This result is even more impressive when coupled with the fact that auction listings are also up, by hundreds of properties for sale by auction, compared with the same period last year. Sydney has witnessed an unprecedented auction clearance rate consistently since August, and some areas have displayed truly outstanding results. For example, the Upper North Shore has recorded clearance rates of 93%; The North West at 95%; the Central Coast 92%, and the Inner West strong at 86%.
Other markets nationally are doing well too, with their performance being described as moving from “solid” to “strong”. Adelaide is currently performing strongly, with a recent weekend of 83% clearance, despite the number of properties sold at auction being proportionately small. Melbourne’s rates have increased over the past few weekends also, over a larger number of properties listed.
Values are improving also – Sydney again performing best, with home values rising an average of 0.5%, which is encouraging in light of the flat market seen over the past few years. The strength recently displayed shows no signs of easing anytime soon, with momentum building nationally; it seems it is finally a good time to sell.
Impressively low interest rates are a large factor behind the drive to such an improvement in the property market, and whether the Reserve Bank leaves rates on hold or delivers further cuts, it is likely that low interest rates will continue to generate activity from both vendors and buyers as the season continues. This is encouraging for anyone choosing to sell their own home, whether by auction or private sale.
While there are some who believe the mentality that spring is the “time to buy” rather than the “time to sell”, due to a potential oversupply in the market during what is arguably the most pleasant time of year, current trends do not support this; and as people come out of their metaphorical hibernation, the property market certainly appears to be doing likewise. If the time is right for you to sell your own home, there is no reason why you shouldn’t go ahead with optimism and excitement.
** Figures quoted were sourced from news.com.au, The Australian online, and The Sydney Morning Herald online.