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Inner West Auction Report 2017

December 21, 2017
2017 HOUSING REPORT

As a courtesy to all our clients we have collected the Auction data in our three core suburbs for the entire year and provide you with this complimentary summary.
In our first year we only followed the Marrickville market but have added both Dulwich Hill and Hurlstone Park in 2017.

It really has been a tale of two halves this year across all three regions. In the first half we saw clearance rates week in week out around the 80% mark with no signs of change.

However, by the beginning of Spring the writing was on the wall and with a significant increase in stock levels those percentages dropped suddenly to the mid-60s.


Why?

Apart from improved supply I definitely think new government regulations had a direct impact on demand with investors clearly hamstrung by tighter lending conditions. Is this a good thing? I guess it depends on what side of the fence you sit. We did notice an improvement in successful first home buyer numbers in the second half of the year which can only be a good thing.


Annual Clearance Rates

Suburb Rate
Marrickville 72.90%
Dulwich Hill 80.42%
Hurlstone Park 68.42%

Marrickville

The Auction method was king this year in postcode 2204 with a whopping 27% increase in volume from 244 to 310. Many vendors sought to cash in on the highly favourable selling conditions which proved a shrewd move. It was only until Springtime we saw a pronounced drop in clearance rates as the supply v demand equation shifted sharply back in favour of the buyers.

Month Auctions Sold Sold Prior Passed In Withdrawn Clearance
February 28 22 26 0 0 100.00
March 31 18 5 8 0 74.19
Quarter 1 59 40 11 8 0 86.44
April 21 11 7 3 0 85.71
May 41 22 10 7 2 78.05
June 29 16 5 7 1 72.41
Quarter 2 91 49 22 17 3 78.02
July 26 16 3 6 1 73.08
August 23 9 3 10 1 52.27
September 23 15 2 5 1 73.91
Quarter 3 72 40 8 21 3 66.67
October 29 16 2 10 1 62.07
November 38 21 6 9 2 71.05
December 21 7 4 7 3 52.38
Quarter 4 88 44 12 26 6 63.64
TOTAL 310 173 53 72 12 72.90

Dulwich Hill

Without doubt, this was the star performing suburb in the Inner West with December (66.67%) the only month where the clearance rate fell below 70%. An overall result of just over 80% across 143 Auctions over twelve months in a changing market truly tells the story.

Month Auctions Sold Sold Prior Passed In Withdrawn Clearance
February 9 6 1 1 1 77.78
March 14 9 4 2 0 85.71
Quarter 1 23 14 5 3 1 82.61
April 11 6 5 0 0 100.00
May 18 9 5 4 0 77.78
June 11 5 5 1 0 90.91
Quarter 2 40 20 15 5 0 87.50
July 9 7 1 1 0 88.89
August 12 7 2 3 0 75.00
September 11 5 3 3 0 72.73
Quarter 3 32 19 6 7 0 78.13
October 16 10 3 2 1 81.25
November 17 9 4 4 0 76.47
December 15 4 6 3 2 66.67
Quarter 4 48 23 13 9 3 75.00
TOTAL 143 76 39 24 4 80.42

Hurlstone Park

Up until the final quarter of the year Hurlstone Park’s clearance rates were a heady 87.5%. Then the music stopped, literally. As other more well-known surrounding suburbs strained under the glut of Springtime property available the first casualty of the battle for buyers was this little anonymous paradise. A final mark of 68.42% was slightly disappointing but still quite strong historically.

Month Auctions Sold Sold Prior Passed In Withdrawn Clearance
February 6 6 0 0 0 100.00
March 6 5 0 1 0 83.33
Quarter 1 12 11 0 1 0 91.67
April 0 0 0 0 0 N/A
May 3 1 1 0 1 66.67
June 1 1 0 0 0 100.00
Quarter 2 4 2 1 0 1 75.00
July 2 2 0 0 0 100.00
August 3 2 0 0 1 66.67
September 3 3 0 0 0 100.00
Quarter 3 8 7 0 0 1 87.50
October 5 1 1 2 1 40.00
November 7 1 0 4 2 14.29
December 2 1 1 0 0 100.00
Quarter 4 14 3 2 6 3 35.71
TOTAL 38 23 3 7 5 68.42

For more information, and to download the complete annual report, click here.

SO WHY SELL WITH R&W?

1. ON-SITE IS ALWAYS BEST
All our Auctions this year were conducted at the property. Selling in rooms only really suits one party and that’s the Agency. Think about it – they get to herd all the owners in like cattle and clear the stock on one night. My simple question is this, if the property isn’t good enough to be Auctioned in its own right then why are you Auctioning it in the first place?

2. YOU GET US!
That’s right. Don’t assume the Attractive High-volume Agent you list with will be the one that does all the key work. Make sure you ask otherwise you’ll end up with the younger far more inexperienced assistant running the sale of your most valuable asset. Sound attractive now – I didn’t think so.

3. STRATEGY & LONGEVITY
It’s simple – we work harder and smarter than the competition. We tailor campaigns to suit the specific individual needs of our owners, rather than just throw you on the conveyor belt of the factory floor. Our results compared to the market really speak for themselves.

So, if you are thinking of moving in 2018 we’d love to have a chat.

CONTACT US ANYTIME
PH: 9518 1655
Marrickville@randw.com.au
Rawmarrickville.com.au
M: 0412 465 567