Auction clearance rates continue to escalate, but with less housing stock to choose from and some of the more sought-after properties selling prior to auction, buyers are finding it difficult to enter the market.
Most listings are being snapped up within 28 days of hitting the market, mainly because buyers are worried about waiting until auction day and missing out.
With more buyers and fewer properties, this puts sellers in a good position should they want a larger pool of buyers and sell quickly.
There’s been a slight spike in asking prices and buyer activity remains strong. This is probably due to an expectation on both sides that housing prices will continue to rise. The feeling is that house and unit prices should experience a modest growth rate for the final quarter of 2019 and into early next year.
Market analysts predict house prices will grow by at most four percent and unit prices by around two to three percent in 2020, so it would be unrealistic to expect prices to rise significantly in the coming months.
Day & Hodgson are your Inner West property specialists.
We know the local market and can provide you with informed and reliable advice – whether buying or selling. Our team is always here to help and we’ll do our utmost to get you the best price whatever the market conditions.
Less stock available but many keen buyers
WITH winter behind us and the spring selling season now underway, excitement is building in the marketplace, however there is a considerably reduced number of properties available compared with this time last year.