Sydney Property Market Update 06/07/2019
Everything you've been reading in the recent press regarding a rejuvenated market is being fleshed out with the clearance rates markedly improving across all three of our key areas.
Let's start with Marrickville. The most consistent of performers, good old postcode 2204 did some very heavy lifting at the beginning of this Winter with an impressive clearance rate of 82% across a much higher than average number of sales - twenty-eight to be exact.
Dulwich Hill continued its rapid improvement with a clearance rate of 70%. This is even more noteworthy for the simple fact that nine of the ten properties put under the hammer were apartments which are traditionally more difficult to sell through this method than houses.
And good old little Hurlstone Park. With some months this year recording clearance rates anywhere from 0% to 33% in this beautiful sleepy suburb, June saw all six properties sold for a perfect 100% clearance rate. Go figure. Admittedly it is always a difficult suburb to read month to month due to the low sample sizes.
What I believe to be certain now is clearance rates from as low as 40% to 55% over the past financial year are a thing of the past as the greater market comes out of this very long and protracted correction period.
Vendors have slowly adjusted their expectations and buyers are now realising after the Federal election and two consecutive interest rate cuts the water is more than warm enough to jump in.
Ironically Winter is probably the worst time to start getting serious about your search due to the seasonally low stock levels. Owners simply don't like selling around this period if they don't have to due to the inclement weather and inconvenience of kids being in the middle of the school year.
If you're thinking of selling however let me give you one piece of simple advice - markets are ALWAYS cyclical and rarely seasonal. A property will always sell for more through higher demand and less competition rather than warmer temperatures, longer days and nice-looking gardens.
Buyers decide to buy when they are ready and that always coincides with the right time in their life which has very little to do with what date it is on the calendar. Think pregnancies, job relocations, promotions, retirement, empty nesters, separations etc.
Those owners who list and sell in Winter and very early Spring more than often get the best of the market before all the other properties come flooding in, literally.
So feel free to have a no obligation conversation with us anytime.
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