REINSW: The Real Week Ahead
- Written by Tim McKibbin, CEO, Real Estate Institute of NSW
As expected, the intense start to the year in terms of transactions and prices has naturally begun to ease.
As winter approaches, we see the market settling into more sustainable long-term growth, with prevailing demand robust and supply still constrained, to keep prices buoyant.
Many vendors who have been slower to take advantage of the favourable conditions are now preparing for a spring listing, although it’s impossible to say whether it’s a strategy that will pay off.
Listing a home for sale now potentially means getting ahead of the spring rush and, while growth in values may be easing, it is still apparent.
Clearance rates should remain around the 80 per cent mark this week, down slightly from earlier in the year, but still very credible. Appropriately priced properties will continue to sell.
There may be some heat coming out of the market but the importance of property to Government and to the economy has again been underlined by the most recent stamp duty numbers.
In April alone, the NSW Government pocketed over $870 million from this tax and over this financial year to date, transfer duty revenue collected already exceeds the total from the whole of last financial year.
With so much at stake to an industry of unmatched social and economic importance, REINSW will continue to make the case for reform. The Bill to establish a dedicated and industry experienced Commissioner for Property Services was passed by the Upper House but the Government has indicated it will block the Bill in the Lower House.
No reason why has been offered, so we’re mobilising the industry to pressure MPs to carry this important reform forward.”
The REINSW Roadshow is in Coffs Harbour and Port Macquarie this week. For ticketing information visit: roadshow.reinsw.com.au
