Sydney Property Market Update 6/09/2018
The Auction results for August are in so let's take a look:
For a full itemised list of every property simply click on the link below the relevant suburb.
Firstly, the good news for owners.
If you're in Marrickville the clearance rate is holding well at a very healthy 68% which is significantly above the average across greater Sydney. With twenty five properties going under the hammer in a month it is also a large sample size to rely on.
Now for the bad news.
Dulwich Hill had a second underwhelming result of only 38% and poor old Hurlstone Park was even worse at 25% with admittedly its regular low volume levels.
So, what does this tell us?
Not much new to be honest. When I look closely at the results it shows Marrickville to be generally a more well-known and relied "brand" name when it comes to picking a suburb to live or invest in. What it also indicates is apartments in Dulwich Hill don't sell as well as houses. When the percentage of houses being put under the hammer each month is higher than apartments the clearance rate rapidly rises.
And Hurlstone Park's continuing low clearance rate is entirely indicative of its anonymity coupled with external agents lack of understanding of how to negate this and attract buyers to this lovely area to compete.
With Spring now upon us and a traditional seasonal lift in numbers on both sides of the real estate equation, it will be interesting to see the next three months’ Auction results.
No change this week from the Reserve Bank of Australia on interest rates for the 25th month in a row. We did however see one of our friends from the Big Four, Westpac independently lift theirs 0.14% on a standard residential home loan last Wednesday with two more predictably following on today. Not great news at all.
Pretty simple really, if you have nothing nice to say about something it's better to say nothing at all. I think we'll leave it at that.
We have two great properties going to Auction this Saturday:
3PM : 2 Hillcrest St, Tempe - 3 B/R freestanding Federation corner block home + LUG
4PM : 60/553 New Canterbury Rd, Dulwich Hill - 2 B/R Security Unit + double LUG
Both homes are available for inspection fifteen minutes prior and you are all most welcome to attend. Alternatively, you can watch it on Facebook Live by simply joining our page through this link:
That's it from me. Have a great weekend and I'll see you next Thursday.
0412 465 567