Wollongong June 2018

The month in review: Wollongong

By Herron Todd White
June 2018

Halfway through the year and 2018 is shaping to be the weakest year in terms of residential property growth since at least 2012. Currently, we are experiencing much weaker conditions than we have gotten used to over the previous five years. Agents are reporting reduced demand, lower number of serious buyers attending open homes. Overall sale volumes have dropped. Over the 12 months to April 2018, CoreLogic have reported a 2.7% increase in dwelling values.

This is well down from the previous 12 months which saw a 17.4% increase.

When the market was experiencing strong growth we noticed a trend towards selling by auction as agents were struggling to set prices that were constantly increasing, the preference being to openly let competitors bid prices up.

Now with demand having dropped auctions are not nearly as successful. CoreLogic has reported weekly auction clearance rates between 38.7% to 46.4% for the first 3 completed weeks in May.

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