Sydney Property Market Update 03/08/2019
Well what a difference a month and a year can make!
Let’s start with Marrickville. Only 11 sales compared to 20 in July last year shows just how chronically short supplied the market is, even if it is Winter. And the 100% clearance rate where ALL 11 properties went on the day (none before or after) shows that demand has definitely risen. Agents and owners don’t choose to sell on Auction day en masse unless they feel there is a reasonable level of competitive interest. A year ago, the June clearance rate by comparison was 55% so the halving of stock can easily create such an effect.
Welcome back Dulwich Hill! . A healthy 86% clearance rate but more importantly a promising number of houses being offered with 6 out of the 7 sales. Hopefully this is a portent for more owners in postcode 2203 entering the market this Spring and beyond.
Hurlstone Park was identical to July in 2018 - 1 Auction, 1 passed in. Hardly figures of any size or scale to derive an opinion from so we’ll have to wait until the end of the quarter to make a judgement.
What is obvious are the winds of change slowly blowing through our market place. I feel we have officially bottomed out and the lack of listings shows that many owners are sitting tight at the moment in the hope prices will recover further. Demand has remained consistent to the levels of earlier this year which means buyers are now finding it increasingly more challenging to find a suitable property.
My advice? Well I’m glad you asked.
I know we’re all time poor. I know we're all working harder and longer to feed the family and pay the mortgage.
But – I feel those buyers that spend just that little bit more effort reconsidering a home they quickly discarded on face value, will be the best placed to find a solution to their problems.
It is no coincidence that the “pretty” homes which require no effort and can simply be lived in straight away are easily the most fiercely sought after.
My question is very simple – what’s wrong with the ones that aren’t in this category?
If the answer is something that’s unable to be changed such as no parking, busy road, etc then I think it’s more than reasonable to say no and move on.
But if it’s a question of basic time and money (i.e. renovations, cosmetic work, gardening) please do the arithmetic and see if it works. Those properties will be the ones you’ll be able to buy with far less competition and more importantly change and improve so they are very sought after when the time comes to re-sell.
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