Spring is typically a busy period for residential real estate with September/October the preferred start date for many sales campaigns. But sellers are approaching spring 2022 with a very different strategy.
Domain Data released last week shows a 30% reduction in properties listed for sale in Sydney’s East, compared to this time last year. In fact most exclusive suburbs, from Darling Point through to the Northern Beaches are experiencing the same issues.
Barrenjoey senior economist Johnathan McMenamin said sellers acted as cautiously as buyers during market downturns. “The uncertainty created by falling prices and a rising cash rate would prompt some to delay sale plans, particularly in more expensive markets. The drop in sellers coming to the market could help to moderate price declines as it reduced supply,” McMenamin said.
For buyers, especially those moving back to Sydney from overseas, or seeking to up-size, the reduction in available properties this spring (both on and off market) has seen increased competition. According to buyer’s agent Barry Goldman “For exceptional properties, competition is still strong and we’ve been seeing an increase in enquiries from both local and overseas based buyers because of it.” Barry went on to say “there’s still properties for sale and deals to be done. You just need to know where to look, who to talk to and importantly how much to pay”.
If you’re looking to purchase prestige property, or simply would like to better understand the current residential property market we are more than happy to share our insights and advice. Simply contact us to schedule a time to discuss.
Barry Goldman – 0418 890 210
Mark Goldman – 0411 193 299