Property News September 2018
*Sydney Market- the number of new listings is down 8.1% on this time last year, however, the number of total listings is up 21.1%, with the median time on the market increasing from 32 days to 46 days over that period. With stock levels at close to six-year highs, a further jump in new listings is likely to provide buyers with even more choice in what is already considered a buyer’s market.
*Sydney Apartment values in investor-driven markets and new unit hot-spots (such as around Green Square, Pyrmont and Chippendale) have also been in decline over the past six months, mainly due to investor lending restrictions and a strong supply pipeline.
*There is also still demand for good quality stock on the northern beaches. Most homes, given the correct pricing, are still selling relatively quickly. According to the Sydney Morning Herald, the northern beaches was the best performing region at auction on the weekend of 11 August with 82% of properties selling under the hammer. This is believed to be a result of vendors lowering reserve prices to meet current market expectations.
*Auction clearance rates are now in the 50% range whereas 12 months ago they were above 70%. Buyers are now prepared to play the long game with increased choice.
*Spring Market- High-quality properties are still likely to achieve solid results but secondary properties with defects or less desirable features will continue to struggle with vendors needing to have realistic expectations to meet the market.
Examples of Current Sellers Advocacy Work