2017 Market Wrap With John Cunningham
April 2017, time certainly is flying! We’ve had great success in these first few months of the year and we’ve really been able to capitalise on the continuing strong market from last year.
We had expectations that things might have changed but in fact it’s still being fuelled by the amazing amount of buyers in the marketplace. As we now move into some hopefully cooler weather, after a very warm summer, overall, we are still seeing a strong conﬁdence in the Northern Beaches property market following on from a sustained period of the strongest capital gains experienced in the past 10 years.
Despite media attention on a changing market, the Northern Beaches market is still one of the strongest in Sydney with buoyant buyer activity, high auction clearance rates and strong sales happening across the board.
With interest rates at a record low point and strong value increases, all the signs of a healthy yet stable market continue.
We are now seeing a steady ﬂ ow of new listings onto the market as it responds to the traditional buoyant ﬁ rst quarter. This should balance the market in some ways, yet we still expect strong competition among buyers, holding the market steady.
One thing that is becoming clear to us is that there is more stock coming onto the market, not a lot; in fact the numbers across Sydney are probably running a bit less than they were this time last year. That in itself causes problems. We’re in a market that is completely dependent on the supply coming on to meet the demand. When the demand is so high – which is what we are seeing – we’ve recently had open homes with more than 100 people coming through - it’s hard for buyers to come out of that feeling unscathed and the key for us in the future is that more stock needs to come on.
We are trying to encourage sellers now to hit the market while we’re absolutely at the peak and to take advantage of that. At the same time always try to sell and buy in the same market as we know that being out of the market at the wrong time can have consequences.
The past 12 months has seen Cunninghams outperform all other Agencies on the Northern Beaches with over 360 properties sold and 395 properties leased in that period. With the positive effects of social media marketing such as Facebook, we saw almost 25% of our sales occur virtually “off market” to the HOT buyers we meet every week.
No matter where you are on your real estate journey, give us a call. If we can help, we’d love to hear from you.
CUNNINGHAMS REAL ESTATE
1/470 Sydney Road, Balgowlah
214 Pittwater Road, Manly
1/823 Pittwater Rd Dee Why 2099
02 9949 7077