Over the course of July, there were a total of 2,675 auctions in Sydney, compared to 1,743 auctions over the course of July 2016. That’s a 53.5% increase, so it’s no wonder fewer properties got over the line on auction day Sydney wide.
However, as for the Northern Beaches most properties are still selling on or before auction day and most private treaty sales selling within the first 30 days.
So despite what the media would have you believe, there is no major cause for concern that home values on the Northern Beaches are about to tank. It’s the buyer frenzy that has dissipated.
Sydney-wide house prices have increased by 7.3% so far this year and 12.4% since July 2016.
Melbourne however is now clearly the hottest real estate market, with prices jumping nearly 16 per cent in the past year. Sydney's price growth has also been overtaken by Canberra on the list of fastest growing property prices.
It was no surprise that the RBA left interest rates on hold this week. In fact, many commentators are now predicting that interests rates may remain on hold for quite some time, which will clearly underpin home values.
It will be interesting to see what impact the New first home buyer Stamp Duty grants will have on the market. Having said that, it is no major relief for first home buyers on the Northern Beaches as it is only applicable to properties up to $650,000 where no stamp duty is payable and for properties valued at between $650,000 and $800,000, where the duty concession will be gradually reduced.
It won’t be long now when the days start getting longer and flowers are in bloom again. If you are thinking of a Spring or Summer sale, my advice is to get in early before a further increase in listing come onto to the market in September.
In order to leave no stone unturned, believe it or not, we have over 150 tasks that we need to complete when selling a home. Having a head start on these is crucial to a stress-free, record-breaking sale. Please get in touch with me if you want to start planning?
Alternatively, if you would like a quick, computer-generated valuation, please do not hesitate to contact me at any time.
Thanks for reading,