Well, what a month is has been… as Christmas fast approaches, there appears to be a scramble from buyers needing to secure a home before Christmas and as a result, we are seeing many properties selling well in excess of their guide prices.
Many properties have attracted 70+ groups at the first open home and as a result, many buyers are missing out on these properties as they are selling quickly, or the auction has been brought forward.
In Sydney the auction clearance rate is around 80% with the North Shore and Northern Beaches approaching 90% on some weeks. Many of these properties are being purchased by out of area buying moving for lifestyle reasons or Expat buyers who have already moved back or looking to move back.
As expected, RBA reduced the Official interest rate by 0.15% to .010%, which is the lowest ever.
The latest ABS housing finance data shows the volume of finance lent for the purchase of property increased 5.9% in the month of September, taking the quarterly increase to 20.0%, the highest quarterly growth rate on record, as people are able to borrow more money
Confidence is back, and only 2.9% of housing loans remain deferred, with 38% of remaining deferrals being in Victoria
In October, Sydney experienced growth in October, with the largest growth being in the Upper quartile. Dwelling values were down 0.6% over the quarter, but still up 6.1% on last year.
Sydney dwelling prices are now 5% below the record high in July 2017
Until Christmas, I expect to see further growth and some strong sales results from people wanting to transact before Christmas.
As always if you have any property related questions, please get in contact and I would be happy to help.