Our strongest February ever as forecasts show there is more to come

As we look back on this month’s results of 18 property sales, we’ve certainly raised the bar for the year to come - 11 via auction, four off market, and three private treaties marking a consistently successful month and a testament to the market’s current position. We also achieved a new suburb record in Concord, reaching $2.3M for a stunning family duplex that traded off market this week.

The question everyone is asking is how long will it last? And, will it continue? With the average selling period for Sydney currently sitting at 33 days, compared to 57 days a year ago, and 17% more properties being sold in the last 12 months compared to last year, there are positive signs all round.

This month Domain released its latest property price forecast, and to save you reading the entire report, we’ve pulled together a snapshot of its key predictions for Sydney, which you can find below.

The results are promising for sellers, and buyers alike. 

We’ve already started to experience greater demand as we move closer to the Easter holiday period, so if you’re in the market to sell, consider practical timeframes for a post-Easter campaign that we can prepare and have ready to launch. 

Domain property forecast for 2020

This month Domain released its latest property price forecast, and the results for Sydney strongly corroborate the success we’ve experienced so far this year, particularly over February.

The report forecasts Sydney house prices will rise by 10% in 2020, with the median unit price to increase by 8% ($795,000). This will raise Sydney’s median house price to $1.25 million by the end of 2020, a figure 5% higher than the peak reached in June 2017.

Some other key predictions included in the report are:

• Property prices growing strongest in most Australian capital cities in 2020 and 2021, with Sydney prices to rise rapidly in 2020, and price growth to moderate in 2021.
• The prolongation of very low interest rates remaining one of the primary drivers of price growth, as well as strong population growth, reduced construction of new housing, low levels of listings and the First Home Loan Deposit Scheme.
• Continued confidence levels in the market contributing to a jump in buyer demand, demonstrated by rapid growth in mortgage lending and increased number s of people viewing property listings.
• Auction clearance rates remain at around 70% and buyer interest remains high, as people expect prices to increase further. 

You can view the full report here.

Interest rates

The Reserve Bank of Australia (RBA) has announced further cuts to interest rates, as expected, reaching uncharted territory at 0.50% as at 3 March 2020. Homeowners will likely see some significant savings in the coming months, and further increases in property prices as a result.