Real Estate

Property price fall unlikely over shortage of stock

THERE is so much information that we are bombarded with about the property market.

Some ‘experts’ say they expect a fall from 10-30 per cent, however we haven’t seen that yet and due to shortage of stock, it doesn’t look likely.
We had a good weekend in the property market last weekend. The preliminary auction clearance rate in Sydney was 71.9 per cent for 632 properties which is up 10 per cent on last week’s final clearance rate of 61.9 per cent on 668 auctions.
The same time last year, 503 properties went to auction for a 78.1 per cent clearance rate. The Inner West had 89.5 per cent clearance showing a lot of action in our patch.
Each capital city has been affected differently, with the ACT being the winner after a 1.3 per cent increase in value between March and July where the median house price is $721,912.
This is interesting as the national dwelling values declined by 1.4 per cent in the same period. While the house prices have increased, the rental market has decreased by half a per cent.
We attended four auctions for our clients on the weekend and found that Covid-19 safety checks were being conducted by Fair Trading NSW.
Fair Trading didn’t give the industry much notice, we were advised late Friday afternoon by the REINSW.
The new rules state there must be a Covid-19 marshall in a high vis vest checking that the open homes are compliant; only registered bidders are allowed into the auctions and social distancing, masks and hand sanitiser must be used.
If you want to take advantage of the buyers’ market, reach out to Amanda for expert advice on 1300 447 732 or if you need to sell a property, call Tony on 0413 696 722.