TIME TO RIDE MARKET’S WAVE OF MOMENTUM

While the market sentiment across Sydney can only be described as pretty lacklustre over the past 12 months, things definitely appear to be taking a turn for the better. The market is gaining momentum with buyers buoyed by a record low interest rate environment, favourable changes to bank lending and the result of the federal election. This recovery is especially apparent in the Inner West, which is consistently one of Sydney’s top-performing regions.

With precious little stock on the market, we’re seeing plenty of pent up buyer demand, with purchasers eager and ready to make a move when the right property comes along. This lack of listings is ramping up competition among buyers, injecting a little fire back into the market. While many have been reluctant to sell due to uncertain conditions, those who have listed their properties have been rewarded with better-than-expected results.

Auction clearance rates in the Inner West support this upturn in sentiment and for the last five weeks we’ve seen our region outperform the greater Sydney market.

Week ending 13/7 (17 auctions) – Inner West 94% vs Sydney 77.13%

Week ending 6/7 (31 auctions) – Inner West 84% vs Sydney 79.52%

Week ending 29/6 (24 auctions) – Inner West 92% vs Sydney 73.18%

Week ending 22/6 (24 auctions) – Inner West 83% vs Sydney 68.36%

Week ending 15/6 (29 auctions) – Inner West 86% vs Sydney 75.93%

Week ending 8/6 (20 auctions) – Inner West 80% vs Sydney 62.89%

 

In fact, over the past several weeks we’ve accumulated more than $1.5m over and above the set reserve prices. That’s a level of competition and an outcome that we haven’t seen at auction since the height of the market in 2016/17.

With this positive change in mood and more encouraging results, trusting your agent and collaborating closely with them will give you the best outcome. It’s a time when astute advice, correct pricing and clever strategising can really enable you to extract the very best price from the market.

 

We’re expecting a busy spring so we strongly suggest that if you’re contemplating a sale, now is a great time to take advantage of this low supply and leverage the heightened competition that’s being driven by the current shortage of listings.

 

Posted in General, Inner West, Marrickville Office, Property on 11th July, 2019