Inner ring capital city property markets across Australia have started the autumn selling season with "all guns blazing", according to a leading real estate firm.
National real estate firm, Raine & Horne’s executive chairman and CEO Angus Raine says the February decision to cut rates by 25 basis points has “given some inner ring markets an additional edge, while a relatively early Easter and the impending school holidays is creating buyer urgency.”
However, Raine admits that the heated Autumn market may also be a result of the current housing shortage, making it a strong seller’s market.
“Our offices around the country are also reporting a significant shortage of stock for sale this autumn, with listings down by about 10% nationally compared to this time last year, which is great news for those owners considering a property sale.”
Tony Laing, co-principal of Raine & Horne Coogee/Clovelly said he sold a property in Coogee – located within 12 kilometres of the CBD – in a flash auction for more than $500,000 above the vendor’s reserve.
“We issued around 150 contracts, which indicates the strength of the inner ring suburbs in the City's east, and this buzz seems set to continue for some time yet thanks to the availability of cheap housing finance and a significant lack of stock,” he said.