Changing conditions in a transitioning market
Property Insights from MyPlace
It is becoming more apparent in the current market as we move from sale campaign to sale campaign that conditions are now beginning to shift from what we fortunately considered “normal” for many selling seasons to a market in transition. Notwithstanding APRA’s move earlier in the year to curb overseas investment; we are noticing that the average days on market number is extending, more properties are coming onto the market, as is traditionally the case at this time of year, along with buyers becoming less frantic and more discerning.
Auction statistics are on the decline with the last two weeks showing clearance rates under 70% according to Domain although the pattern has been trending downwards for most of 2017.
The Sydney market has now witnessed the median house price fall by 1.9 per cent in the September Quarter. Sydney’s eastern suburbs having a more marked decline with -6 per cent in house prices in September Quarter. This has dragged the average sale price to $1,167,516 see Australian Financial Review.
Don’t worry it is not all doom and gloom. Keep your hair on. Yes we are commenting on the rate of decline in growth but look at the growth we have witnessed over the last few years. Remember this can sometimes be lost in messaging when we read all the data and rhetoric around the property market. News items in the media are often skewed to grab attention and don’t always give you the full perspective. There are still plenty of buyers out there. Let’s keep it real. Choose your sources wisely when reading about the market and don’t allow yourself be spooked or alarmed.
Sandra Higgins #keepitrealestate