Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Summer market not so hot

16 December 2009 Reporter

Despite strong property activity over the last few months, the market is expected to cool down over Christmas before taking off again in 2010.

Over the past six months, Sydney auctions have performed well, particularly in the inner west where clearance rates have been consistently above 70 per cent.

Associate director and property consultant at Elders’ Inner West, Sam Bonaccorso, told Real Estate Business that his branch was responsible for 27 auctions in the last two weeks alone.

“We have had a huge number of auctions recently and achieved very high clearance rates as well,” Mr Bonaccorso said.

But despite the run of strong activity, Mr Bonaccorso said the market would cool down over the next two weeks before swinging upwards again in the second or third week of January.

Angelo Tesoriero of LJ Hooker Real Estate Bondi Beach agreed that Christmas was generally a quiet period for agents.

“It is a general rule that most people are on holidays. The market picks up pace in the New Year as buyers have time to plan their purchases and organise their finances,” Mr Tesoriero told Real Estate Business.

“People will rarely walk in and buy a place straight off the bat just because they are on a holiday.”

Summer market not so hot
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Where is the biggest threat to agents in 2019?

3rd party lead generation companies
DIY models discounting sales commission
Prop-tech firms cutting out the agent value proposition
A yet unidentified proper disruptor – like Uber or Airbnb
None of the above. There is no threat.
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.