The Spring property market has arrived with a burst of confidence where tight stock levels, relaxation in lending criteria and the RBA’s decision to reduce interest rates continues to drive buyer demand and increase auction clearance rates.
Further proof that the Sydney property market has turned a corner was the monthly CoreLogic report on the national property market, showing house values in Sydney lifting by 1.5 per cent last month. Over the past three months, values have climbed by 1.6 per cent.
As per our own litmus test (our weekly open home inspections & auctions) in terms of the average number of groups attending each property has risen sharply over the quarter, now to be up by 35%. This is translating into an increase in offers received on properties we are marketing, as well as shorter days on market for our listed properties.
Our company is also experiencing a noticeable shift in demand for local rental properties. Our vacancy rate across our managed portfolio is now 1%, down from 4% only a month ago.
With the change in season and a traditional rush by prospective tenants from now and right through to late November, we are experiencing heightened demand for quality, well maintained properties that are priced fairly.
Contact Us
As always, our team is available and very happy to provide advice with any selling, purchasing and rental requirements you may have. Feel welcome to reach out if we can be of assistance. Our offices are conveniently located at L1/38 Willoughby Road, Crows Nest. We look forward to hearing from you.
