90 Second read time
As you know I like to keep you updated on the Real Estate market, especially across the Upper North Shore.
Local market:
Typically sellers wait for spring time to sell their home with the promise of fresh flowers, green grass and warmer weather however, the Real Estate market has changed over the years to mean that seasons have less impact on the market.
During the boom in 2015/2016 winter was our busiest trading period and at present we are seeing signs of another busy winter.
With the lowest number of properties on the market right now, compared to years past, cheap money and the recovery of a slower market we are starting to see more properties come to market to satisfy the higher number of buyers around.
Instead of planning to sell around a particular season or waiting to ‘see what the market it doing’ I would recommend fishing where the fish are, put your property on the market when there are more buyers than sellers – Of course, this is only important if you are considering selling at all.
While this may not mean an immediate increase in price, in fact most predictions are between 2% and 4% over the next 12-18 months, it may mean shorter days on market and a greater opportunity of securing a good price.
Wider market:
We are starting to see strong signs of recovery all over Sydney, predominantly in the Lower North Shore and Eastern Suburbs. Usually the slowing down or speeding up of a property cycle begins in the East and travels up the line from the Lower North Shore. If you are upsizing or downsizing into one of these suburbs, get in touch for a report so we can help you figure out what those areas are doing and how that may impact you.
Auction clearance rates have been above 70% lately up close to 80% the last couple of weeks in July.
RPData figures show for Sydney:
5 years: increase 18.4%
3 years: decrease 14.7%
12 months: decrease 9%
The last 2 months: Consecutive increase of 0.2% each month.
These figures impact people who have bought and planning to sell in recent years, however people who bought 5+ years ago should be confident trading into a moving market – both buyers and sellers.
Banks/Finance:
Banks have lowered their serviceability criteria for buyers, while pre-approval is still taking 3-7 days buyer are reporting to have access to more money in their pre-approval than 3 months ago.
One of our brokers that we deal with, Damien Page, has reported that he is seeing a lot of competition among the banks with interest rates offers, working through up to 47 banks to sort through the deals in most cases.
Interest Rates (RBA):
… currently sitting at record low levels with reports on a further decrease.
However, with a stimulated property market I wouldn’t expect this cut to come as soon as originally planned but stranger things have happened, let’s keep an eye on this.
Upper North Shore:
| West Pymble: $1,613,000 | Pymble: $1,959,000 | Gordon: $2,216,000 |
| Turramurra: $1,807,000 | South Turramurra: $1,496,000 | North Turramurra: $1,686,000 |
| Wahroonga: $1,687,000 | North Wahroonga: $1,727,000 | Warrawee: $1,977,000 |
| St Ives: $1,756,000 | St Ives Chase: $1,810,000 | Killara: $2,510,000 |
| Hornsby: $1,140,000 | Hornsby Heights: $1,050,000 | Normanhurst: $1,200,000 |
| Berowra: $1,111,000 | Thornleigh: $1,160,000 | Pennant Hills: $1,360,000 |
If you have any questions or would like a report on another area, please let me know.
Thomas Merriman
Thomas Merriman 