May Director's Desk - It was the best of times
Thursday 14 May 2015
Charles Dickens wrote “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity…” and right now that’s what I think of as I watch the current extremes in the Sydney property market.
What an amazing year it has been so far.
It took a while for the market to heat up at the start of the year. I was nervous it was going to be an unexpectedly tough year but then in March it took off to break all local records and certainly every record for our business. April started slow but healthy and a hint of worry emerged that it might be the start of demand waning.
Then BAM! It’s off again. May has been monstrous already and we’re only half way through.
So to reference Dickens again, some will claim the current level of demand is foolish and unsustainable but the majority seem to believe in the opportunities afforded by the exceptionally low rate market.
Whatever your position the market is incredible.
Is it sustainable? Will I’m not sure we should settle in and expect auction clearance rates above 85% every weekend, but that said if more stock is not fed onto the market that is entirely possible.
For each property sold under the hammer there are buyers who missed out. In most cases they remain active in the market keen to buy while rates are low. That’s why I believe demand is there to absorb more listings without diluting the current strong results.
So if you’re considering selling give us a call.