Could the downturn be short-lived?
Sales numbers are picking up in 2515, so could the housing market downturn be short-lived? A slowdown in the property market has been felt across most parts of Australia including our area. It’s largely been driven by rising living costs, big...
By Ian Pepper of Ray White Helensburgh
Sales numbers are picking up in 2515, so could the housing market downturn be short-lived?
A slowdown in the property market has been felt across most parts of Australia including our area. It’s largely been driven by rising living costs, big hikes in interest rates and more supply of properties to choose from. However, with inflation expected to peak late 2022 and rates to also to reach their peak around the same time, uncertainty around what is going to happening is dissipating. This will lead to more buyer confidence and willingness to come back into the market.
Some evidence of this can be seen in the number of sales in 2515 over the past two weeks. In the past few months only one or no properties were selling each week. However, in the past two weeks six properties sold in the postcode. There are signs buyer sentiment has shifted to newly constructed or renovated properties as the cost of building or renovating has skyrocketed. Most notable in this regard was the sale of 8 Gifford Street, Coledale for $2,800,000 by Andrew McLeod of Molenaar & McNeice. This was the second attempt to sell this property by the owner and their timing was fortunate this time around to meet the shift in buyer demand for newer properties.
Meanwhile, in 2508 there were no recent sales and more launched taking the number of properties on market to 31. The next few weeks will be interesting to see what shifts in prices are seen as a result.
