Housing Market Update 03/03/2017
Hi, it's Aris from R & W Marrickville and welcome to this month's market update. As I said in previous updates for this year we're going to be reporting the results in three suburbs in 2017: Marrickville, Dulwich Hill and Hurlstone Park.
Depending which way you look at it, good news for sellers, bad news for buyers. The clearance rates were astronomically high. Marrickville with 28 auctions across the month of February, sold all of them. That's pretty amazing, that's 100% clearance rate. The overall majority went to the day. We had six that sold prior, 22 on the day, so that was just amazing. Very, very strong result, obviously. Dulwich Hill not too far behind, they had eight properties sold out of nine. So that's a clearance rate of just over 88%, only one passed in there. Hurlstone Park, which is obviously a much smaller suburb, there were six auctions in the month of February, and all six of those did sell. They all went on the day.
The pattern's pretty clear for buyers in 2017, we've had a very strong start to the year. The supply levels are the issue, which I'm sure everyone's aware of, and we're trying very hard to fix that. We'll be getting as many homes on the market as we can, but it's reflected in the clearance rates that obviously the supply's not meeting the demand. So hopefully in the next month, we'll monitor these results a lot more closely, see where those suburbs go. If I'm a betting man, and I am, I would say that we're going to be looking at pretty high clearance rates again in March.
That's it for me, have a really good February/March period, and I'll speak to you next time. Bye-bye.