Well, the wrap for 2014 is; that it was as exciting as predicted.
We were witness to an extension of the unprecedented growth in each quarter of the year with the last two quarters being the most successful for Auction clearance and sale prices.
The strength in this, often fluctuant, marketplace is leading me to believe that we will continue to see strong prices and positive buying and selling, for a little while longer.
For the better part of the last two quarters of the year Auction clearance rates were at or above 80% falling slightly to the 60% range in November.
Coinciding with this drop in property clearance at Auction was an influx of property onto the Real Estate market in Sydney which may explain the drop in percentage points.
As the buyers adjusted to the abundance of property, the clearance rate spiked back to 75% in December and with this, stock became thinner on the ground.
Surprisingly, while prices were soaring, negative and positive speculation circling and prominent people were talking about the volatility of the property market in Sydney, the RBA decided to leave interest rates at record low levels. While this positive vibe is in the market, rumours have it that these rates will continue to either drop or stagnate at a very comfortable level for Real Estate.
I think it is important to note that the average House sale price in the Upper North Shore climbed over $100,000 to $1,534,528 and the average unit price over $30,000 to $757,818 in the latter two stages of the year compared to the first two quarters.
The positivity I keep referring to is that of the prepared buyer, coupled with a motivated seller and capitalised on by a confident agent. The Real Estate market in Sydney is not as predictable as it seems when written about in hindsight so don’t be complacent as a buyer or a seller, if you procrastinate while waiting for prices to rise or fall, depending on which end of the market you are, you may lose your ideal property, or price – forever.
I look forward to embracing 2015.
Thomas Merriman.
Thomas Merriman 