Buyers are showing their hand very clearly. It’s up to vendors to take notice
- Written by: Tim McKibbin, CEO, Real Estate Institute of NSW
The start of October will be a welcome milestone many have been waiting for. Provided the 70 percent double vaccination target is reached, and the promised re-openings to the economy occur, it’s the month that the mood in NSW should lift.
Buyers, we know, are hungry. But some vendors, strangely, are yet to respond. Whether the end of lockdown encourages those vendors who are still biding their time to list their properties remains to be seen.
Week-on-week listing increases in the Sydney market are not as profound as might be expected given it’s spring, and given the prices currently being achieved.
Buyers are showing their hand very clearly. It’s up to vendors to take notice.
Clearance rates consistently over 80 percent is a rarity in historical terms but has been the norm in recent weeks. Agents are working hard to generate enormous interest on auction day and auctioneers’ skills are on show.
It’s a clear sign of the strength of demand for 15-plus registered bidders to compete for a single property. Once upon a time this was a rare scene but these days, it’s one we’re seeing repeated each weekend.
It points to the upward trajectory in prices continuing, though the pace of growth has stabilised.
Consistent, steady price growth is an important consideration for vendors who are purchasing back into the same market they’re selling in. There’s a degree of comfort that comes with a degree of certainty.
