The privilege of owning a home has become a closer reality for some people looking for homes across Sydney with the announcement of the stamp duty concessions for First-home-buyers. However I don’t believe there is too much of this that will register on the radar in the Upper North Shore.
The reason that this is noteworthy for us is that it will hopefully boost market sentiment. The key driver of prices in the Sydney market lately has been the transition of buyer types through the market with people upgrading as pockets boom.
On the Upper North Shore we get a lot of buyers moving into their second home, typically this is an upgrade in size and price and often, more often than not, based on a small boom in their suburb.
IF this is true, which I think it is – from practical experience – then we will hopefully see a new wave of confidence in sub $800,000 and $650,000 buyers who are allowing people to upgrade, this will cause a knock-on affect.
This isn’t to say that the concessions will shut another segment of buyers out of the market, it will give a whole segment back some power over other competition that has previously been impenetrable.
Auction results at the weekend were strong despite it being the coldest weekend Sydney has recorded since the ice-age and coinciding with the beginning of the school holidays for the rest of the schools in the area.
There were originally 628 properties scheduled to go under the hammer with 399 reported to have taken place and 319 sold under the hammer – there were 59 properties withdrawn for whatever reason.
The Clearance rate was up at 70%.
There has been a trend in these figures which is growing from originally scheduled to actually taking place, I believe, anecdotally, that this is because more vendors are choosing to sell prior to auction when the interest presents itself.