After a hiatus for the last two years – the sellers market has re-emerged.
It is now an opportune time for people interested in selling their homes to jump on board. There’s never a “perfect” time, however, the tides are finally changing to encourage positive outcomes for those who have held off.
Two of Australia’s largest markets is helping the drive of national clearance rates to the highest level in over two years.
How can we be so sure?
Business Insider Australia issued a note “[The] number of homes taken to auction across the combined capital cities increased to 1,412 this week — returning a preliminary clearance rate of 79.6 percent — while the previous week saw 1,228 homes taken to auction returning a final clearance rate of 73.0 percent, the highest final clearance rate recorded in over two years,”
The comparisons from last year’s numbers in Sydney and Melbourne indicate that the positive stats are on the back of the two major cities.
|
Sydney 500 Auctions |
Percentage sold 2019 84.7% |
Percentage sold 2018 56.5% |
|
Melbourne 665 Auctions |
Percentage sold 2019 79.7% |
Percentage sold 2018 54.6% |
These numbers are reflecting a perfect time for sellers to be present in the market.
“Clearance rates in the 80s put sellers in a very comfortable position. We are also seeing, from the independent source of the Westpac-Melbourne Institute, significant improvements in consumer sentiment in relation to house price expectations,” CEO Doron Peleg said in a note on the figures.
The market had been on the decline and was overwhelmed by negative press, that understandably induced fear within many Australians to enter the property market.
The market has taken a turn and we’re seeing it in the statistics that the rise is in full swing. That confidence is likely to lead to stability and then rebound in the market. If that’s true, then the market may have bottomed and this is the start of the next cycle. Therefore now could be the perfect time to consider that upgrade or an investment property.
Find out more:
If you want to know more about how we can help you find a great investment property to ride the next cycle contact us today
To learn more about the current topic CLICK HERE
0