The lovely Autumn weather in Sydney marks a change in the season, just as much as it does with Real Estate, and like that, the first Quarter of 2018 is already been and gone!
So, here’s what you need to know about the property market in Sydney.
The historically low cash interest rate of 1.5% has once again remained unchanged by the Reserve Bank of Australia (RBA), which means that it has now been over 20 months that it has remained stable. Most economists are currently predicting rates will continue to remain on hold for some time to come, but time will tell.
This unchanging rate has improved the confidence of sellers and investors alike, however, there has been a resounding sentiment that the Sydney market is cooling off.
The media’s influence has further spread this, shaking up the market early this year, causing buyers to be far more conscious about their behaviour when looking at property in Sydney.
As a result, sellers are becoming a little more flexible about their prices, and are more willing to consider lower offers or amending their reserves to adjust their expectations to meet the market.
This means that we are starting to see a far more stable and realistic market, which is actually ideal when looking to buy and sell property. When conditions are less volatile, it’s less unpredictable for everyone involved.
We expect property volumes to return to the market towards the middle of 2018, which in turn may place downward pressure on prices.
Across Sydney as a whole, the Auction Clearance Rate has been quite up and down over the first few months of the year, averaging around 60%.
Sydney’s Inner West region has continued to perform well over during the first quarter. Even with Sydney’s tapering Auction Clearance Rates, Devine has held an impressive auction clearance rate over the last few months, which we attribute to our agents’ expertise, our strong database, our innovative approach to marketing, and several other factors that make up our Devine difference.
We have also grown from three offices (Strathfield, Concord and Drummoyne) to five (introducing Marrickville and Dulwich Hill), which has further expanded our reach across Sydney’s Inner West, allowing us to offer our clients even more reasons to choose us as their trusted Real Estate partner.
That’s your Sydney Real Estate wrap for the first quarter of 2018.
Remember that it’s only a few months until the End Of the Financial year, so if you are looking to buy, sell, rent or invest, now’s the time to contact me to discuss your options.
Wishing you all the best for the next few months, and please don’t hesitate to call us for all of your Real Estate needs.
We looking forward to working with you soon.
The Devine Team