REINSW spoke to some members of its Auctioneers Chapter Committee to find out their market forecasts for 2017.
Here are their predictions.
"I expect to see continuing strong demand for properties in the North Shore region in 2017.
"The North Shore represents blue chip property and offers a mix of lifestyle and convenience for buyers.
"In 2016 record low listing numbers contributed to the strong auction clearance rates and I anticipate this will carry on into the new year with the trend of selling prior also expected to remain strong."
Clarence White - Auctioneer at McGrath Estate Agents
“Early indications are showing that auction numbers will likely increase for 2017 and get back to where they had been in previous years.
“The most encouraging sign for our business has been the number of bookings in late January and early February.
“2016 started a lot slower in relation to auction bookings with most auctioneers really only getting going by about the middle of March.
“We also believe that growth will likely steady for 2017 with buyers having more options for their purchase due to increased stock.”
Jesse Davidson - Associate Director and Auctioneer at auctionWORKS
“I believe we will see a bullish start to the market in 2017 for January and February auctions.
“The run in to Easter will be disrupted with public holidays in April and will see the big rush to sell in March.
“Winter will see a stabilisation and holding pattern until a big rush of property through spring.
“It is always important to remember that the clearance rate needs to be looked at in conjunction with the amount of properties going to market.
“A 80% clearance rate for 400 auctions is 320 properties transacting. A 50% clearance of 1,000 auctions is 500 unconditional transactions, and sometimes volume is a relevant indicator.”
Leon Axford - Director at Axford Auctions
“Last year stock was a problem but it loosened up towards the end of the year and I think it will be a very strong start to the year.
“There is a lot of stock out there now and if the market starts strong it will be a great year for auctioneers. However if it starts off quiet, it could sink pretty quickly because it will scare people.
“The investor market is looking strong because there are a lot of exciting new developments in places like Campbelltown and Penrith and Sydney has the growth, infrastructure and surplus.
“Common sense would say the market has peaked now as the cost of living in Sydney is so out of sync with house prices and it is hard to see how they can keep going up so much.”
Mark Morrison - Auctioneer and Harcourts CEO