Autumn leaves spring market in its wake says Raine & Horne
Media release - 22nd May, 2015
With Sydney property values going from strength to strength, the autumn property market has proven to be one of the best on record, according to leading real estate group Raine & Horne.
“The fact is that properties for sale are being snapped up super-fast as there is very healthy demand for Sydney real estate,” said Angus Raine, Executive Chairman and CEO of Raine & Horne.
“The demand and supply pendulum is swinging well and truly in favour of owners considering a sale and means this that Autumn 2015 is proving a great time to sell a Sydney property.
“Our agents are reporting that appraisal activity is up, proving that plenty of people are already actively considering a sale in preparation for Spring.”
“It’s been better than the traditional Spring selling markets of recent years because the Reserve Bank has delivered two interest rate cuts that have impacted on it directly,” said Mr Hill.
“This autumn market has also been bigger as we’ve had a buyer frenzy that you’d usually associate with a healthy Spring market, but we’ve had probably 25% less properties to sell.
According to Mr Hill, a number of savvy investors have recognised that real estate prices on the Lower North Shore have increased by around 25% over the past 18 months, and are selling some assets to realise a profit.
To illustrate, Raine & Horne Crows Nest sold a 65 sqm one bedroom unit at 80 Shirley Road, Wollstonecraft, with a 20-year old bathroom and kitchen, for $690,000. A similar property in the same block sold 18 months ago for $565,000.
In western Sydney, the Autumn 2015 market has been one of the best on record according to Peter Diamantidis, Sales Manager, Raine & Horne St Marys.
“The St Marys market is on steroids and the buying activity is pretty close to that of a traditional Spring market,” said Mr Diamantidis.
The interest rate cuts in February and May have had an impact on the autumn market, although Mr Diamantidis is adamant that St Marys’ housing affordability is a big factor in the market surge.
“Where else in Sydney can you buy a three bedroom house for under $500,000?” said Mr Diamantidis.
The Autumn market south of Sydney has also proven red hot, with properties in Helensburgh selling significantly faster than in the second quarter of 2014.
“This result can be attributed to the fact that while we have roughly the same numbers of properties for sale, there are many more committed buyers.”
As a result, prices in Helensburgh have jumped by 5 to 10 percent over the Autumn quarter, according to Ms Humphries, who has listed for auction on Saturday 23 May, 301 Lawrence Hargrave Drive, Clifton, a 1930s style cottage with spectacular ocean views.
“The buyer of this property is likely to be a city dweller seeking a holiday home. It’s quite unique being the first property on the southern side of the famous Sea Cliff Bridge to be listed for sale in many years,” said Ms Humphries, who expects plenty of committed bidders at this weekend’s auction.
Ms Humphries says the combination of low interest rates, a shortage of properties available for sale and the tightly held nature of Helensburgh and surrounding areas have contributed to the autumn market frenzy.
“We’re also well served for transport in Helensburgh, with an express train delivering commuters to the city in 50 minutes, while Helensburgh is the first exit off the F6 freeway when travelling from Sydney to Wollongong.
“By car Helensburgh is about an hour’s drive to the Sydney CBD and 20 minutes to Wollongong, while we also have a great little shopping centre, clean air and a country style atmosphere.”
For further media information contact:
Andrew Harrington, National Communications Manager, Raine & Horne on 02 9258 5400