11 Mar HOT MARKET FOR AUTUMN
Autumn selling season this year is said to be just as strong as the Spring 2013 season in Sydney. John McGrath, a property expert, recently wrote about great signs in the real estate market for this season.
During the first auction Saturday last February 1, Sydney had recorded a clearance rate of 80 per cent — a very strong start to this selling season. Compared to February of last year, there’s a 40 per cent jump in the number of properties being offered for auction.
According to McGrath, “This indicates new confidence on the sellers’ side after many years of the market being perceived as only a buyers’ market. Sellers are seeing a long-awaited opportunity to trade-up in the case of families or downsize in the case of empty-nesters and retirees.”
The wave of investment activity in NSW is said to definitely continue into Autumn. Latest stats from major mortgage brokers, AFG show 53.4 per cent of new loans in January were for investors. That’s the highest level recorded in the six years AFG has been tracking these numbers.
Interest rates are also expected to stay low for some time. Add to that the ‘fear of missing out’ factor, with more people who sat on the sidelines during Spring now having the confidence they need; and we’re looking at a very positive Autumn season.
McGrath also mentioned, “I will say though, that I don’t think the strength we’ll see in Autumn will remain all year. The sort of frenzied activity we’ve seen in recent months can’t last forever, but 2014 will still be a great year for Sydney. I’m tipping 5-10 per cent growth across the board.”
We are seeing a great deal of positive sentiment in our clients and Real Estate Agents at the moment. I certainly agree that the foundations are right for a good strong property marketing campaign in a healthy real estate environment. We had a very strong start to this year and are continuing to see the strength, without change, carry through now in Autumn.
Really exciting times ahead!
To read the John McGrath’s full article, click here.