April Real Estate Wrap

April showed more of the same with regards to a high number of local sales, a tight amount of listings and strong buyer demand. As previously discussed, demand is very strong at the entry level to each market segment and for brand new or as new houses and apartments. One other thing to note for the last 2 months is the large number of dwellings that have not sold and withdrawn from the market. From our count there has been 14 just in postcodes 2092 and 2093 which is at least 3 times the normal amount. This shows 2 things - most sellers are not under pressure to sell and can wait or look at other options for the medium term. Not such great news for buyers as it reduces the amount of property for sale. Secondly, value for buyers is lower than the advertised price guide leading to owners not always getting offers in the range they want and as a result they are not selling.

For May we expect a slight lift in the number of new properties for sale, however not much will change for the next few months.