The spring surge continues with properties selling at an ever increasing rate. There has been a marked increase in sales activity post election. Compare the sales statistics for the 30 days before and 30 days after 21 August:
Total Mosman Residential Sales Pre – Election: 40
Total Mosman Residential Sales Post – Election: 56
Mosman House Sales Pre – Election: 12
Mosman House Sales Post – Election: 24
(Statistics from Australian Property Monitors)
Even though the election dragged on well past 21 August, the resurgence in property started straightaway, with the number of Mosman house sales doubling in that initial period. Since then, the momentum in sales has continued to build, yet the number of homes on the market still remains at extremely low levels compared to the level of buyer enquiry.
Of course the other big news for October is the Reserve Bank announcement last week that interest rates remain on hold for the fifth consecutive month. With many analysts betting on a rise this month, reprieve has come as a pleasant surprise.
Recently released employment statistics, however, point towards the likelihood of a rate rise next month. While in the short term this may make mortgage holders wince, it has an interesting benefit for investors joining the market this year, looking to take the long view on property prices.
Interest rate pressures are being cited as one of the reasons housing building activity is reported at an 18-month low. With the building industry stalled so significantly this year, the housing supply for coming years will be dampened compared to the rate of growth required to avoid a housing shortage. Investors who join the market before the full onset of a shortage could stand to benefit in the years ahead.
If you have been considering selling, this spring is an excellent opportunity to sell in an understocked market place – and for those thinking of buying, now is a fantastic time to join an increasingly exclusive property market. Please contact us anytime to discuss your property options further.
All the best,
Joshua Wygoda & Emily Jessee
0414 666 190 / 0404 721 546
Century 21 Mosman
www.century21mosman.com
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