Don’t dream it’s over
Tuesday 14 Mar 2017
With full acknowledgement to songwriter Neil Finn and Crowded House I believe the mantra of the Sydney property market should be “don’t dream it’s over”. Amazing results and unprecedented demand for Sydney residential property continues to defy expectations. And long may it continue which is why I encourage market participants to keep believing in the market strength.
I think it is important to remind buyers and vendors that they make the market. It is the actions and the attitude of buyers and vendors which creates the atmosphere of market confidence and subsequently delivers market results. It is that market activity which creates an atmosphere of positivity that in turn drives demand.
So don’t let predictions of disaster get you down. Don’t dream it’s over.
Of course economic factors will influence the behaviour of buyers and vendors but it is very clear those economic fundamentals in Australia have been, and continue to be, strong and stable. Which is why there is no reason to expect a dramatic change in the property market if the key players in the market, buyers and vendors, maintain their faith.
It is exciting that over the last couple of months vendors have come to understand the sustainability of the market demand. The nerves that emerged at the end of last year which saw listings at record lows have subsided and vendors renewed faith in the market to deliver good value has been rewarded.
The increase in supply has generated an equal, if not greater, increase in demand. Morton has achieved a 100% auction clearance rate for the properties taken to market by our vendors.
And I should point out in advance that while there may be a slight easing in activity over April it is important to understand it will only be a short-term response to the timing of school holidays and public holidays. Serious buyers will make a plan to stay active in the market even when school is out and our team ensure they stay connected with their database no matter the season.
It is a great market and Morton is working hard to help our clients achieve their property dreams.