Property Market on the cusp of a Boom?

Property Market Boom

The time to sell your property could be just around the corner, if the high clearance rates, low interest rates and large number of interested buyers are anything to go by.

The current market is on the cusp of a Boom time according to Australian Property Monitors, particularly relating to high-end properties. Internationally, the economic outlook is continuing to brighten also, as the US gradually recovers from a difficult period. China is also showing signs of high growth which is great news for Australia’s resource exporting economy.

Sydney and Perth are the strongest markets in Australia, with Auction Clearance Rates in Sydney tracking nearly 20 per cent higher than the same time last year. In fact, the early season clearance rates are similar to those recorded during the boom period of Autumn 2010. Low unemployment, record population growth and a shortage of housing is what is driving these markets. Additionally, the shortage of housing is driving rent increases, and this is also helping to intensify buyer activity.

The strong start to the year is set to continue into winter with Sydney’s solid economy. The Australian Bureau of Statistics retail sales growth data shows that NSW is the best state performer so far this year, which is indicative of rising consumer confidence in Sydney’s property market. Great news if you are looking at selling your property!

For further information on selling with Oaks Property Sales, please don’t hesitate to contact our sales team.