In an ever changing market, one thing is certain right now and that is that buyer confidence has returned to the marketplace. Within a very short period of time, we have experienced high volumes of prospective buyers coming through our open homes, with an average attendance rate of 31.5 buyers per open home. These are huge numbers that cannot be ignored. There is no time like the present to purchase a property.
It’s safe to say that anyone considering selling should really be looking at their options now. This is our fourth consecutive week of exceptional results. Now that we are post-election, factors such as record low interest rates, APRA relaxing its lending assessment rate, continued support for first home buyers from state government initiatives and low levels of stock are all impacting our current market conditions.
Registered bidders for July 2019 have more than doubled compared to the same time last year, up to 5.6 registered bidders at auction. The average dollar value over reserve is also up on the same time last year by $55,255, courtesty of figures released by Cooleys Index.
On the Lower North Shore, it’s simply a case of supply versus demand and from our red hot buyers we are hearing a common theme, they are all tired of looking because there’s still not much available on the market. From a selling perspective, you could really benefit from buyer competition by placing your property on the market now, before the anticipated “Spring surge” of new supply.
On the other side of the residential property market, if we take a quick look at the rental market, it’s clear that there’s currently an oversupply and has been for several months. This has affected rental prices and vacancy periods. For property owners it’s time to be mindful of your property’s presentation, your price expectations and considering whether or not it’s time to sell or adapt to the current rental market conditions.
Before we know it, Spring will be upon us.
If you need any property advice don’t hesitate to get in touch on the below
Gerard@thepropertylab.com.au
0405 773 005