Kiki’s Monthly Market Update – September 2017
| Since my holiday, I have been back in action for a month and would assess the current market as being quite neutral at the moment. Auction clearance rates are down compared to last year, hovering around the 70% each week. This can often be an indication that the market is softening and it’s not unusual to hear this messaging in the media at the moment. However, supply is also a key function of clearance rates and Cooley Auction’s reported in their recent Cooley Index that they held 357 auctions in August 2017 compared to just 244 in August 2016, indicating that buyers are still out there, but have more properties to choose from. In these more neutral markets, premium sale prices are still achievable, it just becomes even more important to pick a skilled agent for the job.
Turning to the most recent economic information put out by the analysts and there is increasing positivity around employment levels in Australia, including from the Reserve Bank. Consumer sentiment is quite high in relation to job security although wage growth remains a concern. In relation to property prices, there is a growing consensus that Sydney and Melbourne price growth has peaked and will be subdued moving forward, allowing the rest of the country to play some catch-up. |
| This newsletter contains general information only as of 3rd October 2017. 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. To unsubscribe click here |
