Sydney Housing Market Update 08/09/2017
It's been a busy week in the world of Inner West real estate with much to talk about.
Firstly let's take a good look at last month's Auction clearance rates :
|Auctions - 23|
|Sold - 9|
|Sold Prior - 3|
|Passed In - 10|
|Withdrawn - 1|
|CLEARANCE RATE: 52.17%|
|Auctions - 12|
|Sold - 7|
|Sold Prior - 2|
|Passed In - 3|
|CLEARANCE RATE: 75.00%|
|Auctions - 3|
|Sold - 2|
|Withdrawn - 1|
|CLEARANCE RATE: 66.67%|
For the full Itemised list of every property simply click on the link below each suburb.
Obviously, the most notable statistic is the clearance rate for Marrickville dropping off a cliff. This is the first time I can remember this figure being below 70% in the past two years let alone as low as this. Interestingly the final six properties put under the hammer in the last week of August all passed in which is a very strange phenomenon.
The numbers don't lie however and we are definitely entering a new phase of the market where lazy unskilled agents and uninformed unrealistic vendors will be left on the shelf.
Dulwich Hill and Hurlstone Park's figures were more in line with the recent past and we will watch them closely over the rest of the year.
The good news for buyers is that the smart experienced agents are educating their owners already to understand what is now "reasonable" in the eyes of the purchasing public.
And please don't read this as a prospective seller in the area and think this means your property has dropped significantly in value overnight. It hasn't. But if you do want to sell there is more work and strategy involved now to engage the buyers.
A good example is the two fantastic on site Auctions we conducted last weekend in Hurlstone Park. If you missed them take a look on the following video links below :
- 99 Floss St. Hurlstone Park: SOLD: $1,705,000: Street record
- 79 Crinan St. Hurlstone Park: SOLD: $920,000: Ex-corner shop on the only 82sqm
In other news, the Reserve Bank once again left interest rates on hold. That makes thirteen consecutive months of no change which must be some sort of record. It also suggests that we have finally reached the end of the cycle with the next move being up.
I'll be very surprised if this happens before the end of the year but 2018 may be another story.