Spring 2016 market wrap

Property market continues growth over spring

The spring season saw strong activity from buyers in the market with record low interest rates and lower than expected stock levels for the typically busy selling period spurring them on.

Sellers have been achieving strong pricing on their properties in the Eastern Suburbs over spring as buyers looked to secure their slice of the coastal lifestyle in time for the summer months and holiday periods soon to come.

Auction clearance rates remained in the high 70 per cent range throughout spring showing that the Sydney market, even more so in the Eastern Suburbs, has continued along its current growth path.

What are your market expectations heading into the holiday season of 2016? 

Will the Sydney property market take a break over summer?

Heading into the holiday season, it is common for the property market to also take a break as agents and vendors decide not to hold auctions or list their property close to the Christmas and New Year festivities, instead waiting until the new year to list, often after the Australia Day long holiday.

Because of this, stock will greatly reduce toward late December and not pick up again until auction dates line up with weekends beyond Australia Day.
Before we get there however, we predict the weeks leading up to Christmas to still be active for the Sydney property market with auctions falling as late as December 17. The RBA has decided to leave rates on hold until the new year which will encourage a flurry of buyers back into property searching mode through January and February.

It will be interesting to see how 2017 kicks off. We wish you all a happy and safe holidays!