Sydney Property Market Update 20/07/2019
It really has been a Jekyll and Hyde year when it comes to the overall results.
After a very challenging first four and a half months that saw two elections and the Royal Commission into the Banking & Financial sector play out, the market recovered very quickly with significantly increased clearance rates in the final six weeks.
This has seen some very interesting sales figures across our three core suburbs. Let’s start with Marrickville. It’s almost a carbon copy from twelve months ago for postcode 2204 with very similar volumes and success. This just reiterates the mantra I’ve been repeating ad nauseum - that Marrickville is a juggernaut consistently delivering Auction numbers above Sydney averages month after month, year after year.
Dulwich Hill on the other hand was a bit of a different story. The year to date has seen a much lower number of homes go to Auction (32% less to be exact) with a sobering overall clearance rate of 56%. Gone are the heady days of 85% at the peak of the market in mid-2017 but I think a significant reason for this lies in the category of property being sold. It is very noticeable how few houses have traded so far in this attractive suburb and this dearth of stock is never more evident than right now with only six properties available. Hopefully the warmer Spring months and more favourable recent selling conditions encourage a new batch of owners to trade in the second half of 2019.
Hurlstone Park became a late success story. With almost the same number of Auctions as last year the clearance rate lifted from a depressing 40% to a much healthier 63.16%. This was well and truly attributed to a very strong ending where six out of six homes sold in June. At the end of the day all that counts though is the final number and nearly two out of three isn’t bad.
The main question mark hanging over the current market is will the stock levels increase now the coast seems to be clear for more promising prices?
That’s a hard one to answer just yet, but if you put a gun to my head, I’d say it will be challenging based on the number of appraisals our office has conducted recently. Still there is a really long way to go and I’ll be quite happy to be proved wrong on that point.
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