Sydney Property Market Update 06/04/2019
This week we have the Auction clearance rates for March :
Another interesting month's data to consume. What is immediately evident is just how resilient the Marrickville market is in all types of selling conditions. A clearance rate of 65% over twenty-six Auctions is very impressive and easily above the industry average. Postcode 2204 continues to hit well above its weight and is now firmly entrenched as not only one of the first-choice suburbs buyers look at in the Inner West but also across the entire city of Sydney itself.
Dulwich Hill bounced back from a pretty ordinary February to record a very respectable pass mark of 56%. What's clearly noticeable in this suburb is how significantly "house" sales effect the clearance rate. It is no surprise that this month's figures are much better due to 75% (12 out of 16) of the properties sold being Torrens Title homes over apartments.
And good old Hurlstone Park brought up the rear again with a fairly consistent result of 40% admittedly off its traditional low sample size which is the monthly norm in such a small suburb. Next week we will bring you the full Auction results from the first quarter of the year which will show more clear trends in the market to date.
It's been a busy week with the Federal Budget released and interest rates staying on hold for an amazing 29th month in a row. I do scratch my head though when I hear "experts" now talking about a rate cut in the second half of the year when many of the same people were saying exactly the opposite throughout 2018. From where I sit a rate cut would have zero impact on our economy. In fact, I think it would be a bad decision as the current level of 1.5% is so low that any further movement downwards would be negligible. Firstly, I don't believe the banks will pass on any reduction in full to mortgage holders as well as not seeing current buyers being more urgent to seek out a property because their home loan repayments are 3.8% instead of 3.95%.
Do you? I'm interested to hear your thoughts!
With the Royal Commission and State election now behind us the last big event of the first half of 2019 will commence shortly when the Federal election is announced with all the pundits predicting a poll date of either 11th, 18th or 25th May. Hopefully after this we can return to a more stable and consistent market.
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