Market Update

Last week’s Sydney auction clearance rate came in at 83%

 

Interest rates have remained on hold as expected and the next move could even be down.

The stock market is up and down like a yoyo, from one day to the next, but auction clearances and property prices are holding up solidly.

CoreLogic RP Data figures for the first 6 months of 2015 indicate that the Sydney market has increased by 9.9% and 16.4% annually. The number of new properties coming on the market over the past month was 7,394, which was 21.2% higher than 12 months ago. But because of the persistently high clearance rates, the total number of current listings (17,238) was still 15.3% lower than 12 months ago.

Until this chronic under supply of properties for sale is brought into equilibrium with the ongoing pent up demand, clearance rates and property prices are likely to hold strong.

The significant statistic was the 21.2% increase in new listings for the past 30 days. If this starts to escalate the tipping point may not be too far on the horizon.

So there is an inherent risk holding on hoping for more, because once the market turns, sellers will react quickly and would be sellers will find themselves competing against many more good properties. So if you are ready to make a move, call us on 9556 2071 today, and we will show you how you can get sold at the peak of the market while there is still time.

Auction results last Saturday;
26 & 28 Carnation Avenue, Casula sold $1,653,000
5 May Street, Bardwell Park sold $1,390,000
2/28 Patrick Street, Blacktown at sold $464,500

Auction this Saturday;
14 Nicholas Avenue, Campsie at 1:30pm On Site
Final inspections and registrations commence 30 minutes prior to the advertised auction time.

New listings starting this week;
91 Bexley Road, Clemton Park open Saturday from 10:00 – 10:30am
16 Rickard Street, Turrella open Wednesday from 6:00 – 6:30pm & Saturday from 12:00 – 12:30pm
1 Ronald Avenue, Earlwood open Saturday from 1:00 – 1:30pm