The third quarter has seen noticeable change in the local property market. Spring certainly started late as buyers did not start appearing in numbers until mid-September 2022. Since that time the buyer inspection numbers steadily improved as the number of properties on the market stayed lower than usual. The 6 consecutive cash rate rises from the Reserve Bank of Australia have impacted the ability of buyers to purchase and many have had loan pre-approval limits reduced when they have had to renew them. In some cases, buyers have left our local area to move to an area that is more affordable. But we also have received new buyers from the Inner West and St George area who are unable to afford to buy in those areas. Many of these buyers have come to the area due to our train network, schools, and proximity to parks/Georges River. While we expect the cash rate may still increase from the Reserve Bank in the coming months, the announcement regarding inflation at the end of October 2022 is very important. If inflation starts to drop, then we may enter a period of price stability in our market which will be welcomed. I believe that we have gone through the majority of the market correction, and we are close to this period of stability. Auction Clearance rates improved from the low 50% to the low 60% during the quarter which indicates that buyers are still in the market and that owners are taking the change in the market into account when deciding on their reserve. While not all properties sell at auction, the auction clearance rate serves as a weekly health check for the market. The main buyer groups in the local market are younger couples, families, and downsizers. In most cases these buyers are looking for a ready to move in property instead of a property that needs work. Developers are also coming back into the market slowly. Spring and early summer is the best time to place your home on the market as that is when buyers are most active. Should you wish to know what you home might be worth in this market for rent or for sale then please call our large, very experienced, and successful team to assist you. We look forward to hearing from you soon. WELCOME LIKE TO KNOW WHAT YOUR PROPERTY IS WORTH? Call us today on 9771 6115 for an obligation-free Market Appraisal. Theo Kalinderidis Principal Jenny Fisher Sales Consultant Andrew Prodromou Director Tony Kalinderidis Sales Manager Rema Fakhoury Sales Consultant Domi Antalfy Sales Consultant Trang Lazcano Sales Consultant Haley O’Hara Sales Support Rebecca Hughes Sales Support Tatiana Rodrigues Sales Support
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