Ray White Maroubra

WHAT’S HAPPENING IN OUR MARKET? The big change from our last report is of course the lockdown in Greater Sydney. This has created a dramatic drop in properties available. Listings in July slumped 41% per cent compared to June. They are now below the number of listings we saw in 2020, although about the same as the 2019 level. More detailed data we have on auction listings show that people aren’t withdrawing from the market, but rather holding off on decision making. Meanwhile, although listings have dropped, active bidders at auction have hit particularly high levels and the gap between highest prior offer and price sold at auction remains high. At this stage, there is still a lot of uncertainty as to when things will go ‘back to normal’. Although we are not seeing the same spike in volume of properties coming to market that we would usually see as we move into spring, there is no doubt that buyer numbers have remained strong. Our sought-after coastal suburbs and the lifestyle they offer supports price growth conditions. Competition from buyers is fierce and with low stock it means sellers who come to market now are achieving above expectation prices. Whether you are 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