Good news for buyers and sellers in Sydney’s Upper North Shore – the latest data from the Australian Bureau of Statistics indicates stability and growing confidence in the Sydney residential property market.

This stability and optimism is fuelling expectations of rising activity from buyers over the coming months.

Sharemarket investment has been increasing in confidence recently and property investors are expected to follow.

Compared to May 2011 figures, the number of owner-occupier home loans taken out in NSW in June may have decreased by 4.6 per cent but May’s performance was considerable at 19 per cent. The uptake is still notably high.

In the June quarter, the number of home loans taken out was 8.3 per cent higher than the level achieved during the same period in 2010 and the average home loan value has risen to a record $325,300.

The number of properties listed for sale in June 2011 was also higher than for June 2010.

Economists have been talking about a possible rate cut in light of global financial turmoil and it’s generally accepted that the official cash rate will remain on hold. Depending on the wider economic outlook and inflation levels, there seems only a slight chance of a rate rise around November.

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