Real Estate

Low stock levels starting to drive up prices

STOCK levels are driving a hike in prices.

After speaking to Corelogic last week, they have identified that stock levels are down up to 40 per cent compared with the same time as last year.
The market is getting stronger with increases across central Sydney of 2-10 per cent.
Last week’s auction clearance rates increased by 3 per cent to 78 per cent in comparison to 44 per cent last year.
So many vendors are not selling as they are having trouble finding a new home. This of course has a knock-on effect to the entire market by reducing the amount of homes bought and sold.
We have also noticed that a large number of agents are underquoting properties again. Fair trading created the 10 per cent guide rule years ago to try and squash this and seeing it creeping in and affecting so many buyers is very frustrating. If you need help understanding the true value of a property, we are here to help.
If you are interested in selling your home this is the best time to do it but you really only have four-plus weeks to get a campaign started. Most buyers want to have bought before Christmas so they can glide into holiday mode with one less worry.
If you need help purchasing your next home or investment property, please give us a call on 1300 447 732 or if you need to sell, call Tony on 0413 696 722.