Berry Blog

The secret is out….

The housing recovery is gaining momentum as buyers, buoyed by better borrowing conditions, stake their claim in a smaller pool of homes on the market.

With fewer properties on the market, buyers’ appetites are pushing the preliminary clearance rates up in Sydney.

FOMO, the fear of missing out, is really kicking in because people are feeling like the bottom has now passed and if they don’t enter the market now, they may miss out.

We are seeing buyers more confident and happy to put their hands up at auctions and private treaty sales are moving once again.

The most recent house price figures show price growth in Sydney and Melbourne is in positive territory for the first time since the market peaked in 2017.  Values grew slightly by 0.2per cent in Melbourne and 0.1 per cent in Sydney over the month of June as reported by CoreLogic.

The second cut by the RBA to official interest rates has seen yet more of a stimulus impact the property market. In addition to this, actions taken by the passage of the federal governments $158 billion tax cut plan and the scrapping of the 7 per cent serviceability for borrowers, are expected to increase borrowing capacity by up to 14 per cent.

Recent stats as published by CoreLogic are showing that these actions are having the desired effect and have created the  trigger for a healthier property market as we move into Spring.

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