The Sydney year in review
What a year of contrasts it has been for the property market here in Sydney in 2019! From a faltering, lacklustre start with vendors and buyers reluctant to commit in the first half of the year, sentiment quickly gained momentum in the latter, resulting in increased competition and prices. Certainty in government (and taxation reform), falling interest rates and ramping confidence certainly had a positive effect on vendors. With the latest Core Logic report https://www.corelogic.com.au/…/housing-rebound-spreads-pert… pointing to a fifth month of consecutive growth nationally in housing here in Australia it appears we have now weathered the worst of the lows of this cycle.
For those buyers we’ve helped this year, it’s also been 12 months of great diversity and change. From turning up at almost empty houses in Jan/Feb, come June and July the number of pairs of shoes outside open homes seemed to be rapidly multiplying! Naturally not all areas and properties were experiencing the same levels of growth, but the first home buyer and entry level buying market up to the $1.2m price bracket certainly has attracted the most interest and activity, in our experience. Auction clearance rates alone, though not the only indicator, almost doubled last month from what they were in the same period in 2018, clearly demonstrating the boost in the market. Days on market, another key indicator, also fell in many of the suburbs we work in, with good quality and well priced properties taking fewer days to sell and often prior to 2nd and 3rd inspections. Even some selling agents have been surprised with the rapid increase in particular suburbs and price brackets.
As we wind down before Christmas, we are bracing for another busy 12 months come 2020, as most expert indications point to continuing growth in the property market. SQM Research https://www.abc.net.au/…/property-prices-in-2020-s…/11703668 are one of those forecasting double digit annual gains both here in Sydney as well as Melbourne.
It’s been a tough gig for buyers in Sydney’s housing market, and we’ve worked hard, long and diligently for those clients who trusted us with their purchases this year. We’re proud of the many terrific buys and our goal to continue to chase good value and quality property, regardless of the market we find ourselves in.
As we approach the last days of 2019, it’s certainly time for a break. House Search Australia will close over the holiday period from 23rd December until the 16th of January.
We’d like to take this opportunity to thank all of our wonderful clients for trusting us with their home and investment purchases this year, and we wish you all a very Merry Christmas and Happy New Year. Enjoy the festive season and we look forward to serving you in 2020.