Angus Raine, Executive Chairman, Raine & Horne said, “We have seen reports of auction clearance rates falling below 60% in Sydney. However, the fact is that it’s been an unseasonably cold start to September with weather conditions more keeping with July.
“Yet days are likely to be warmer than average for many parts of Australia, according to the Bureau of Meteorology with temperatures in the mid-20s expected in Sydney as we mover deeper into Spring.
“The prospect of more favourable weather conditions will encourage more owners across Sydney to list their properties and more buyers to visit open homes.”
Spring is in the air, and thanks to prospects of warmer weather, more Inner West owners are expected to put their properties on the market between now and November, said Paul Pettenon, Principal of Raine & Horne Concord.
“At the same time, owners are prepared to listen to the market and are pricing their properties accordingly. Also, auction clearance rates in Concord and surrounding suburbs have stabilised, which is a good sign for the local property market as it heads into September.
High-end homes in the Inner West priced about $1.5 million are still highly sought after, noted Mr Pettenon.
Properties priced between $600,000 - $800,000 in western Sydney suburbs such as Fairfield, Fairfield Heights, Yennora and Canley Vale will be highly sought-after this Spring, according to Chris Hart, Principal Raine & Horne Fairfield.
“We expect that ongoing low-interest rates along with the prospect of decent long-term capital growth and yields of 5% will encourage first home buyers and investors to jostle for entry-level real estate in the Fairfield area this Spring.”
Fairfield’s proximity to the long-term employment and business opportunities that will spring from the second Sydney Airport at Badgery’s Creek will underpin the growth in real estate values, noted Mr Hart.
“Buyers are also recognising what this area has in terms of existing infrastructure such as transport, shops, and schools,” he added.
“With the looming completion of the M4 extension, residents of Fairfield will have easy access to many other parts of Sydney and the city.”
Suburbs such as Hornsby, Mount Colah and Mount Kuring Gai on the prestigious upper North Shore will challenge the property doomsayers this spring, said Chris Hopkins, Principal of Raine & Horne Hornsby.
“We’re expecting a robust Spring market as prices have stabilised, we still have population growth in this region, and plenty of new stock being built,” said Mr Hopkins.
“It’s still possible to find three and four-bedroom houses in Hornsby and surrounding suburbs for $1 million -1.2 million.
“Some buyers might need the bank of mum and dad to help them secure a property in this price bracket, but it’s great opportunity to buy into the prestigious North Shore market.”
Demonstrating the strength of the Hornsby market, Mr Hopkins recently sold a 4-bedroom house at 2 Rosamond Street, Hornsby for $1.175 million under the hammer.
Mr Hopkins added, “This property attracted seven registered bidders. We just don’t have a shortage of buyers for properties on the Upper North Shore.”