The sales figures for 2016 are fascinating, even DRAMATIC. Despite what anyone says or thinks about the local real estate market, I expect to see big things in 2017.
The basics are still quite good. (Affordability, interest rates, unemployement still relatively low, housing supply).
There is a definite trend of reduced volumes of sales, quite dramatically however, so this is not a time for sellers to be too bullish. There is undeniable evidence that changed market conditions, sentiment, tighter lending and a lack of price growth now for a long time (Many suburbs sitting at 2006/2007 prices), the Buyers know that they can wait for the right property at the right price.
THE FACTS: (To illustrate I am using Applecross and Mount Pleasant only).
Sales in past 5 years- APPLECROSS
2012- 180 (Days on market 164)
2013- 201 (Days on market 146)
2014- 174 (Days on market 109)
2015- 149 (Days on market 105)
2016- 138 (Days on market 132)
In other words, volumes down 32% on the peak of 2013 and 8% down on last year. (Source: Complete Data).
Sales in past 5 years- MOUNT PLEASANT
2012- 159 (Days on market 162)
2013- 161 (Days on market 121)
2014- 183 (Days on market 100)
2015- 162 (Days on market 93)
2016- 112 (Days on market 111)
In other words, volumes down 39% on the peak of 2013 and 31% down on last year alone (Source: Complete Data).
WHAT DOES IT ALL MEAN?
I am more excited than ever!- about the opportunity that 2017 presents, as we normally see new buyers and sellers alike jump into the market either now or early in the New Year anticipating a move.
Now more than ever getting the right agent is critical.
The best agents make things happen, have energy and proactive systems in abundance.
I expect big things in the New Year as the market settles back into a new kind of normal.
Buyers will buy, sellers can and will sell and everyone realises that the local property market is quite resilient and an excellent long term buy as far as value and lifestyle.
Please feel free to drop me a line to help you get moved in 2017.