Sydney has seen an unseasonable uplift in homes for sale, and more properties are expected to hit the market now that spring has arrived.
“It’s another weird listings trend that follows on from the lacklustre spring selling season we saw last year ... this could be almost a catch-up [in sales activity] now that conditions have improved,” she said. However, the market could shift, as more sellers list in spring, Owen said. She expects a steady trickle as opposed to a rush to sell, given the increase already seen and current appraisal figures. The impact on prices will depend on how buyers respond to the uptick in homes for sale.“There is starting to be an accumulation of total listings which suggests to me that they’re not being as strongly absorbed by buyers as they were earlier this year.
AMP chief economist Shane Oliver said the mix of regions reflected the varied drivers behind the unseasonably strong uplift in sellers over winter.Some were taking advantage of rebounding prices, having delayed plans during the downturn. Others could be selling to reduce debt as mortgage repayments climbed, and there had been an increase in investors selling.
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