Thomas Merriman

90 Second read time

As you know I like to keep you updated on the Real Estate market, especially across the Upper North Shore.

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Firstly, price growth across Sydney and the Upper North Shore has continued, albeit slightly, it is registering on the spreadsheet.  i.e suburbs that were at -15% are now around -9% for the year, showing a significant bounce back in the second half of the year. … some suburbs are even in positive growth i.e + 2%

Local market:

At this stage in the year we would have expected a flood of property on the market for Spring, however this just has not been the case.

Keeping stock levels low and negotiations tight this has combined perfectly with higher numbers of buyers to create frenzy at local Auctions and even causing a lot of property to sell prior to Auction.

Wider market:

Auction clearance rates across Sydney have maintained at roughly 80% and above for most of the second half of the year with no sign of slowing down. In fact, a lot of commentators and forecasters have now set their sights on the 2017 boom time prices, saying we are almost back up, and looking to surpass, these once unrealistic prices.

Banks:

Continue to soften their once heavy restrictions and slowly passing rate cuts as competition ramps up between lenders.

Interest Rates (RBA):

On hold at record low.

Criticism is mounting as to whether this sends the right message about Australia’s financial spreadsheet but for property owners it is a welcome relief, in most cases.

If you have any questions or would like a report on another area, please let me know.

Thank you.

 

Thomas Merriman.