Sydney Housing Market Update 03/07/2018
Let's get straight into the Auction results from June:
For a full itemized list of every sale simply click on the link below the relevant suburb.
What's instantly noticeable
Is the drop in clearance rates in both Marrickville and to a lesser extent Dulwich Hill.
And whilst the improved figures for Hurlstone Park are encouraging once again they do come from a very low sample. A clearer picture will be seen when we report both the quarterly and half yearly figures in the next update.
I will say that the last two weeks of June are in my opinion fast becoming as equally an unsuitable time to conduct an Auction as the Christmas/New Year period.
What I mean by this is
I have noticed a particular phenomenon develop in the Inner west over the past five years where it becomes increasingly harder to get buyers to attend and actively bid at Auctions around this time of the year.
Why? Well, I'm glad you asked
I don't claim to be an expert in economics or social science but what I have observed is that as the prices have sharply risen in this area the demographic has changed significantly. We are now a much more white collar middle class area rather than the recent past of blue collar working class.
As a result I find that when the end of financial year rolls around many of my clients go AWOL, missing in action. For those that work in the corporate world or run their own businesses this can be an extremely stressful time so the last thing they want to be in the middle of is either purchasing or selling a property.
Maybe I'm reading too much into it but our office made a conscious decision to not hold any Auctions from 15th June to 30th June for this reason.
If you look at the spreadsheets of the three suburbs results you will note that during this period out of a combined twenty Auctions only four sold under the hammer on the day. The remaining sixteen were either sold prior (5), passed in (6) or withdrawn (5). Hardly a ringing endorsement.
I will watch with great interest how the July figures track to see if there are improved clearance rates.
Once again the Reserve Bank of Australia
Left interest rates on hold. At the halfway point of the year, I really can't see anything different to suggest this trend won't continue for the rest of 2018. People point to the United States and there inclination finally to raise rates as a cue for us but I just don't see it happening.
We have a fabulous home going to Auction this Saturday (7/7/18):
- 4.15PM: 35 Carrington St. Summer Hill: 2 B/R Freestanding home + rear lane access
This is truly a unique offering with one of the most desirable master built extensions you're ever likely to see. Click on the property link to see more https://www.facebook.com/randwmarrickville/videos/1484371348330262/
You can catch a final viewing fifteen minutes before the Auction and everyone is most welcome to attend. Alternatively, we will be streaming all the action on Facebook Live. All you need to do is follow our page right here https://www.facebook.com/randwmarrickville/