The Spring Effect?

Hi all,

Is it just me or have prices around Sydney shot up in Spring?

I'm looking for a PPOR around the Sutherland Shire and comparable listings from 3 to 6 months ago were far more affordable than they are now. I feel like there's been a 10% bump in such a short period of time.

Had we been looking in Winter we would be set. Now we're getting priced out of the market.

Is this purely due to the time of year? Like a pre-xmas rush?

Is it interest rate cuts fuelling this?

Govt stimulus?

I'm trying to work out how this is happening in the middle of a recession

 

In my areas of Sydney i keep an ey on prices never really came down and due to lack of stock were always fairly high.

I dont follow apartment market at all.

 

I think it is a combination of a Spring effect as you say, a rush to buy/settle before Xmas, pent up demand as the Corona restrictions disapated and a lack of stock.

 

I'm a Shire local (and local BA) and bought a PPoR in Grays Point earlier this year for ourselves and no, you're not imagining things. I was inspecting a property last weekend and the agent told me they'd had an open in Menai a couple of days prior where 200 parties showed up! That appears to be under priced but the lack of stock is evident right now. It's a blessing and curse for buyer's agents of course.

I think with rock bottom interest rates, confidence returning off the back of what appears to be an all but certain vaccine, and the amount of stimulus and tax breaks that have been pumped in, in addition to the price differential between the Shire and other parts of Sydney with the same desirable lifestyle, it's pointing to a bumper year for 2021.

What suburbs are you looking at?

- Andrew