The close of the financial year provides and excellent opportunity to look back on the last twelve months and explore the emerging trends that will shape the market moving forward. Throwing curveballs at every turn, in the form of flash lockdowns and spikes in demand, the Sydney property market proved its resilience over the last year. At its peak the Australian housing market enjoyed a 22.4% medium house price increase over the year and entered 2022 in a position of heavy scrutiny by both the public ad political spotlight. Clarity and confirmation of a change in market conditions was provided in the first half of 2022 as successive interest rate rises were made by the RBA and a change in government provided a clear indication that the public were eager to move in a different direction. While questions remain about what is next, there are clear themes driving market conditions.
In our local market of the Northern Districts, current stock levels remain reduced. Seasonally the number of auctions held in winter normally trends lower however, this year I am observing a noticeable reduction in new listings to our market place. With softening auction clearance rates, which are hovering at around 50% over the last two months, it could be argued that vendors are holding off their plans until more favourable conditions. An alternative would be the decision to choose to sell via private treaty rather than an auction process. This has the potential for home owners to take advantage of a market whereby their home could enjoy both reduced competition and greater exposure to current buyers.
The first home buyer market is more relevant than ever as the combination of government incentives and softening prices have meant that homes previously out of reach are now within grasp. Within our market place, with particular note of suburbs such as Marsfield, Epping and Carlingford, first home buyers are making up the strongest percentage of open home attendees for properties under $1,000,000 in value as they see more bang for their buck and reduced competition. The importance of this trend is how a home owner prepares their home, and marketing strategy, to better stand out in the eyes of such buyers.
Taking a closer look at our market place it is important to note that the medium housing prices for each of the suburbs our office services, such as Epping, Eastwood, Carlingford, Ermington, Dundas Valley and North Epping, continue to hold their medium values and remains blue-chip in the eyes of buyers. The most notable sales results being that of 1 Grayson Road in North Epping and 2 William Street in Ermington which both sold for $3,350,000 and $3,000,000 respectively, and reflect the continued strength of the premium market.
For sellers considering taking their property to the market it is essential to look at their property through the eyes of a buyer and to ask themselves what attributes of their home could be better prepared or accentuated to create greater appeal.
If you would like receive an updated market appraisal and tailored marketing strategy for your property, I invite you to contact me. Should you also be in the market to purchase, my team would love to work with in securing your next home or investment property.
Written by:
Peter Hunt | 0434 821 219 | peter@huntrealestate.com.au