When nearly 100,000 residential properties in Sydney sell over the year and nearly 500,000 in total across Australia, you know it been ONE very busy year for real estate.
Sydney's property prices are up 13.2% from this time in 2013, and another 3.1% from 3 months ago. Stock levels are still low however down 4.7% compared to this time last year
On the Northern Beaches 74 new listings came onto the market over the past week, and the auction clearance rate was 76%. Having said that, this month we’ve seen the lowest rate of growth in all of 2014
I have been calling the peak in Sydney's property prices around September/October of this year as the buyer frenzy started to run out of steam towards the end of this year.
However, it is interesting to note that there has now been a shift by many economists suggesting that in 2015 we may now see further interest rate cuts and possibly as early as February.
This is a vast contrast to a month ago where the prediction was that interest rates would possibly rise towards the end of next year. With the latest consumer confidence figures coming in at 2 year lows it just goes to show how fickle our economy is.
So if you are think of selling in the New year you may not have left your run too late. If we do get an interest rate cut early next year this will throw fuel back onto the property markets fire which was slowly going out. With money being so cheap Buyers will not resist to borrow at unbelievably record lows as long as they feel secure with their employment.
We also have to remind ourselves that our population is growing at an incredible rate – did you know that one person joins our population on average every 80 seconds in Australia? These people all need a place to live.
If you are thinking of putting your home on the market in 2015, why not give yourself a head start? Contact me to discuss my ‘behind the scenes’ marketing campaigns that have shown great results this year.
I hope you have a very merry Christmas, and a happy, healthy and prosperous new year.
Thanks for reading,