As Spring graces the Eastern Suburbs with its warming weather, our market is about to blossom. Recent data from Domain reveals a remarkable 5.3% surge in house prices during the June quarter, surpassing historical averages. This growth, fuelled by high demand and limited listings, offers a promising landscape for both buyers and sellers in the upcoming months.
Sydney’s housing prices have escalated twice as fast as the long-term average, primarily driven by a demand and supply gap. With available listings unable to keep up with eager buyers, competition has been fierce, sparking the rapid price hike.
While the lack of listings initially fuelled the growth, the market is experiencing a shift. New listings are entering the market at a pace higher than the five-year average, suggesting a potential change in the supply-demand equation. This could lead to a moderation in the rate of growth as the market finds a new balance between buyers and sellers.
With the arrival of Spring experts anticipate an increase in new listings. This trend could be attributed to several factors, including homeowners capitalizing on the current pricing recovery or selling before potential financial difficulties arise due to higher debt costs. Despite these changing dynamics, prices are expected to continue rising, albeit at a more moderate pace.
Whether you’re considering a property purchase or sale, aligning your moves with these shifting dynamics could lead to a fruitful and satisfying springtime venture in the local real estate.
If you would like to discuss the current market value of your property, please contact James Giltinan on 0417 250 691 or james@coogeeere.com.au