Following five months of consistent declines in residential property values, CoreLogic’s national home value index moved back into positive month-on-month growth through October, posting a 1% increase in Sydney alone. During the month of October Sydney also recorded its highest auction clearance rate since March 15, which has been trending upwards over the recent months. Further assistance to the property market has now been provided in the form of another rate cut by the RBA to the record low 0.1% which should provide sound relief to mortgage holders and prospective buyers who had been on the fence. This trend continues to be epitomised by the Epping market which has produced excellent results and consistent volume as we progress deeper into the Spring market.
A further observation from the month of October is the early signs of a divergence between house and unit market performance. Head of Research for Corelogic, Tim Lawless, adds “Low levels of investment activity, relatively high supply of unit stock in inner-cities and international border closures are key factors that imply units will under-perform relative to houses over the medium term”.
On the ground a two-tiered market is evident with buyers competing heavily for premium properties, with many selling prior to auction, whilst also showing caution and hesitation towards properties that might have a detracting factor, often leading to prolonged days on the market if not priced correctly. By this correct pricing from the outset is critical to avoid properties languishing on the market.
Taking on a local perspective the Epping market continues to remain in good shape, with both listing volumes and average prices steadily increasing. At present the average medium property price for housing in Epping sits at $1,832,500 (Data supplied by Hometrack Australia) and although a number of results are yet to be disclosed the most notable sale to occur during the month of October is that of 16B Brucedale Avenue attaining a sale price of $2,265,000.
If our team can be of further assistance to you please do not hesitate in contacting Peter Hunt, Director.
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Peter Hunt | 0434 821 219