Australia set for a bumper spring selling season
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Australia set for a bumper spring selling season

It’s an unusually busy end to the traditionally quiet winter season as some grapple with ‘fixed rate cliff’ concerns

By Shannon Molloy
Fri, Aug 18, 2023 9:12amGrey Clock 2 min

Property markets across the country are heating up ahead of the traditionally busy spring real estate season as seller uncertainty begins to thaw, with the trend expected to continue.

The latest PropTrack Listings Report shows the number of homes being brought to market surged by 9.2 per cent year-on-year in Sydney and 9.1 per cent in Melbourne.

While other capital cities were flat, the total volume of properties for sale edged upwards by 0.4 per cent in July.

“While part of the reason for that growth is that last July was a slower month, it is not the whole story,” PropTrack economist and report author Angus Moore said.

“There were more new listings in both Sydney and Melbourne in July than has been typical on average for this time of year over the past decade.”

Activity is likely to continue increasing over coming months after what was a particularly quiet start to the year, he said.

Seller activity would typically be low during the colder months. According to CoreLogic data, new listings historically drop by about five per cent between autumn and winter.

“In contrast, through the winter season to-date, new listings have risen by 13.2% this year, driven mostly by a 17.9% rise across the capital cities compared with a 4.6% rise in the flow of new listings across the combined regional areas of the country,” CoreLogic executive research director Tim Lawless said.

That apparent surge in vendor confidence can be attributed to recent rising home prices in almost all capital cities, Mr Lawless said.

July marked the seventh consecutive month that home prices nationally increased – now up 2.8 per cent across the year, according to PropTrack data.

But for some vendors, Mr Lawless said listing now could be a matter of necessity.

“Anecdotally, we may also be seeing more homeowners needing to sell amid a peak in the ‘fixed rate cliff’, elevated interest rates and high cost of living pressures.

“Data on mortgage arrears continues to show a historically small portion of borrowers are behind on their mortgage repayments, however we are likely to see mortgage stress becoming more evident through the second half of the year.”

The trend in rising listings will be a critical factor to monitor in coming months, he said.

“The spring season is shaping up to be a busy one, making up for the relatively sedate spring and early summer selling season last year.

“Through the recent recovery phase to-date, low available supply levels have been the key factor supporting value growth.

“A rise in stock levels could signal a further easing in the pace of capital gains across Australian housing markets as buyers benefit from a broader selection of available housing.”



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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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It’s a slam dunk as a covetable $2m KDR site complete with basketball court hits the market in the Hills District

The ball is in the buyer’s court with this knockdown/rebuild opportunity

By KANEBRIDGE NEWS
Tue, Apr 18, 2023 2 min

Glenhaven in Sydney’s Hills District is one of those areas that locals tend to keep to themselves. Leafy with large blocks on offer, the suburb takes its name from its valley location, with the northern end originally known as the Glen and the southern end called the Haven. 

En route from Parramatta to the Hunter, Glenhaven has become an ideal place for growing families in search of a little more space, or even room to house several generations under one roof.

The challenge is finding properties that tick all the right boxes.

As demand for trades and supply chain issues continue to ease, now could be the right time for a knockdown/rebuild project for would-be buyers looking to create their dream home.

Fairmont Homes specialises in knockdown/rebuild projects in Sydney. General manager at Fairmont Homes, Daniel Logue, said there are key features to look for when choosing a knockdown/rebuild site.

“The key items we look for are the site falling to the street, not to the rear, to help with stormwater drainage as well as access to the site,” he said. “Neighbouring property front setbacks are also important. In some older areas, the older houses are set closer to the street, meaning your new home will have to be set to suit.

“Value for money and the return on the end sale price of the home is another issue.”

If possible, he said designing a home that meets the criteria of the Complying Development legislation will speed up approvals considerably.

While suitable knockdown/rebuild sites can be hard to find in Glenhaven, there are still hidden opportunities if you know where to look.

One block at 158 Gilbert Road, Glenhaven is ideally suited for rejuvenation. With almost 850sqm to play with, it slopes down to the street and sits between neighbouring properties that have already been stylishly updated.

 

 

An existing basketball court at the rear could provide the perfect teen backdrop to a family home, or it could make way for a larger house with landscaped gardens and pool. Alternatively, it could be the perfect position for a cabana or granny flat to serve as in-law accommodation or a source of secondary income.

With recent sales of completed homes in nearby streets reaching well above $5 million, it’s a great opportunity to make a slam dunk of a buy into one of Sydney’s best kept secrets.

Address: 158 Gilbert Road, Glenhaven
Price guide: $1.8 million
Inspection: By appointment only

 

MOST POPULAR
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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