Spring 2017 market wrap

Sydney market softens over spring quarter

Over the past quarter we have seen dwelling values decline by 1.3%, with November showing a 0.7% fall. While this rate of value decline has gathered some momentum over the past 3 months, it has still been extremely modest and is certainly nothing to be too concerned about.

The national dwelling values have increased 5.2% over the past 12 months ending November, softening from the 10.4% we saw in May 2017 with Sydney being the main influence on this.

We believe that the market has returned to what we call a ‘normal’ state. High quality and well marketed properties are continuing to sell well at premium prices. It is in these market conditions that the skills and expertise of the agent you choose to sell your property are more important than ever as the attitude of buyers begin to shift.

What are your market expectations heading into the summer of 2017/18?

We believe that the general Sydney market will continue its ‘levelling off’ period for the near future, while premium properties, especially in the Eastern Suburbs, that are marketed well will continue to sell well.

This lower growth period however will only be a moderate one as other factors are driving demand such as growing populations, a strong labour market and a declining pipeline of new housing stock.

There is no indication of change to the cash rate either with interest rates expected to remain on hold for the foreseeable future.

As generally is the case, the summer holiday period will see reduced stock levels and auction volumes as agents, sellers and buyers alike take a break. It will not be until after the Australia Day long weekend when we will see stock and auction volumes back to normal.

Due to this, now is a really great time for those looking to sell in the New Year to prepare and organise their properties for sale so they can hit the ground running in 2018.

We wish you all a lovely holiday season and best wishes for the new year!


 

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Craig Sewell
Craig Sewell is the Foundation Director for Mint360 Property a leading real estate firm based in Sydney’s exclusive Eastern Suburbs. He holds the record for selling the most expensive house in Maroubra for $8 million and has sold shopping centres for up to $15 million. Craig’s most important connection is to his family and the community they live in. That’s why, when he is not selling property, you will see Craig and his four children getting involved in local life – he is a strong believer in the development & education of children giving time and money to Coogee Public School P&C Surf, Coogee Minnows Junior Surf Lifesaving Club, Coogee Rugby Club (The Seahorses) or simply enjoying the fabulous beach-side lifestyle on offer in Sydney’s Eastern Suburbs.
Craig Sewell

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11th December 2017

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