Those numbers mean there’s still a shortage of housing stock, with average days on the market currently sitting at 21 days and properties often achieving prices above the estimate.
The rental market has also picked up. In fact, we’ve leased more than 10 properties in the last two weeks so the demand for rentals is definitely on the increase.
This is not just happening in the local market but Sydney-wide, with some rentals attracting a high number of applications and, in some cases, prospective tenants are offering above the listed rental amount to help secure the property.
This is all positive news for the market plus preliminary auction clearance rates for the weekend of June 20, climbed to 63 percent – equal to the rates for the same weekend last year – but of course, there were fewer properties available overall.
Despite predictions of a significant impact on property prices, the market isn’t nosediving but rather staying afloat, and with the lockdown restrictions easing further, people are starting to feel more optimistic.
Prices may fall slightly in the second half of the year, but as always, it’s all relative when you buy and sell in the same market. House prices tend to be less volatile than other investments simply because they’re not just an investment but a necessity.
For any kind of real estate transaction, Day & Hodgson is a great team to have on your side. With our market knowledge and local area expertise – whether it’s buying, selling, leasing or property management – you can be assured of expert advice to help you get where you need to be in 2020.
Far from predicted nose-dive, market on the up and up
ONE of our recent sales for a two-bedroom apartment in Marrickville, followed over 60 groups inspecting the property, while other sale properties have experienced similar levels of interest.