Real Estate

Property values already surging alert

AS predicted, we’ve seen a real surge in property values over the last two months compared to prices during 2019.

This follows weeks of speculation prior to Christmas that 2020 would see the market in full ‘recovery mode’ after such a significant downturn since the market peak in July 2017.
It’s taken us more than two years to get here, but now that things are on the up, buyers and sellers should be able to look forward to a buoyant second quarter.
For those who’ve already made the decision to sell, buyers are turning up at open houses in their droves, and many are putting their offers on the table even before leaving the property.
Most properties open for inspection are attracting record attendances.
In fact, we had over 30 groups through a house in Marrickville and this is a pretty good indicator that more and more families are wanting to upgrade to a larger home offering plenty of space to grow.
There is still a shortage of stock and this particularly applies to the higher end of the market – homes above $1.6m – while first homebuyers are all over anything under $600,000 especially in new apartment buildings which then entitles them to the additional $10,000 grant.
The situation should start to improve now as more people recognise the opportunity to get a good price and decide to list their property for sale, increasing housing supply and giving buyers greater choice. Hence the auction clearance rates still hovering around the 80 percent mark.
Forecasters are saying that prices will nudge upwards by 10 percent in 2020, pushing the median house price to $1.25m by the end of the year ($795,000 for apartments) – about five percent above the peak reached in June 2017.
So, everything is heading in the right direction. If you’re thinking of buying or selling, head in the direction of Day & Hodgson first.
We know the local market and can provide you with the best possible advice to ensure a successful outcome.