Summer 2018 market wrap

Market is back into full swing and healthy in Sydney’s east

As summer draws to a close; this hasn’t affected the property market as it continues to be in full swing. Our initial assessment concurs that there are healthy market conditions.

The encouraging market indicators supporting our view are the strong auction clearance rates hovering around 70% over the last couple of weeks, together with an abundance of buyers at our open homes.

However, we have found that buyers are proving to be somewhat more picky and discerning, and as a result the premium properties are being snapped up quickly, leaving the more average properties in the fringe suburbs proving to be a little more difficult to sell.

We are also observing an impact as a result of the changes in lending practices introduced last year, with fewer investors in the market compared to owner occupiers amongst the buyers causing a softening market.

What are your market expectations heading into the cooler months of 2018?

We expect housing market conditions to remain static over the next few months, compared to previous years as the heat surrounding the market has been removed and is now stable.

We believe interest rates will remain low with the Reserve Bank of Australia communicating that a rate hike is quite a way off, perhaps in the later part of 2019, if at all.

Lending restrictions, coupled with first home owner stamp duty concessions will continue to drive less competition from investors and a higher demand from first home buyers.

There is still positivity around the prospects for economic growth in 2018 both locally and across the globe.

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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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Craig Sewell