby Downs is faring well according to our local real estate agents. The Monitor spoke with Lyn Andrews, Wardles and Raine and Horne real estate in relation to house sales and rentals and property managers Leicester Management Services. All the agents agreed the market has softened since late last year. Lorraine Aubrey, Manager at Lyn Andrews, said: ”There are definitely more houses on the market.” Craig Sumson of Raine and Horne added, “The market peaked around 12 months ago and it has now settled at a more realistic level.” Ali Webber of Wardles said, “Sales are quieter

but Roxby has been somewhat sheltered from the financial crisis.” The financial crisis, lose of some local jobs and an uncertain future has not deterred the local home sales market that much according to the agents. “Locally, it has been more of a market correction than a down turn,” said Craig. “There have been a number of factors that have been influencing the local market such as the Copper Sands and the Division C Development, job losses and the financial crisis. Last year interests were climbing and now they are at a 45 year low.” The biggest change in the market has been a more realistic approach by both the properly owners looking to sell and the buyers. All agents expressed that at its peak the local market

was priced up to $30,000 over the real market value. “ Our sales this year have probably been a little below the vendors expectations,” says Lorraine, a sentiment also voiced by Craig who expressed that buyer’s expectations had also shifted, which has brought the buyer and vendor expectation closer together. “What is often overlooked by buyers is that in comparison to other mining towns our house price and rental charges are low compared to any similar location. “We have a great lifestyle and facilities and a mine with a 100 year life making us a sound investment,’ said Ali Webber. All agents agreed the climate to purchase in Roxby is just right, interest rates are low, prices have settled at a more realistic level and there

is greater choice of homes on the market. It has turned into a buyer’s market. Ali Webber warned though that the market can turn at anytime. “Every time there is a big announcement concerning Olympic Dam the investors are immediately on the phone,” she said. This next year could see the market jump either way depending on the deepening of the current crisis and the release of the EIS detailing BHP Billions expansion details and schedule. If you are planning to live in Roxby for the next two or three years or beyond and you are looking to buy a house, the agents are saying it makes a lot of sense to buy now. As one purchasers put it: “I’m paying less on my mortgage than in rent.”

RED CROSS VICTORIAN BUSHFIRE APPEAL 2009 The people of Roxby Downs send their deepest Condolences and loving thoughts to the communities and individuals affected by the recent bushfires.

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FEB18-09 by The Monitor Inc - Issuu