Sydney and Melbourne were the only capital cities in Australia to see a gain in the last quarter ending in July.
Sydney’s dwelling values increased by 2% from April through to July, which is also a 14.8% increase from this time in 2013. This continued growth could be explained by the 16% decrease in the number of listings on the market from this time last year.
Properties are still selling fast at 30 days on average, compared to 41 days from this time in 2013. This is of course assisted by auction clearance rates remaining strong at approximately 75%.
As we head into Spring, the underlying strength of our property market will get it’s first true test. “Super Saturdays” will be approaching our auctions soon and the early Spring market is always a good indicator of just how super they will be.
But will there be a sudden influx of stock in the coming months?
Personally, I have not seen stocks levels this low in my 30 year career, and while more property should come on the market during Spring, demand will still exceed supply.
I'd love to be able to tell you what the market looks like in December and only time will tell.
My bet is that while there are no signs of an interest rate rise in the near future, the market will continue to rise. Owners are realising the growth of their most important asset, whilst buyers are bidding away knowing that money has not been this cheap to borrow in over 60 years.
So if you have thought about moving in the near future, and have not realised the asset you are sitting on, please contact me on 0418 479 738. I’d love to help you weigh up your options.
Thanks for reading,