Spring start sluggish

Spring start sluggish

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Estate agents across Sydney's lower north shore are predicting a slower start to the usually frantic spring season, citing an already tight market, strong winter sales and school holidays as factors that could drive the usual spring sales closer to Christmas.

While some agents claim supply has been low all year across the area, others believe more stock will become available in October - and are not reluctant to take advantage of the strong market.

Speaking to a News Ltd publication earlier this week, Geoff Allan of LJ Hooker Mosman said such conditions give vendors the advantage, although more properties will hit the market soon.

“We feel spring is starting a little later this year due to winter being such a strong selling period across the lower north shore,’’ Mr Allan said.

"Vendors have the advantage because they can leverage both strong market conditions and the heightened competition that occurs when there are fewer competing homes distracting buyers away from their own."

Belle Property Neutral Bay and Mosman principal Tim Foote said he had a late spring last year due to the federal election and he believes there will be a late spring again this year.

“I’m confident that as more strong sales occur during September other homeowners will gain the confidence to list their homes for sale. Many local homes are selling above their reserves right now, indicating demand is outstripping supply,” Mr Foote said.

“Supply has been low all year across the lower north shore, with a lot of old stock absorbed over winter and not too many new listings coming onto the market as yet."

Ray White Lower North Shore director Kingsley Yates said traditionally he should be run off his feet with listings, but that is not the case. Mr Yates believes winter sales absorbed all the old listings and left the shelves bare of stock.

“Traditionally, we should be run off our feet listing for spring, but the market has not opened up yet and with school holidays starting this week, prospective vendors are leaving their run late into the Christmas period,” Mr Yates said.

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