Spring Property Market Update

As we enter Spring, more homebuyers are considering their buying/selling options and it’s traditionally the busiest time of the year for the property market.

For the third month in a row the RBA has held the cash rate at 4.10% which is welcome news for many homebuyers. Inflation has been slowly decreasing in the past few months to be at 4.9% which is down from 5.2% market forecasts.

When speaking to industry colleagues there is a common theme of activity being back in the market. Vendors are starting to meet the market and over the past few months properties have been selling between 5 - 10% above the price guide on average.

With prices having increased 8.8% this year since January it’s a sign of the strength of the Sydney market and for those who wait for prices to come down they simply get left in the dust.

The keys to the increase in prices has been the flow of new listings, they are currently 15.5% lower than a year ago. With many of our clients needing to be flexible in their brief, wide in their search parameters and in a position to act when the right property presents to beat out the competition.

This strong demand I feel is down to a few leading factors, but the main indicator being buyers seemingly becoming more comfortable with the interest rate environment and putting a higher importance on lifestyle in their decisions.

There are great buying opportunities out there for people who are willing to be flexible with their brief. The key to success is about finding a property that is the perfect mix of compromise.

Source - Grantham.