20 February 2018
As always, buyer sentiment continues to be heavily influenced by the combination of local area market conditions and the overall macroeconomic environment.
The Australian reports that agents are warning it is still too early to call the coming autumn season.
Across Sydney’s eastern suburbs, the city and inner south, the inner west and the northern beaches, preliminary auction clearance rates breached the 80 per cent mark on the weekend.
“Those auction heartlands put in a fairly strong performance this week,” CoreLogic auction market commentator Kevin Brogan said.
“It shows that there is still some hope in that market. A result in the mid-70s per cent is fairly strong … and it’s stronger than it’s been for a little while.”
The improved clearance rate was due to sellers revising their expectations, Ray White Sydney Blue chief executive and auctioneer Jason Andrew said, but market uncertainty remained.
“There’s a glut of stock after Australia Day and that’s when buyers start to make decisions, but it’s way too early to call anything,” he said.
“It’s a big run now until Easter and if it remains patchy it will be a hard winter. If we get to Easter with confidence, then the market will be doing well.’’
With future conditions as difficult to predict as ever, we encourage you to carefully review all activity around your property this week in light of the current environment.