Greetings from Scoutable and welcome to our February Wrap Up.
I hope you and your loved ones are well.
Who would have thought six months ago that the property market would be in the condition it is in now?! It would seem the perfect property storm is brewing (or has perhaps brewed). Record low interest rates, low stock levels, improving economic conditions and buyer confidence is placing Australia into a national boom market.
The mismatch between supply (26.2 per cent below this time last year nationally) and demand is a key factor placing pressure on pricing. CoreLogic’s national home value index recorded the largest month-on-month change in value since August 2003. February saw national home values increased by 2.1%. Whilst Melbourne and Sydney lead the charge in growth, there was no state left behind, with every capital city and regional locations seeing growth in February.
According to CoreLogic’s research director, Tim Lawless, “The last time we saw a sustained period where every capital city and rest of state region was rising in value was mid-2009 through to early 2010, as post-GFC stimulus fuelled buyer demand.” Tim further commented, “Buyers are likely confronting a sense of FOMO [fear of missing out] which limits their ability to negotiate. Vendor discounting rates were estimated at a record low of 2.6 per cent in February, and auction clearance rates have consistently been in the high 70 per cent to low 80 per cent, which is well above average.”
With agent activity up 19.5% on last year's levels (according to CoreLogic), the good news for buyers is that March will likely see an increase in new listings. With an increase in supply should come some relief from the heat of the market.
If you would like to discuss the current market conditions further, please get in touch.
Until next month,
Kellie Landrey | Principal Buyers Agent
IN THE NEWS
BRISBANE OFFICIALLY TOP CHOICE FOR 2032 OLYMPIC GAMES
https://theurbandeveloper.com/articles/brisbane-2032-olympics-property-market-development-stadium
HOUSE PRICES ARE HITTING RECORD HIGHS IN ADELAIDE
https://www.abc.net.au/news/2021-02-16/adelaide-undergoing-house-price-boom-but-locals-feel-locked-out/13154814
SYDNEY AUCTION MEDIAN HOUSE PRICE REACHES RECORD $1.68M
https://www.domain.com.au/news/sydney-auction-median-house-price-reaches-record-1-68-million-as-clearance-rates-remain-high-1029558/
PROPERTY OF THE MONTH
232 Wardell Road, Dulwich Hill
Dulwich Hill is positioned in the Inner West of Sydney, 7.5km south-west of the CBD. 232 Wardell Road was built in 1910 and whilst recently renovated, the property retains beautiful character features.
The dwelling accommodates three bedrooms, one bathroom, combined living / dining, kitchen, study, rear garden with chook pen and double lock up garage.
Situated on the corner of Wilga Road, the property is 130m to Dulwich Hill train station. In 2024, Dulwich Hill train station will also become a station for the new Sydney Metro line. Once opened, it is expected the commute to the CBD will take 18 minutes (currently, it takes around 40 minutes).
The price guide is $1,650,000 - $1,800,000.
If you'd like to know more about this property or any others, please get in touch.
