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HANDLE WITH CARE, FEBRUARY 2012
The next few weeks of February will be telling for Sydney's fragile property market.
Easing back into the New Year with some trepidation agents have reported a lift in momentum at inspections, opens and auction crowds but it’s yet to translate into activity.
Already this month Sydney’s clearance rate has lifted above 50 per cent while Melbourne figures hit 66 per cent reflecting a “pent-up” demand for property after the city took a break over summer.
Melbourne has 1500 properties scheduled for auction over the next fortnight and a repeat of the 60-plus clearance rate is expected to mean a return to form after a weak 2011.
The unknown for some is the impact of the unexpected mortgage rate rises by two of the big banks this month, which could cause some ruction among potential buyers, erasing any signs of improvement in the gradual increase in demand.
Australian Property Monitors chief economist Andrew Wilson said it was too early to forecast the autumn trend however the increase in property offered for sale and clearance rates over February could show a healthier adjustment to market conditions and rate environment than expected.
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