Chief Economist at My Housing Market Dr Andrew Wilson said there has been an uptick in buyer and seller activity more recently."The latest data is perhaps telling us that there are some very early signs that the Spring market may be a little better than expected," he told 9News.
The latest data from Domain - which is part-owned by Nine - shows a surge in auction activity, the third week in a row that they've increased. They've increased 13.5 per cent across the country, but are up 16.5 per cent in Sydney.Marco Fabrizio from Melrose Estate Agents is selling a sprawling, luxurious seven-bedroom home in the Capitol Hill Estate at Mount Vernon in Sydney's southwest."I put the property on the market yesterday and we had over a hundred calls.
"I've found that there's a lot more first home buyers and owner-occupiers buying at this present moment," he said.When it comes to auction clearance rates, some suburbs have clearly out-performed the rest in the past three months. Both Westpac and ANZ believe property prices in Sydney will fall by around 18 per cent by the end of next year."Already prices in Sydney are down 6 per cent to the month of July, and in August they look like they're down another 2 per cent or so," she said.