There has been an unexpected surge in buyer interest over the past month, and sellers who have braved the cold weather are being rewarded!
The degree of sudden change in the market has truly taken me by surprise. My team and I fully expected a change after the election result, however the degree of that change has far surpassed our expectations.
I have owned the Ray White Croydon office for 9 ½ years and on Saturday 13th July we had the biggest average in open home numbers since my time as a Director. Our average on Saturday was 25 groups! One home had 55 groups through. Earlier this year we were seeing our lowest averages with 2 groups as an average. So the market has certainly taken a sharp turn in a short time frame. An election result that was welcomed for many, APRA loosening lending criteria and 2 interest rate cuts has all come within the last 3 months – one might say this is the perfect storm!
We expect a moderate increase in prices in the immediate future, though we certainly expect prices will rise in the first home buyer market sooner rather than later. Already we have noted many first home buyers are becoming increasingly emotional as they deal with the fear of missing out as competition increases.
An article in the Financial Review on 17 July commented “The revival in home-buying demand across Sydney and Melbourne shows no signs of letting up although the key test for the market won’t come until spring, which is expected to bring a surge in properties for sale.”
If you had been considering selling, but were holding off due to the market, now might be the perfect time to do something. It is likely prices will go up from here so if you’re upgrading now is the best time to do this.
Stock levels of houses are also at record lows so my recommendation is to get in as soon as possible before you have lots of competition!
If you’d like an updated market appraisal on your home or investment property please feel welcome to give me a call for a chat or to make an appointment on 9725 7444.