Recent interest rate drops have encouraged more buyers into the market, there’s a noticeable increase in buyer enquiry and there are plenty of first homebuyers looking to purchase around the $650k range.
This is probably due in part to expectations that prices will start to rise again. With the spike in buyer activity nudging prices above reserve in some cases, if you have a unique or unusual property that wouldn’t normally appeal to a wide market, then now’s a great time to sell.
Looking at the auction clearance rates for August 17, 2019, and rates were up by around 30 per cent when compared to the same weekend in 2018. Less properties went under the hammer, but the strong results should also provide even more incentive for anyone thinking about putting their property onto the market.
It’s not exactly “surge and splurge” as we’d expect during the pre-Spring season, however things are heading in the right direction.
It’s equally good news for investors too, as rental listings have also seen an increase lately, with most rental properties being snapped up within just a couple of weeks. The majority are being leased at asking price and tenants are also requesting longer lease terms.
At Day & Hodgson, our sales and property management teams can advise and guide you on your property journey. Whether you’re buying, selling, looking to invest or rent, talk to us and we’ll get you moving.
Time to sell as market rolls in right direction
HALFWAY through the year’s third quarter, and with Spring just a couple of weeks away, there are certainly some positive signs that the market is continuing to recover.