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Market Update From Our Directors

By Therese Bolin

The federal election is over and the country can finally take a breath as life goes on in the property market. If you only started paying attention to the property market last year, you might think the current softening auction metrics point to a market crash. But last year, the autumn auction clearance rate was only five per cent higher than this year, and the clearance rate is holding steady at 70 per cent. To put this into perspective, in 2020 the autumn clearance rate was 53 per cent, and the 2019 clearance rate was 47 per cent. Things have a long way to go before they hit 2019 levels.

Properties listed in line with market expectations at the start of a sale campaign continue to perform well and sell within the usual 4 week standard auction campaign period. Getting the pricing right from the beginning of the sales campaign is pivotal to a successful outcome. Now more than ever, choosing an agent who is experienced in all market conditions and implements the correct strategy from the outset is vital to the result.

Demand for rental properties in the area is exceptionally high. We’ve leased 26 properties in May at the time of going to print, with our occupancy rate currently sitting at 99%. We have seen a slight increase in investors purchasing both houses and apartments this month, a welcome development as stock levels are low and most houses are leasing after the first open home to quality tenants. Demand for apartments has also increased, there is less stock available and we’ve seen an increase in prospective tenants attending open homes since the borders have reopened.

Our Property Management team specialises in personalised service and tailored advice to our clients, focusing on maintenance and presentation to ensure our clients’ properties are in demand and provide the best return on investment.

Our team covers the entire Upper North Shore from Roseville to Normanhurst, Hornsby to Berowra; and are the Upper North Shore market leaders. Please don’t hesitate to contact any of our five offices for your real estate needs. 

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