We saw a gain of 1.3% over the month, and 3.9% over the last 3 months. Although we are still increasing, the rate of growth has reduced over the course of the year.
Having said that, we are up 13.1% since November of 2013, meaning it’s not too late to put your home on the market if this is on your radar. Average days on market for a property is down from last month, sitting at 28 days on average and down from 32 days from this time in 2013.
Sydney has experienced decreasing auction clearance rates over the last 4 weeks, and has even dipped below 80%, to 74% and 72% over the last 2 weeks in the Northern Beaches, signalling a closure to the Spring frenzy.
This is the first time that clearance rates have stayed below 80% for consecutive weeks this Spring, and the lowest clearance rate since the first weekend in July.
This is the result by the sheer volume of auctions held at the beginning of the Spring season now spreading numbers thin at each auction.
November will have the highest amount of auctions ever conducted in Sydney over a month, with November 29 looking to be a very busy day for auctioneers.
It appears the law of diminishing returns has taken effect. My prediction is that we are now sitting at about 11:50pm on the property clock, signifying that the Sydney market has now peaked.
So my advice is if you are thinking about selling anytime in the next 6-12 months, sooner rather than later is your best option. The next interest rate rise, possibly in the second quarter of 2015, will definitely dampen the market.
We may not see a rise like this again for another 5-10 years.
If you need any real estate advice or assistance, please do not hesitate to contact me.
Thanks for reading,