Sydney Market Review 2017
Market Review for Sydney January 2017
Limited supply increases Sydney property prices!
Auction clearance rates have been off the charts in Sydney, rising above 80% throughout the early spring selling weeks. Despite the high result, the number of auctions held was down from last year, which could perhaps be attributed to the lack of properties on the market. These factors have combined to prompt prices to skyrocket, as buyers want to snap up whatever stock is available.
To meet heightened demand, the number of dwelling approvals has increased by over 5% for both houses and units. Moreover, the prestige market has been flourishing.
“We are forecasting that the prestige market will continue to grow at a healthy rate, as interest from international and local buyers continues to grow at an extraordinary rate,” says Simon Cohen, co founder and managing director of Cohen Handler.
“This year we are already expecting to cross $250m worth of prestige properties purchased. With a limited supply of prestige properties available, the market will remain competitive. As we lead into the spring and summer months, we typically see more competition among high-end buyers.”
Sydney:
The market for new estates in Southwest Sydney has also been active over the past two years, because these properties are affordable and interest rates are low. In this market, developers
control the amount of stock, and the homes generally appeal to first home buyers, upgraders and investors.
“Off the plan apartment sales appear to have been affected by recent changes to the way foreign investors can finance their purchases,” Herron Todd White states in its Month in Review. “Local investors have also left the Sydney scene chasing more attractive returns and stronger prospects for capital appreciation in other states.”
For Sellers:
It is an ideal time to place your property on the market as there is limited stock available which drives more buyers and higher prices.
For buyers:
Be sure to do your research on the area and be sure to link with a local agent or buyers agent to have the opportunity to view properties prior to public advertising. Be sure to let your agents know you would like to see as many properties as possible before they go on the market publicly.
Coleman and Co. Real Estate Registration:
Call us today if you would like to register your interest. Both sellers and buyers are welcome to register with us at any time, we always do our utmost to help buyers find a property, even if another agency is selling it.
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