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Lull in NSW market 'typical of festive season'

Homes in New South Wales will sell well next year, experts have claimed.

Property sales are likely to remain fairly low over the festive period but will improve after January, according to a statement from the Real Estate Institute of New South Wales (REINSW).

 

 

Tim McKibbin, chief executive officer of REINSW, cited the fact that agents, buyers and vendors all wish to enjoy the school holidays and warmer weather as a factor in the low sales rate for December and January.

 

 

This weekend's auction saw just over 900 auctions scheduled and 378 properties sold, a clearance rate of 56 per cent. Mr McKibbin noted that this was a higher percentage than this time last year, when the rate was at around 50 per cent.

 

 

Writing in the Sydney Morning Herald, Andrew Wilson of Australian Property Monitors said that despite a quiet end to the year the outlook is positive for the market in 2012.

 

 

"Sydney has reinforced its position as Australia's most resilient housing market despite a quiet year for buyer activity," he added.

 

 

Posted by Steve Douglas

- Christmas, sales, auctions, REINSW

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