Sydney Housing Market Update 08/12/2017

December 7, 2017
home auctions

The Auction results for November are in with some surprises.

Auctions - 38
Sold - 21
Passed In - 9
Sold Prior - 6
Withdrawn - 2

Auctions - 17
Sold - 9
Passed In - 4
Sold Prior - 4


Auctions - 7
Sold - 1
Passed in - 4
Withdrawn - 4

As you can see both Marrickville and Dulwich Hill have bucked the Sydney trend with clearance rates well above the current average of the low 60% range.

On the other hand, Hurlstone Park fell off a cliff this month with most properties passing in or being withdrawn. As I have said previously the very small sample size this suburb provides each month makes it extremely difficult to determine a clear trend. With as little as two to three sales and only as high as seven for the busiest months of the year, it is simply not enough to call the market in that particular suburb strong, weak or otherwise. With the full yearly results due in a matter of weeks the overall annual clearance rate will give us a much more balanced idea of what has happened in Hurlstone Park in 2018.

Marrickville's result was quite pleasing compared to the low October clearance rate of 62.07% and Dulwich Hill has been the most consistent of the three with rates no lower than 70% all year.

One thing is for certain though, the market is definitely a lot patchier than the first half of the year.

It will be very interesting to see what 2018 holds as we move into a space with still historically low-interest rates and tight stock levels but also lowering demand, mainly precipitated by much tighter lending criteria being applied by the banks and other financial instructions.

On Tuesday this week, the Reserve Bank unsurprisingly kept interest rates on hold to leave 2017 as a year of status quo. To have no movement in rates for an entire calendar year is quite rare but it does tell you a lot about how flat the greater national economy is at the moment. Make no mistake the Reserve would love to raise rates given the chance but have very little encouragement from such key indicators as employment, wage growth and inflation to justify doing so.