A WORD FROM WARWICK
Positive signs for Sydney Property Market after reports of First Quarter growth
With the statistics becoming available for the performance of the Sydney Property market in the first quarter March 2013, it is very encouraging to see that not only are the volume of sales up, so too are auction clearance rates and returns. Conversely the days on market and percentage of vendor discounting have decreased. These factors combined look to be providing the foundation for continued positive growth as we move further through 2013.
While we certainly appear to be in recovery mode, great news for our vendors and landlords, we need to ensure we do not get too ahead of ourselves. Tim Lawless from RP Data highlighted in their National Media Release March 1 2013 that “while the housing market is staging a demonstrable recovery, we need to see values rise a further 4.3% before we can say that a technical recovery has been achieved. That amount of value appreciation is likely to be at least six months away”.
We are very much enjoying the positive sentiment in our local market place with excellent sales and rental returns driven by a constant steady increase in demand for more people wanting to move into our area each week. I do however think it is prudent to remind vendors and landlords that while transacting in an improving market is where you want to be, remember to continue to listen to the market when it comes to your price expectations – it is better to be realistic and be pleasantly surprised with the end return than be over ambitious and disappointed.
I look forward to reporting more positive news in the coming months.
Until next time,
March Quarter 2013 in closer review by Graeme Lawson
- Sydney property prices are the highest of all capital cities
- Sydney average annual growth rate over the past 5 years to February 13 was 2.8%
- In the past year home values have increased by 3.7% and unit values by 4.1%
- Home values increased by 1.5% in the month of March 2013
- Mortgage related activity events were at their highest level since August 2009 in the first week of March
- Auction clearance rates are sitting between 5-10% higher than for the same period last year
- Average vendor discounting this year is -6.4% compared to last year -7.2%
All of these factors indicate that the start to the year is a positive one which should underpin the solidarity of the market as we progress further into 2013. If you would like to discuss how Wentworth Point properties are performing in line with the Sydney market please contact me for discussion.
Statistics courtesy of RP Data Market Update March 2013
Introducing 4 Wrights Road, Drummoyne
Harbourfront estate of unrivalled contemporary design
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For more information on this property >>