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September Property Update

Welcome to our September property update

Spring is here, the days are getting warmer and longer.

This is typically the time of year where we see more listings come to market, however not this year. The focus now is properties coming to market post lockdown.

Yes, there will be more coming, however I expect to also see more new buyers emerge.

Highlights

  • In terms of listings, the Northern Beaches is down by 68%, the Upper North Shore is down by 32%, Lower North Shore by 26%, Inner West is 25% and Sutherland Shire is down by 40%.
  • August dwelling prices rose a further 1.8%
  • The August update takes Australian housing values 15.8% higher over the first eight months of the year and 18.4% above levels a year ago.
  • In dollar terms, the annual increase in national dwelling values equates to approximately $103,400, or $1,990 per week. In comparison, Australian wages are rising at the average annual rate of 1.7%
  • Interest rates remaining on hold at 0.1%
  • This is the fastest annual rate of growth since 1989
  • The auction clearance rate is still hovering around 90%

Over the coming month, I expect to see further house price growth and low supply.

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