I have just come back from a 2 week holiday and I am astounded as to the turnaround in the local Cronulla real estate market in this short time. Even with a rate rise, the market has taken off with properties being sold in lightning speed.
There seems to be no time to even organise a pest and building inspection, properties are selling for over the asking price!
Who can believe that a few months ago words such as Global Financial Crisis and recession were bandied around like daily greetings.
Q: How are you going? A: The GFC was the answer to everything.
I’ve been asking around Cronulla and retailers are getting mixed signals, trading up one day and down the next.
Clearly there is a drastic shortage of property on the market in Sydney and this is fuelling the real estate market. How long will this continue?
Soon it will be Christmas, normally when the real estate selling market slows down. Will this make the shortage worse and make buyers desperate to secure something prior to Christmas? I can see more rate rises as long as this continues.
This is my initial assessment of the current Cronulla market. I’ll keep you updated when I know more…and when my jetlag has worn off!