The Sydney market, for months now has been a sellers market, widely covered by the media, property information sources and outspoken agents, but are we seeing a slight change in the current climate of the property market in Sydney?
Auction clearance percentages were well into the 80’s and soaring, buyers were hand over fist at Auctions trying to get a deal done and be in their new home by Christmas – paying premium prices for the privilege. It seems now, the vendors have cottoned on to this trend and have swarmed the market with the hope of capitalising on a strong result.
The surge of stock on the property market often see’s the market start to revert, however, the activity can only mean good things on a whole.
We have become accustomed to these high clearance rates in the past few months and therefore expect to see the trend continue, resulting in confusion when properties are passed in or withdrawn, but this is typical in Real Estate.
It is not unusual to see a property sitting on the market for more than 6 weeks allowing the right buyer to eventually view the property and pay a good price, it is important to remember how much money it costs to buy a house, especially in Sydney.
Sure, the amount of stock can lend itself to a competitive market, however, this is where a good agent will secure the vendor a strong result and ensure the buyers are obtaining their dream home.
Last weekend saw the trend fall again in the Auction market with a 71% Clearance rate. Accounting for the majority of this figure was the 522 properties sold from the original 1028 listed for Auction. The Median sale price was up at $984,500, which is not to be taken lightly.
Vendors must be aware that prices change, markets shift and good agents will prosper. It is not unusual to see variation, but don’t be perturbed by the changes, they are normal.
Buyers must remember that agents aren’t the enemy, work with the sales agent and know that a deal is what needs to be done and they are the person employed to achieve it.
Thomas Merriman.
Thomas Merriman 