Spring is in the air and it’s certainly in the step of buyers with properties in our area attracting strong interest.

 

But while demand is strong, supply is lacking, especially for properties priced over $500,000.

 

“A two bedroom property in Darlinghurst which is expected to bring about $650,000 at auction is a classic example,” says Ray White Elizabeth Bay agent Nick Harrington.

 

“It was recently listed on the internet in the afternoon and overnight we had about 15 emails expressing strong interest in the property.

 

“That is quite a remarkable response considering the property had only been on the market for less than a day and at that stage, the internet exposure was the only marketing used.”

 

Even talk of interest rate rises doesn’t appear to be dampening enthusiasm with many factoring a rise into their property equations. And while the Federal Government’s first home-buyer boost will end on December 31, many expect a new wave of buyers to enter the market.

 

“Many buyers, especially investors haven’t wanted to compete. They have been happy to sit back and wait until the rush is over with the expectation prices may ease,” says Principal of Ray White Elizabeth Bay Ian Campbell.

 

However, strong demand from first home buyers, empty nesters, young professionals and out of city residents wanting a city pad, suggests prices will remain strong in our area.

 

In one of its last surveys before spring, RP Data reported high auction clearance rates in all capital cities expect for Perth with Sydney recording 86%.

 

After recent positive news on the economic outlook, especially for Australia, we expect a confident start to the spring property season and expect solid results for those listing their property with our office.