Whilst auction clearance rates are fluctuating and may cause concern for some people – they’re not a true reflection of the marketplace for a couple of reasons – they rely on the real estate agent providing accurate info, and, they don’t reflect how many properties sell in the coming days because of the auction.
Therefore, let’s look at the data. Recent Corelogic property data (July) highlighted annual median home price growth across Sydney at 13.1%, despite measures to curb growth focused on stamp duty and foreign investment. In parallel, July's first home owner concessions (really only touching housing up to $650k) kicked in.
We’re seeing even greater growth in pockets of Sydney where scarce supply and high demand has continued to push pricing northward. These 'microeconomies' typically attract cashed up or equity rich buyers who have cross-collateralized a property portfolio, or they are ‘stepping up’ from an existing home.
What does the data tell us? Desirable suburbs will always remain desirable suburbs - pure and simple!
If you’re interested in understanding where your property sits in the current market, contact Daniel Fitzpatrick, our Director of Sales on 0412 955 663, or Daniel Bligh, our Director of Property Management on 0414 203 264. We're always happy to help.
|Daniel Fitzpatrick - Director of Sales|
|m. 0412 955 663|