Sydney home values surged 2.5% higher in February; the largest month-on-month change in CoreLogic’s national home value index since August 2003. This has been spurred on by a combination of record low mortgage rates, improving economic conditions, government incentives and low advertised supply levels, Australia’s housing market is in the midst of a broad-based boom.
On the horizon is the upcoming closing of the temporary supplement of JobSeeker payments which was initiated as a response to COVID-19. The impact of this is unknown however, it must be known that JobSeeker supplement has already been reduced significantly in recent months, with no dampening impact apparent on the housing market as a whole. In fact housing national home value index rose 3.2% from September to January, amid the reduction in the supplement.
A recent auction campaign I undertook for 13 Snowdon Avenue, Carlingford certainly showcased this surge in the market. Over the course of the four week campaign the property’s online marketing saw 10,000 views, had inspections of over 180 groups, and saw 25 buyers register for bidding on the day. The property sold under the hammer for nearly $300,000 above reserve for $1,617,000 which the home owner was certainly over the moon for.
At present we are marketing 8A Third Avenue, Epping for auction which has already had over 5,000 online ad clicks and 40+ inspections on its first week.
Taking on a local perspective the Epping market continues to remain in excellent shape, with both listing volumes and average prices increasing. At present the average medium property price for housing in Epping sits at $1,783,500 (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 February is that of 11 Damon Avenue attaining a sale price of $2,653,000.
If our team can be of further assistance to you please do not hesitate in contacting Peter Hunt, Director.
0434 821 219