Ray White Maroubra

What’s happening in our market? The Australian property market continues to surge. CoreLogic’s national Home Value Index showed that property values were up 1.9 per cent in June. It is taking less time for properties to sell and given the sustained levels of record demand, property prices continue to rise. We’ve seen a slight change in buyer activity. Our metrics for home loan pre-approvals, open home attendees, and active auction bidders have dropped back from the frankly incredible highs of the first quarter of 2021. The rise in new listing numbers signals an improvement in seller confidence however. More homeowners are taking advantage of strong selling conditions. The speed of sale is most definitely increasing as new stock is being absorbed very quickly. Buyers are more educated and moving with lightning speed if they see something they like. They have their finances in place and they are very determined right now. Most experts agree the central bank won’t move rates higher until at least the fourth quarter of 2022. While the economic recovery is faster than expected, the RBA’s conditions for a rate hike are still far from being met. We see nothing on the horizon to suggest the current momentum will slow in 2021 and likely well into next year. Buying, selling, investing, be it your first home or upgrading – we invite you to get in touch and experience the Ray White difference for yourself. Phillip Elmowy Director Anthony Vella Director Alex Santelli Director