This week I will keep it simple and look at some figures. For the last month, auction clearance rates have remained above or close to 80% and stock levels remain 25% down, for the same time last year. It appears that this won’t change until mid October. On the other hand, the stock market is at new highs, interest rates are at 50 year lows and the annual average price increase for properties in Sydney will be nearing double figures by the end of the year. Sydney has the highest capital growth in Australia and the Lower North Shore has the highest capital growth in Sydney. We are now seeing many properties that are valued over 2 million starting to sell well in the current market and for the first time in five years.
Now to looking at another part of the globe. America is showing no signs of stopping their 85 billion dollar stimulus per month which is equalling 1.02 trillion dollars a year.
On average, we are seeing properties last 17 days on the market and around 75 groups through open for inspections and an average 8 weeks from exchange to settlement.
The other night I attended an Australian Property Monitors (APM) lecture and I think it covers most of the important factors in residential real estate. If you would like a copy of the information I received on the evening please email email@example.com or firstname.lastname@example.org and place APM information in the headline. One interesting point was seeing the strong growth of property value back in 2002-2003 and we see that when we are called back into properties that were brought and sold during that period.
Everyone is talking about future bubbles but at this stage, I don’t see it. If you are thinking of selling, now is the time. Please do not hesitate to contact a team member at Forsyth to assist you.
Happy home hunting. Your feedback is always welcome at email@example.com