As we make our way into the Autumn for 2014, the current trend has followed that from the booming end we had to last year. With auction clearance rates above 80% for the 5th straight weekend after last Saturday, the question which has to be asked is, Can this boom keep continuing for 2014?
With the low interest rates, low Australian dollar coupled with First home buyers, Down-sizes and the much publicised ‘Overseas Investors’, it does appear that the trend will continue to rise steadily. However; it would be highly unlikely to see the growth exceed into the double figure range as it did towards the end of last year. There have been some bullish analysts who are predicting towards 20% increases within the greater Sydney market however; anyone can make brash predictions at the start of the calendar year.
So, what does this mean for Victoria Park & Zetland?
With a steady amount of properties currently on the market within Victoria Park and Zetland, it is evident that the supply is there and as mentioned before with the first home owners, down-sizes and overseas investors, the demand has followed. It is safe to say that we are in a sellers market with numerous properties throughout the area exceeding reserve prices and clearing them by the tens of thousands and in some cases, more.
With new developments set for completion throughout Victoria Park in 2014, it will be interesting to see what this effect has on the market. Personally, even with the added supply, I do not believe this will dilute the market as the demand is out there. Having spoken to people within the industry, it does make for exciting times within the area but only time will tell…..WATCH THIS SPACE!!!