You can really only purchase what is available for sale!
One of the major reasons why transaction volumes remain so low in our area is because there is very little actually available for sale. What becomes quite clear from the data is that when values are declining, sales volumes typically fall and increasing values typically leads to higher volumes.
What is also evident is that the market doesn’t respond immediately, when values start rising (initially at least) and it isn’t necessarily occurring in concert with a rise in sales volumes.
The number of new listings nationally (new listings are anything not previously advertised for sale over the past 6 months) are the lowest they’ve been at this time of year for many years and are lower than they were last year. As housing market conditions have softened, vendors have become much more selective about which properties are appropriate to be taken to auction versus sale.
This sentiment is echoed by local Central Coast agents for both homes and vacant land, although all are optimistic for a busy Spring market and are already seeing a rise in enquiry. Ultimately, you can only transact that which is actually available for sale and at this point there is not a lot of quality, varied stock on offer.
Here at Yeramba Estates we see the improving trend to be quite real as earthworks begin on another subdivision at Hamlyn Terrace. Talk to us now to receive a preview of our new land release becoming available soon.