The opening weekend of spring was met with disappointment, but as the weather warms up, so too will buying and selling, especially in some key suburbs.
Data from real estate network Raine & Horne show the beginning of spring has been a slow start, with auction clearance rates below 60 per cent. However, Angus Raine, executive chairman of Raine & Horne attributed that to unseasonably cold conditions.
“Yet days are likely to be warmer than average for many parts of Australia, according to the Bureau of Meteorology, with temperatures in the mid-20s expected in Sydney as we move deeper into Spring,” Mr Raine said.
“The prospect of more favourable weather conditions will encourage more owners across Sydney to list their properties and more buyers to visit open homes.”
A surge of activity is expected in Sydney’s inner west region, with more inner west properties expected to be listed between now and November, according to Paul Pettenon, principal of Raine & Horne Concord, with higher-end properties priced around the $1.5 million mark.
“At the same time, owners are prepared to listen to the market and are pricing their properties accordingly. Also, auction clearance rates in Concord and surrounding suburbs have stabilised, which is a good sign for the local property market as it heads into September,” Mr Pettenon said.
The more affordable Western Sydney region with prices between $600,000 to $800,000 in areas such as , Fairfield Heights, Yennora and Canley Vale are expected to be in high demand, Christ Hart, principal of Raine & Horne Fairfield, said.
“We expect that ongoing low-interest rates along with the prospect of decent long-term capital growth and yields of 5 per cent will encourage first home buyers and investors to jostle for entry-level real estate in the Fairfield area this spring,” Mr Hart.
Fairfield in particular is expected to see an economic boost through long-term jobs created from the Badgerys Creek airport, the principal added.
“Buyers are also recognising what this area has in terms of existing infrastructure, such as transport, shops and schools,” he said.
“With the looming completion of the M4 extension, residents of Fairfield will have easy access to many other parts of Sydney and the city.”
Activity is also expected to be strong in the upper north shore region, in suburbs like Hornsby, Mount Colah and Mount Kuring-Gai, said Chris Hopkins, principal of Raine & Horne Hornsby.
“We’re expecting a robust spring market as prices have stabilised, we still have population growth in this region, and plenty of new stock being built,” said Mr Hopkins.
“It’s still possible to find three and four-bedroom houses in Hornsby and surrounding suburbs for $1 million [to] $1.2 million.
“Some buyers might need the bank of mum and dad to help them secure a property in this price bracket, but it’s great opportunity to buy into the prestigious North Shore market.”