After a healthy winter market, the Spring selling season in Sydney is off to a bumper start due to auction and investor activity. Auction clearance rates had fallen slightly over Winter but have now returned to 81.8% over 4 consecutive weekends compared to 77.8% over the previous four weekends. Falling volumes in Auction numbers at around the same as this period last year are a good precursor for the Spring housing market.
Over the winter months, the housing market increased by 4.2%. Sydney medium dwelling prices increased to $650,000 with further increases expected heading into Spring but not at the same boom-time results that we experienced last Spring. Since the beginning of 2009, we have seen cumulative housing values increase by 50.1% in Sydney. After a post budget slump, consumer confidence is once again entering the market. The number of +$2 million properties sold last weekend surpassed the previous week from 14 to 22.
Interest rates are expected to remain on hold in the foreseeable future with analysts predicting no movement until February 2015.
We keep saying, this is a terrific market to capitalise growth, but certainly this Spring is offering an exceptional period for clearance.
If you are interested in a free current market appraisal of your property, please call Michael Kurosawa on 0411 641 662 or our sales team on (02) 9699 9179, visit us online at http://www.infinityproperty.com.au or email us at firstname.lastname@example.org
Author: Bernie Tynes