belle property

Value improved further for buyers as sellers had to adjust their price expectations further in order to secure a sale. As we entered the winter months in June we saw the number of properties on the market for sale decline as the auction clearance rate hovered around 55% for the entire month.The lowest auction clearance rate for seven years.We saw the ANZ predict that Sydney prices would decline by another 10% as buyers purchasing power is further weakened by continued tightening of bank lending for residential housing.We have witnessed strong inspection numbers throughout June as the number of houses on the market for sale has declined. Buyers continue to be active and sellers who are prepared to align their price expectation to meet buyer demand continue to achieve good outcomes. When looking back on the last quarter April was a divided month with an early Eater rolling into school holidays and Anzac Day.The school holidays saw low levels of inspection numbers and a continuing level of caution among buyers as there was increased talk about the tighter lending policies of banks.These tighter lending policies were clearly impacting the number of buyers registering interest on properties and bidding at auction. May saw a complete month free from school and public holidays.We saw buyers increase the amount of times that they would visit a property and spending more time researching the market as they became more price sensitive.We saw buyers become less emotional as the auction clearance rates across the Forest fluctuated.There was a strong sense that property prices were sliding again as the auction clearance rate fluctuated between 55% and 60%. JUNE MARKET REPORT A WORD FROM CHRIS DELANEY CHRIS DELANEY | 0447 455 903