Welcome I’d like to welcome two new members of my team – Sales Agent, Phillip Commandeur and Client Service Manager, Ashleigh Moltzen. Phillip is an experienced agent and an invaluable second point of contact for my buyers. Ashleigh works with our clients to ensure that everything runs smoothly.
John Paranchi T 02 9816 8110 M 0411 508 890 E johnparanchi@mcgrath.com.au
The Local Market With the election over and a further interest rate cut in August, we are looking forward to a busy spring season. There will be more homes coming onto the market, which will bring welcome relief to buyers following a severe shortage of stock for most of the year. We have added 1,000 new buyers to our office database in just over 12 months and we expect strong competition for homes marketed in early spring while demand still outstrips supply. Sydney property prices have continued to rise in 2016, albeit at a slower pace which is appropriate after such a phenomenal boom. The latest statistics from CoreLogic RP Data show Sydney’s median
home value has risen by an extraordinary 61.3% since June 2012 when this growth cycle began. The city’s auction clearance rates remain very high, which is unusual at the end of a boom and largely due to the severe shortage of stock. Meantime, Sydney’s average days on market has increased by two weeks to 40 days over the past year, while our office has retained a 26 day average. We believe spring presents one of the last opportunities to fully capitalise on Sydney’s boom. Demand remains very high in our area and vendors who go to market early this spring will benefit most.