There has been a lot of talk about Autumn and Spring being the new Summer of selling, especially in the Sydney market. Backed up recently by a statement made by Dr Andrew Wilson of Domain, which was reiterated in a Real Estate commercial currently circulating on radio, it seems to be more than anecdotal.
Traditionally buyers would capture the blooming flowers of Spring and warm months of Summer, ensuring their homes and gardens looked their best. But buyers began to cotton on and try to inspect property outside of this trend with the hope of securing a ‘deal’.
I think this evolved the market into a market where vendors caught on, coupled with increased demand and voila, we now have a market gone topsy-turvy.
However, negative media coverage, disgruntled demographics and boring politicians with boring ideas and brain explosion solutions can dampen the market every few months. Buyers who have been through a depressed cycle of negativity – say every 3 months – are the victorious ones usually and the newer buyers to the fray can become a bit bewildered. Vendors are equally as nervous, hoping to sell before the ‘inevitable’ occurs.
The Auction Clearance rates were still up, in spite of all of this, at 74% and there is still a large amount of property going to Auction as well. The median sale price for property sold at the weekend was $1,170,000.
There were originally 458 properties scheduled to go to auction with 316 taking place and 265 reportedly sold under the hammer. There were 44 properties withdrawn for whatever reason.
I think we are all looking forward to see what the budget has in store for us and whether it will create another couple of weeks of anguish for buyers and vendors before it levels out again. … Or whether it will be actually good or bad news.
Thomas Merriman.
Thomas Merriman 