Thinking about selling your Sydney property? Ray White’s NSW chief auctioneer has flagged early 2020 as the prime time.
According to Alex Pattaro, Ray White’s NSW chief auctioneer, data has shown that the clearance rate for October and November in Sydney sat at 70.9 per cent “with a mammoth 27.74 per cent sold prior”.
“Ray White Group has just had the best month in its history in November, and off the back of a strong spring and summer selling season, there’s no better time than early 2020 to be sending your property to auction,” Mr Pattaro said.
“Anyone looking to put their house on the market should make it their New Year’s resolution to sell their property under the hammer.
“The stats speak for themselves. We had an average crowd size of nearly 50 per auction in October and November, with an average of 5.9 registered and 3.1 active bidders at each auction.
“The clearance rate is tremendous, with just over seven in every 10 homes selling on auction day. With prices continuing an upwards trajectory and these clearance rates solid, the real question is, what are you waiting for?”
While many have been hesitant about the Sydney market in recent time, Mr Pattaro said the harbour city has without question “turned the corner”.
“You can see buyers not wanting to allow properties to make it to auction day for fear of missing out,” he said, noting that the LNP general election victory, interest rate cuts and the banks loosening their purse strings has breathed new life into the Sydney market.
“We expect that momentum to continue well into the new year,” Mr Pattaro added.
“Stock levels are beginning to rise again, but the fact is there are more buyers than sellers on the ground, so potential vendors need to hop off the fence and take advantage of the major opportunity being afforded to them in early 2020.
“Momentum is a powerful thing and you can feel it gaining and gaining week on week – even as we edge towards Christmas – the runaway train is ploughing straight into the new year with no signs of easing up.”