AGENTS STILL REPORTING LOW STOCK LEVELS
Well we are half way through the year and into the first month of winter now, and not much has changed on the stock side.
It's a little to early to say what the levels of new stock will be like come spring time, but the murmurs in the background are that it's going to be tight.
The stock on the Upper North Shore of Sydney has loosened up a bit, but traditionally winter is not the vendors favourite time to sell up there, so I think that will tighten up again.
Auction clearance rates are sitting around 76 percent at present Sydney wide, but when you drill down into the data, certain areas like Northern Beaches, Inner West, Lower North Shore and Eastern Suburbs clearance rates are sometimes hitting well over 80 percent.
Open for inspection numbers have dropped on the compromised property ie. properties on main roads, properties that need a lot of renovation, properties that have certain problems that can't be fixed, be it restricted views, caveats, and are generally not desirable to a vast majority of buyers. These sorts of properties sell in a boom market at a great price, and in a soft market at a compromised price.
PK'S SYDNEY PROPERTY MARKET PREDICTIONS
I am tipping we will be in for a pretty fast market till Christmas as stock levels look as though they are going to be pretty low. If a whole heap of stock comes on in spring it might soften a little, but if stock doesn't come on it will kick up again. It's up to you if you want to roll the dice or not.
PK'S HOT PROPERTY TIPS
Please understand, and be very careful when the media give an overview of the market in 350 words in the newspaper or online as it is an overview of the whole market. You need to look at your specific area and the product you are buying to see if those particular properties are moving forward, sideways or backwards. Don't be fooled to think the whole market is softening from one headline in the paper as you will pay for that dearly in the future.
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