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Higher asking prices have come as a result of a national drop in residential property listing in December, which is why some areas in Sydney have the best selling opportunities they have seen in three years, according to one real estate agent.
Luke Hogan, head of sales at Raine & Horne Double Bay, highlighted how current market conditions are presenting vendors with a prime window for palming off property.
It comes as Sydney recorded a 2.4 per cent increase in asking house prices for December, with the market climbing back to 2017–18 highs of more than $1.3 million as the median.
At the current time, the median asking house price in Sydney is $1,341,400, according to data from SQM.
In the Eastern Suburbs, demand from overseas buyers and locals remained strong through the Christmas break, according to Mr Hogan, which makes “early 2020 a prime time for vendors considering a property sale”.
“We are still seeing average sales prices heading north, with demand for apartments and houses in the Eastern Suburbs very strong,” he added.
Raine & Horne has noted similar sentiment from AMP Capital chief economist and head of investment strategy Shane Oliver, who was cited as stating that capital city house prices are expected to see continued strong gains into early 2020.
This is off the back of pent-up demand, rate cuts and a fear of potential property buyers possibly missing out.
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