Housing Market Update 05/05/2017
Hi, my name's Aris and welcome to this month's market update. April, traditionally, is a slower month in real estate. We have Easter, Anzac Day, school holiday period, so that's reflected in the results, mainly the numbers. We had 21 auctions in Marrickville. Still very healthy clearance rate. 18 of those properties sold either on the day or prior, so that's a combined clearance rate of just over 85%. Dulwich Hill, there were only 11 auctions but all 11 of them sold prior or on the day, so that's a clearance rate of, obviously, a perfect 100%.
And then Austin Park, which is a very small suburb. So, to give you the numbers, Austin Park's only got 2,000 homes. Dulwich Hill has 7,000; Marrickville, 13,000. There was not one auction in Austin Park—at all—in April. So, all in all, that was the period of clearance there in April. Very strong again but, obviously, off of a very low number of auctions. So, as we move into May, we will see a lot more auctions, obviously, coming on to the market. Already we've seen the numbers grow significantly.
In terms of where the market's heading, interest rates were not touched this week. I don't think the Reserve will do anything with interest rates in the near to medium term future. It'll be up to the banks to independently touch rates if anything's going to happen to them in terms of them going up. So, we're looking forward to the end of Autumn and moving into the middle of the year. Hopefully, we'll be more out there for buyers to look at, but if you need anything real estate related, you know exactly where we are. Please feel free to contact us anytime.
With the traditional "holiday" month of April now well and truly behind us the market will get back into full swing.
The Auction results are also in and as always make for interesting reading :
Auctions - 21
Sold - 11 (52.38%)
Sold Prior - 7 (33.33%)
Passed In - 3 (14.29%)
CLEARANCE RATE - 85.71%
Auctions - 11
Sold - 6 (54.55%)
Sold Prior - 5 (45.45%)
CLEARANCE RATE - 100.00%
Auctions - 0
CLEARANCE RATE - N/A
For a full list of results simply click on the link below each suburb.
As expected the overall numbers are well down on the usual amount of property put to Auction as many buyers would have been out of Sydney over the Easter, school and Anzac holiday period.
And even though it is comparably a much smaller suburb than Marrickville (13,000 properties) and Dulwich Hill (7,000 properties) it is still amazing that not a single Auction was conducted in Hurlstone Park (2,000 properties) throughout the entire month of April.
The clearance rates though still remain incredibly high for the ever popular Inner West. In particular older established apartments appear to be the most in demand item at the moment.
Our May Auctions kick off this weekend with the following property going under the hammer on-site :
- 3.30PM : 7/50 Crinan Street Hurlstone Park : 1 B/R first floor Unit + Lock up garage
The apartment will be available for a final inspection fifteen minutes prior and you are all most welcome to attend.
With interest rates unsurprisingly still on hold after the Reserve Bank announcement on Tuesday I expect the market to remain the same for the final month of Autumn.