Buyers Back in Big Numbers
While buyers are back in force after a bumper year for the Sydney property market, many sellers are still sitting on their hands, apparently taking a “wait and see” approach to the market.
Our team have noted big numbers of buyers at the first “Open for Inspections” for 2016. In contrast, stock levels are still extremely low in our area, making those properties on offer highly contested.
Sydney home values jumped by 14.8% during 2015, but they were down by 3% for the final quarter. Auction clearance rates also slumped towards the end of the year, but the falls were more marked in certain parts of Sydney while other areas – such as ours – recorded much better results.
Cautious potential sellers should be encouraged by the strong level of serious buyer demand – particularly for property in the inner Eastern suburbs since the beginning of 2016. They should also be heartened by predictions that prices will remain steady after the spectacular gains experienced in the market last year.
So if you have been thinking of selling, now is the perfect time to take advantage of strong buyer demand, low stock levels and continuing historically low interest rates.
Sydney Second-least Affordable City in the World
Everyone knows it’s expensive to live in Sydney, but now a new study confirms what we have long suspected – Sydney property is extremely pricey.
A recent study showed Sydney is among the world’s least affordable cities in which to buy a home, requiring households to spend 12.2 times the median annual income on a median home.
Hong Kong topped the list where households spend 19 times the median annual household income, according to the latest Annual Demographia International Housing Affordability Survey.
Sydney came second at 12.2 times the median income, up 2.4 points from the previous year and the biggest jump recorded by the survey. Melbourne came a joint fourth at 9.7 times.
However, Domain Group senior economist Andrew Wilson told the Sydney Morning Herald the modelling was “misleading” as income was only significant when considering the cost of repayments which are at manageable levels due to low interest rates.
Free Photo Shoot of Your Property
Ray White Elizabeth Bay is pleased to offer a complimentary professional photo shoot of your property if you list with us before March 31, 2016.
So now there is yet another compelling reason to sell your property through our office. Call one of our helpful sales team today on 9331 9600 to find out how we can help you achieve a premium price.
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