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What happened to the markets in May 2016?

By Jessica Ridder

The local market continues its strong start to the year with demand still very high across the Upper Mountains (we recently showed over 100 buyers through open homes on one weekend), the majority of buyers are originating from the Greater Sydney area, seeing great value in homes in the Blue Mountains corridor. The continued improvement to the the GWH has helped the local market also. Prices remain firm with properties selling at the top or over the highest price on the advertised guides, while the last properties we sold at Auction in May sold well above reserves. As we write this newsletter stock levels in the Blackheath area are at all time lows, if you are thinking of selling this is a great time to capitalise on the high demand and low supply nature of the market, favouring sellers.

National Housing Market Outlook

A clearly strengthening home auction market in Sydney at the weekend has set the tone for a positive late Autumn performance. Sydney reported a clearance rate of 73.8 per cent on the weekend, the highest result for the local market since the Easter break six weekends ago. The median auction price of $1,152,000 was recorded for Sydney on Saturday which was higher than the $1,100,000 last weekend. A total of $403.8 million was reported sold at auction in Sydney at the weekend. The City and Eastern suburbs continue to produce strong results for sellers, and recorded the highest clearance rate at the weekend with 91.9 per cent and the highest number of sales at 68!

The market does not look like slowing down anytime soon, especially after the RBA recently cut interest to a record low of 1.75 per cent, the move has prompted most economists to predict a further rate cut this year; they say August looks “very live”.

If you have been thinking of selling, or you would like to get an updated opinion on your properties value then give us a call. Now is a great time to prepare your property for sale and get the jump on the Spring property market. If you would like a more detailed report of the local property market call the office on 02 4787 8797 or e-mail jessica.ridder@raywhite.com and request a free Suburb Snapshot.

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