Sydney Property Market Update 09/03/2019
This week the February Auction results are in for Marrickville, Dulwich Hill and Hurlstone Park.
The first set of Auction results are in for the year and as always, they make for interesting reading.
Once again Marrickville has led the way with a very healthy clearance rate of 64% across twenty-one Auctions . This compares favourably to the same time last year when a figure of 73.33% was recorded from fifteen Auctions. It has been very noticeable in our offices that the general demand for property in Marrickville has been distinctly higher than any other suburb.
Unfortunately, the same cannot be said for Dulwich Hill at the moment. A clearance rate of 25% is the lowest I’ve seen since we’ve been tracking the market over the past three years. It does reflect the current sentiment of many buyers feeling less inclined to engage in the Auction process than in the past.
We are experiencing a similar phenomenon where immediately upon a property not selling on the day, a significant spike in enquiry occurs. Ironically, we made two sales last month where after five weeks on the market a mini “for sale” bidding war has broken out of the ashes of the Auction. I guess the lesson there is no matter what your perception of the market may be, if you see a home at a price you’re prepared to pay or offer near, isn’t it logical to assume someone else might think the exact same thing at the exact same time?
Finally, good old Hurlstone Park registered a 50% clearance rate, but only from a very small sample size of two Auctions. As always, we will need to look at the quarterly results of this suburb to garner any tangible trend.
With the traditional upsurge in Auction numbers this month due to the three extra days and one extra Saturday in comparison to February, it will be fascinating to see what happens next.
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