I can't tell you what is happening in the City, or the Eastern Suburbs, but I can tell you that out here, in the West, it is white hot. Standing room only at the opens, huge numbers of offers being placed on the one home. Little stock on the market & sold straight away.
We've sold two. Both at the first opens, so this is not just from us looking in, we've experienced it first hand.
Do I think there's still room to move upwards? Yeah, sure do! Would I risk buying something only to sell again in twelve months? NO WAY! Although I THINK there's still room to move, I'm not that confident to put my money where my mouth is. That's why I'm selling NOW, and not waiting around.
There's a saying that goes "You don't lose money taking a profit". So, although there's a chance that I could get even more profit, there's also a chance that the market could fall over while I'm waiting & I don't get the profit at all.
Both the properties I've sold, have been sold at more than double the purchase price. One I've had for 5 years, the other for 10.