Coming into the spring market, as usual, we are expecting to see an increase in listings and buyer activity. When the sun is shining, and the gardens are blooming, people are much more inclined to step into gear and get serious about their real estate initiatives. Spring is fantastic for all parties, the increase in property volume typically seen over the spring season creates a more desirable environment for buyers and as a result, enhances the return for sellers as well.
Owners wishing to sell prior to Christmas need to act quickly, to allow enough lead time and marketing to do your home justice. When selling with a time frame it’s important to account for time spent putting the property up for sale as well as the average days on the market.
There have been some dynamic changes to assessment rates that will have a favourable impact on the Real Estate industry. In June APRA finalised amendments to assessment rates for home loans, permitting banks to use a new 2.5% buffer rate and to set their own assessment rate. The adjustments will enable borrowers to lend more as well as obtain home loans much easier, and there is no doubt that buyer activity has already increased as a result of this.
Melbourne and Sydney have both seen an increase in auction clearance rates and for the first time in a long while, prices have started to climb in both of these cities as well. Locally we are yet to see this, at the moment we are in a steady market place with no drops or increases, but it’s exciting to know the rise in Melbourne is expected to trickle over to us. Although we have already seen a boost in buyer confidence and activity, we will remind you that now is an excellent time for buyers/investors to get in before property prices rise again.
On a more personal level, Clark NextRE qualified as finalists in four categories of the REB awards 2019. It’s a pretty big deal, and we are proud to be recognised for playing such a significant part in shaping the direction of the Real Estate industry.
And lastly, I’d like to congratulate our agent Tyler Hogan for making it to the finals of the REIV Novice Auctioneer Competition, he did exceptionally well and did our entire team proud.