Sydney Housing Market Update 20/07/2018
As promised last week we have put together the Half Yearly Auctions results for our area:
Auctions 115 Auctions 150
Sold 49 Sold 89
Prior 30 Prior 33
Passed In 25 Passed In 25
Withdrawn 11 Withdrawn 3
CLEARANCE RATE: 68.70% CLEARANCE RATE: 81.33%
Auctions 74 Auctions 63
Sold 31 Sold 34
Prior 22 Prior 20
Passed In 11 Passed In 8
Withdrawn 10 Withdrawn 1
CLEARANCE RATE: 71.62% CLEARANCE RATE: 85.71%
Auctions 20 Auctions 16
Sold 8 Sold 13
Prior 0 Prior 1
Passed In 7 Passed In 1
Withdrawn 5 Withdrawn 1
CLEARANCE RATE: 40.00% CLEARANCE RATE: 87.50%
As you can see across all three suburbs
The clearance rates are down which should be no surprise. There has definitely been a correction in the Sydney real estate market in 2018 and nowhere has been immune across the entire city.
What I will say though is the overall clearance rates for Marrickville and Dulwich Hill this year are very encouraging. For both suburbs to be averaging just above or below 70% when the general clearance rate is well into the 50s shows just how resilient and more importantly, popular this area has become with buyers.
Held far less Auctions this year with only 115 compared to a whopping 150 in the first half of 2017. I think last year though was a bit of a freak occurrence when you consider over the same period in 2016 Marrickville had 117 Auctions. Nevertheless a clearance rate of 68.70% is still quite strong.
By contrast saw a 20% increase in the number of Auctions held which makes the clearance rate of 71.62% all the more impressive. Make no mistake about it, if we isolate each and every suburb in Sydney that has conducted over 20 Auctions to date I would bet that hardly any would be able to better Dulwich Hill's clearance rate.
And that brings us to poor old Hurlstone Park
So who put the pin the balloon? A massive drop from 87.50% to 40.00% over roughly the same amount of Auctions well and truly tells the story. I will go into greater detail in next week's update but the main reason for me is quite simple - Agents inexperience.
Let's be really honest here, Hurlstone Park is a lovely suburb that is definitely still on the rise but hardly known amongst most Sydneysiders. Walk past ten people today and mention the name and I reckon if two know where you're talking about you've done really well. Why do I mention this? Well a lack of knowledge about something in my experience usually breeds caution, and caution generally leads to the inability to act quickly. If I was to tell you to go on a holiday to a place you've never heard of would you be compelled to go and book it immediately? No, I didn't think so.
As the market has settled down the Agents from outside Hurlstone Park who operated successfully in it last year are finding out quite starkly how much harder it is to create a competitive bidding environment and most important of all, a sense of urgency in the best buyer to act.
So how do you achieve this? You'll have to wait until next week.
We had a fantastic launch to the "Onyx" Apartments in 11-13 Osgood Avenue Marrickville last weekend.
There are still a great choice of apartments remaining but make sure you get down there on Saturday and Sunday as many savvy buyers have already snapped one up for themselves. For as little as $495,000 to own a home in undoubtedly one of the best streets in such a highly desirable suburb as Marrickville is an opportunity you'd be crazy to miss.