This year has seen it all! Lower levels of stock, shorter time periods on the market for most property, overseas investment from Asia and a drop in the Australian dollar have eventuated in an extremely strong market.
Landmark Sales
Particularly the top end has been the strongest we have seen for decades. We have had some landmark sales in just about every suburb surrounding our office in Double Bay, some of these, the most expensive in the country.
Some of our most remarkable sales this year have been:
As we write this review, the undertone of the current market is still firm although seasonally slower. We have also seen the Chinese interest fading somewhat towards the end of the year, but I see a fairly steady market ahead in the New Year.
Sydney Market Still Favouring Sellers
And the official data confirms my view that the outlook for Sydney continues to be positive. According to the latest Commonwealth Bank survey the Sydney market still favours sellers despite its long stretch of an extremely heated real estate market.
According to the survey the top five sellers’ markets in Australia are Sydney, Melbourne, Adelaide, Canberra and Victoria’s central highlands while the top five buyers’ markets are Northern (SA), Wide Bay-Burnett (Qld), Central West (Qld) Far West (NSW) and Pilbara (WA).
Unique Situation of the Eastern Suburbs Market
Regardless of the general trends it is important to understand that the market in the eastern suburbs has a life of its own anyway. Stock levels are traditionally lower than the enquiry rate making it a favourable market for sellers. And with 2016 approaching fast, we have already lined up multiple properties for the New Year campaigns.
My recommendation for 2016 is to keep an eye on the two underdogs Vaucluse and Dover Heights as they are both on the rise and increasingly sought after. Dover Heights in particular is still one of the more affordable areas and it will catch up and develop into one of the more expensive suburbs in the east as it offers views, parks, transport, coffee shops and good land sizes.
Key to Success: Focus on “Buyer Matching”
With the year nearing its end we would like to thank our loyal customers. This year has seen many clients returning to sell through us; one from a sale made over thirty years ago and it is this bond that we form with our customers that continuously excites everyone in our office and makes our job so worthwhile.
We would also like to thank our whole team here at Ray White Double Bay. The many dream sales we had this year are not happening by chance: They are the result of hard work, customer care and perfect management.
In this regard I would like to point out our immensely successful “Buyer Matching System” again. This collaborative system allows our sales team to pool hundreds of buyers that have attended open homes and marry them to a specific property. Working collectively is a real eye opener and a Ray White difference that sets us apart.
So if you are thinking of buying or selling in the New Year, please don’t hesitate to get in touch early. Planning ahead even for a sale later in the year usually pays off immensely. Our office will be closed for the Christmas and New Year holidays, but we will reopen 4th January 2016.
We wish you all a merry Christmas and a happy and healthy New Year.
Let’s meet again in 2016!
Warm regards,
Michael Finger
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