 Property encouraged by turnout
Auctions, open houses are both seeing renewed interest as buyers are keen to buy again. Estate agents and mortgage brokers are reporting increasing numbers of people attending auctions and faster sales.
Properties are not only selling faster, more sellers are getting their asking price. All this encouraging news comes despite talk that interest rates will rise by the end of the year and the First Home Owner Boost comes to an end.
RP Data analyst Cameron Kusher says those people who stayed out of the market during the financial crisis are slowly coming back to the market.
"We are not really seeing the number of new listings ramping up as
yet," he said. "I think you will see a much stronger re-entry into the
market at the end of this month. Evidence suggests that upgraders have
already been active (selling to first-home buyers) and investor
activity is still low but trending up."
And sellers are now willing to sell for less, and are sticking to the asking price, only willing to go down 5.9 per cent in the asking price compared to a willingness to negotiate down 8 per cent in September last year.
First home buyers are falling in numbers, as the boost to the First Home Owner Grant winds down, although investors are coming back to the market, hopefully to fill the gap.
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