Sydney Property Market Update 08/06/2019
Despite below average volumes there were clear trends across the three suburbs. Marrickville maintained its very strong record of consistent clearance rates above the Sydney median with 67%. We see no evidence to suggest this won’t continue as the market shows early signs of improvement.
Dulwich Hill has rocketed back up the charts with a much improved clearance rate of 75%. In particular the houses have shown the way with all of them selling under the hammer. This is less surprising when you note how low the current stock levels are in this suburb. As of this morning if you search for a home in postcode 2203 a grand total of two come up - two! Now that's low.
Hurlstone Park went to sleep again with no success from its three Auctions last month. However, it is once again a very low sample size and all three were apartments. We will have to see the full quarterly results before we can pass judgment appropriately.
The Reserve Bank predictably lowered interest rates on Tuesday which is a welcome sign for current mortgage holders and new buyers who haven't had much of a pay increase over the past three years since they last went down.
What wasn't as predictable, well not from yours truly anyway, was how much of the 0.25% decrease the major banks passed on. In a pleasant surprise we've seen the Commonwealth Bank drop the full amount and the other three shave it down to a margin between 0.18% to 0.20%. To be perfectly honest, the cynic in me was expecting far more greed where barely half of the savings being given.
It will be interesting to see if further cuts follow in the next six months. Many much smarter people than I have already locked this in as a certainty.
If this is the case then one thing is for sure. We are a lot closer to the end of this correction period for prices in the greater Sydney property market - if it hasn't happened already.
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