An article in the Sun Herald on Sunday by Andrew Wilson says that in Sydney over the last quarter of 2010 there were declining auction clearance rates, falling prices, and flat rental growth. Andrew attributes this largely to the spate of interest rises culminating in the November 2010 rise with all its unwanted publicity. He says that, despite the flat demand and downward pressure on prices, the fundamentals of the Sydney housing market remain rock solid. He believes the malaise is a "short term irrational dose of negative sentiment and a lack of confidence underscored by a herd mentality of buyer negativity."
However he says this mindset will be short-lived and the current period will later be seen to have been a great opportunity to snap up Sydney property before prices regain "their irresistible upward trajectory".
Certainly all of that fits in with the experiences of Ray White Beecroft. Immediately after the November rate rise buyer interest disolved, and the number of house sales in the Beecroft and Cheltenham area was an all time low. But at the same time a number of new listings appeared.
Last week our website, raywhitebeecroft.com, had more hits than at any time since the November rate rise. And this last weekend we had a bumper crop of prospective buyers going through opens at those new properties.
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