Winter is nearly over as we begin to approach spring! Spring is typically the Selling Season where we see a rise in properties going to market. Will this trend continue or will stock levels continue to remain low due to lockdown restrictions?
In July this year we have seen an increase in Sydney house prices despite being in lockdown, with prices being 17.2% higher than they were this time last year.
Similarly, auction clearance rates remain high with 75% of properties selling at online auctions. This statistic provided by Andrew Cooley at Avenue auctions shows strong buyer activity with an average of 9 bidders and 23 bids per auction. This buyer demand can be linked to people’s desire to move into a home that suits their needs and wants when confined to their homes in lockdown or even those who are looking to invest, taking advantage of the current low interest rates.
Australia’s official interest rate will remain on hold at the historic low level of 0.1%, showing how the Australian economy has bounced back from the 2020 Covid-19 outbreak is likely to continue on this trajectory through 2022.
These trends suggest that the market will remain hot in Spring. With low stock levels and high demand, the market is in the hands of sellers!
If you are interested in seeing what we can do for your property or investment, do not hesitate to contact us to discuss on 02 95449688 or Dave direct on 0414 866 888.