I think we've done enough of the " where do you think property is going to go " for the time being . Wouldn't mind hearing some on the ground feedback and/or numbers from around the nation e.g.
From the Australian Property Monitors website :
Seller activity in Melbourne and Sydney rose sharply this July compared to July last year as vendors unsurprisingly decided to take advantage of the strongest winter housing market experienced by those capitals for years .
Sydney auction listings were up 16.5 percent over the year to 1577 compared to last year’s 1344 listings. The biggest rise in listings came from the south, the lower north, the inner west and the northern beaches suburban regions with strong increases over the year of 48.1 percent, 34 percent, 29.8 percent and 25.4 percent respectively.
The steep increase in mid-winter seller activity reflects the strong clearance rates properties in these areas have been recording over most of the year so far.
The most popular region for auction listings in Sydney over July was the city and east with 315 followed by the inner west with 270 and the upper north shore with 206.
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Similar to Sydney, listings in the Melbourne mid-winter market have soared as again sellers look to take advantage of strong competition amongst buyers for homes. Melbourne listed 1754 properties for auction over July which was 8.7 percent higher than the 1614 listed over July 2012.
The biggest rise in listings came from the inner east, the north east and the north suburban regions with increases over the year of 47.6 percent, 16.2 percent and 10.3 percent respectively.
Strong rise in buyer activity in the leafy inner east is no surprise as that region continues to record solid auction clearance rates and rising house prices.
The most popular region for auction listings in Melbourne over July was clearly the west with 350 followed by the inner city area with 258, the inner bayside with 252 and the north east with 251 properties listed for auction.
Mid- winter seller activity is clearly on the rise in both Sydney and Melbourne as vendors logically seek to cash in on the best auction market conditions since 2010. Expect this trend to continue into spring as buyers and sellers are increasingly activated by record low interest rates and rising confidence.
Dr Andrew Wilson is Senior Economist for Australian Property Monitors
auction rates up
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