Kiki’s Monthly Market Update – March 2018
| The end of March brings the first quarter for the year to a close (already!), and the market has been in motion long enough to see that activity is definitely slower than the end of last year. This showed up in last weekend’s auction clearance rate which was 65% for Sydney, although there were more properties under the hammer (1,359) than any other weekend this year, increasing competition for sellers. Whilst I have still maintained a 100% auction clearance rate for 2018, I have noticed that the average number of buyers for each property I have sold has definitely decreased and buyers are purposefully being more difficult than ever to try and secure a bargain. For every transaction, I ensure that I utilise my honed negotiations skills and maintain my strong service approach to continue to achieve premium sale prices for my clients. It is now becoming more obvious than ever which agents are diligent in managing the sales process compared to those that are regularly passing properties in. In a challenging market like this, choosing the right agent for the sale of your property is more important than ever as not all agents are equipped to navigate this environment effectively.
Turning to the most recent economic information put out by the analysts, and we are far enough into the year for them to be concluding that a sluggish start to 2018 has seen house prices drop off slightly, having peaked in September 2017. This is widely being attributed to the tightened lending requirements introduced last year. Elsewhere, indicators are positive with employment still on the improve and decent population growth being experienced across the capital cities. With this balance, and continued low inflation and wages growth, the analysts are anticipating that the Reserve Bank will leave the cash rate on hold for the time being. |
| This newsletter contains general information only as of 3rd April 2018. Before making any decision or taking any action that may affect your finances, you should consult a qualified professional adviser. Kiki Bermudez or Mint360property shall not be responsible for any loss whatsoever sustained by any person who relies on the information in this newsletter. |
