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August 2014

Listings scarce as property market tightens

July continued to see the local property market tighten to incredibly low levels of available property. You’ll note from our graph that there were just 52 properties available in the 2041 and 2039 postcodes and almost 40 properties traded over the month. If this same trend continues we may literally have nothing on the market for sale. When we really drill into the number of properties available it is actually even more alarming for those keen to buy. About 20% of what is actually available has been on the market for more than 60 days and this would typically suggest that these properties are overpriced or have a significant issue. With that in mind, this essentially means that what property is available is selling every 30 days.
 
What are we seeing at the moment? Buyer demand is building for obvious reasons but homes between $2m and $3m are in highest demand. Speaking with mortgage brokers recently, we are hearing that many mortgages have been approved and increased in recent months, which would suggest buyers have a stronger appetite for expansion in the local market. We have also seen recent sellers in the $1m-$2m zone achieve better-than-anticipated results for their existing homes and in turn look to funnel the additional funds [...]

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Market Review

August 2014

Listings scarce as property market tightens

July continued to see the local property market tighten to incredibly low levels of available property. You’ll note from our graph that there were just 52 properties available in the 2041 and 2039 postcodes and almost 40 properties traded over the month. If this same trend continues we may literally have nothing on the market for sale. When we really drill into the number of properties available it is actually even more alarming for those keen to buy. About 20% of what is actually available has been on the market for more than 60 days and this would typically suggest that these properties are overpriced or have a significant issue. With that in mind, this essentially means that what property is available is selling every 30 days.
 
What are we seeing at the moment? Buyer demand is building for obvious reasons but homes between $2m and $3m are in highest demand. Speaking with mortgage brokers recently, we are hearing that many mortgages have been approved and increased in recent months, which would suggest buyers have a stronger appetite f [...]

<see full article>