August signalled the return of the prestige market at BresicWhitney with people back from peak holiday season, refocused on buying and selling.

It was a change from previous months where we reported landmark listings had pulled back more than affordable properties.

Supported by this renewed activity around family homes, wider Sydney prices slipped just 2.3% over the month, showing the rate of decline appeared to be stabilising and not accelerating.

These patterns also saw BresicWhitney record our highest average sales price on record, sitting at $2.33 million.

Vendors could take some reassurance that there has been movement again in high-quality stock that wasn’t there previously, even compared with a few weeks ago.

With eyes on monthly numbers released yesterday, CoreLogic research director Tim Lawless said: “It does look like Sydney and Melbourne are not showing further acceleration in the downtrend, with Sydney holding around 2% drop month-on-month and Melbourne even improving a little.”

 

Family homes back in the spotlight

At BresicWhitney, one of the monumental sales that signalled demand for quality homes was at 1 Carieville Street, Balmain. We coordinated a huge amount of media exposure for this house, culminating in more than 200 inspections and 8 registered bidders. 

It sold for $8 million under the hammer.

Similarly, 31 Watkin Street, Newtown had failed to sell with other agencies in previous campaigns, before generating new waves of interest and selling for $2.75 million after several months.

Another unique offering was 186 Australia Street, Newtown, a generous home that opened onto Camperdown Park. Generating interest towards $3 million, it sold in a quick turnaround amid plenty of inquiry.

 

In the East, 48 Leinster Street, Paddington attracted a number of offers at a high price point, selling for $3.95 million. Another home at 47 Yurong Street, Darlinghurst was listed on a Wednesday and sold by Friday well above expectations for $3.25 million.

A home at 17a Wybalena Road, Hunters Hill found a successful buyer via video inspection, selling for $5.65 million while also attracting multiple offers around the same price.

 

More positive signs at open homes

Our open home numbers jumped 30% through August with new market observers woken by the messaging of the last 3 months. A strong signal for spring, we would expect a number of these people to translate to new buyers in our future marketplace.

Rental update

BresicWhitney has continued to lease more than 100 homes a month, with stock levels remaining low and vacancy rates below 1%.

With any change in the rental market, media messages have often been a month behind the real dynamic, often reporting boom times during slow patches, and vice versa.

Rents have come back up from COVID-reduced rates, but that hasn’t always translated to a lift in price for homes that held their value.

After the recent wet weather events, we’ve seen some tenants be wary of terraces, with a notable swing towards 2-bedroom apartments and more contemporary offerings.