The month of October continued to showcase the strong trend in market recovery with Sydney’s final auction clearance rate finalized at 79.2% according to CoreLogic. This is a stark difference to the same time last year which fettered at the alarming rate of approximately 45.3%. Crossing over the halfway point of the Spring Market the number of properties coming to market is beginning to peak with many owner’s trying to take advantage of current conditions within the shrinking window before Christmas. The obvious driver of this continues to be the recent interest rate cuts from the RBA to the now record low 0.75% however, what is becoming more apparent is the flow on effect this has had on buyer interest and activity. Adding to this growth is the resurgence in the market are investors following an extended stanza of relative inactivity during the royal commission and market downturn.
On the ground the number of buyers out inspecting homes has increased steadily over the weeks of October with healthy numbers active at every price point. The sentiment currently experienced amongst those looking, for either an investment or new home, is that of urgency as many fears another boom may be on the horizon. A potential offset from this short-term mentality, and frustration, is that purchasing decisions are now being made with the additional fear of being priced out of the market if they hold out longer. Given that there are only nine weeks remaining for buyers to secure a property before Christmas, this urgency is expected to increase providing sellers an opportunity to close out the year with a strong sale.
Looking at the Epping and North Epping markets, buyer activity aligns to the growing testament across Sydney with the auction clearance rates closing out the month at 77%. The number of properties coming to market has also continued to increase as the window of opportunity to list and transact on a sale before the holiday season slowly closes. There are a number of results which are yet to be disclosed however, the highest sale price for the month of October was attained by 2 Braidwood Avenue, North Epping which achieved a result of $2,200,000.
Top 3 things to do when you buy a property
When you have found your dream home or investment property, complete the following tasks to help ensure a smooth conveyancing process:
- Obtain finance approval from your lender. This will determine your budget which is extremely helpful if you are attending an auction and do not know how much competition was present on the day.
- Review a building and pest or strata report. Ask the agent if they have one handy as it is common for vendors to obtain one for potential buyers. Or you can consider ordering one once your offer has been accepted.
- Ask your lawyer to review the contract. Ideally your offer has been accepted, there is still time for your lawyer to negotiate any changes to the contract before proceeding to contract exchange and putting down a 0.25% deposit. If there is a tight timeframe then best to speak with your lawyer early.
If you are planning to sell your property this year, obtaining legal advice early will help ensure a smooth conveyancing process. Contact Omega Legal at firstname.lastname@example.org or call 0402 990 108 to find out more.
Contact Peter Hunt for a current market appraisal update.
Peter Hunt | 0434 821 219