Ray White Cherrybrook West Pennant Hills

Are there any signs of the market activity starting to soften? While it’s dangerous to generalise across markets, 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 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. The biggest factor contributing to buyer confidence? Interest rates are at record lows. Importantly, the general consensus among economists is that they will remain at these low levels for the foreseeable future. Auction clearance rates have consistently held above 80% now since the start of February and agents are also still reporting strong private treaty sales. We’ve had active bidding on 91% of all Ray White auctions. 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. Nathan Leuzzi & Dion Verzeletti Directors & Principals, LREA What’s happening in our market?