It’s the last week of October and the property market landscape really is changing from week to week.
Just two months ago the Spring selling season made an early and strong start. With more certainty that interest rates had peaked we saw more sellers listing their properties with confidence and we also saw buyers bidding and buying more confidently. So lots of activity, which led to a lot of the increased property inventory being soaked up.
Fast forward to the past few weeks and we have returned to an economic climate full of mixed signals.
Unemployment figures have crept up and retail spending is down with a somewhat negative outlook for the economy as a whole yet inflation is still running hot and Michelle Bullock’s first announcement as RBA governor is indicating more rate rises.
Even so, economic experts are divided as to whether the next rate move will be up or down.
In Sydney’s inner suburbs Im seeing a slight downswing in confidence which is translating to a subdued buyer pool facing a reduced choice of quality listings as more owners delay a sale until they can fetch a good price for their home and find a home to move to.
Until a significant economic event occurs it’s likely this impasse will continue, with quality property trading well while the lower quality stock doesn’t do so well.
That’s all for this week. I look forward to bringing you an update next week.
Any questions please get in touch.
