MARKET UPDATE WILLOWDALE

Buyer activity in Willowdale is on the rise with 11 homes selling for the month of July which is up considerably from the previous month which only saw 2 homes selling.

This is an encouraging sign that the market may be somewhat stabilising, with buyer confidence slowly returning as is evident by the number of transactions occurring for the month.

The demand for well-priced and well-presented homes continues, with the bulk of the buyer enquiry being received from buyers with budgets between $700,000 – $800,000.

Sydney clearance rates continue to hover around a modest 50% with the SW of Sydney reporting a clearance rate of around 40% for the month of July (source rpdata).

The one factor which has had a major impact on the market has been the Royal Commission into the banking sector which has seen a number of changes to the lending environment.

As a result of all these changes, the mortgage market has changed. The amount borrowers can borrow relative to their income has generally been reduced, resulting in an overall softening of prices being achieved and properties taking a little longer to sell.

Willowdale, however is still proving to be a popular destination for buyers looking in the SW of Sydney with the close proximity to amenities and transport being a big drawcard, along with the large amount of infrastructure being developed at Ed Square and the proposed new airport at Badgerys Creek.

“Willowdale’s local agent”