The start to 2020 has seen huge Buyer turn outs to open homes. With a 51% drop in new properties coming to market across the state, year on year, buyers have half the number of properties to choose from, resulting in great sales outcomes
We have more Buyers, than we have Sellers.
The positivity in the market is driven by low interest rates, a glow from the Sydney & Melbourne markets and higher auction clearance rates.
26 Strath St, Highgate Hill, sold by Ray White West End under the hammer last night, had 84 groups of buyers through in 4 weeks, twice the average for a home in the area, with 11 registered bidders
Apartments are also attracting the attention of swarms of Buyers. The Federal Gov’s First Home Loan Deposit Scheme, is aiming to support lower & middle income earners entering the property market. The scheme is open to up to 10,000 first home owners and is available on new or existing property. The Scheme, due to its $475,000 threshold, is pushing first home owners towards apartments and as a result is lifting the entire apartment market.
We expect the market lift to be temporary, as external factors like the health of the broader economy and international trade concerns, may impact buyer confidence mid year to late 2020.
If you are considering selling in 2020, now is the right time.
Speak to Ray White West End about how we can assist you in 2020. Call Luke O’Kelly 0408 330 161 or email: luke.okelly@raywhite.com
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