Sydney often hibernates at this time of year, but June delivered enough action to keep the Sydney property market fires burning. After a BresicWhitney record of 93 transactions for the previous month, June saw another strong result of 70+ sales.

Some challenges included that now-famous ‘Sydney Storm’ and a long weekend. Then came plenty of commotion and wary chatter surrounding Brexit and the Aussie Dollar.

Around Gladesville and Ryde, we saw an interesting spike in auction attendance over the month. As a whole, BresicWhitney averaged 3 registered bidders per auction. Yet the registrations in these northern suburbs were up to 70% above the BW average.

The extra demand meant above-average sale prices for those choosing to go with a winter campaign. The June clearance rate was 85% compared to the wider Sydney rate of 75%. Resisting that hibernation period, the market continues to deliver steady results.

Our year-to-date clearance rate remains strong at 86%. After some of the coldest weekends ever to hit local home hunters, the wider Sydney rate now sits around 74%.

Plenty of activity was seen in Darlinghurst and Surry Hills. As noted above, with 10 collective sales in the Gladesville/Ryde/Lane Cove areas, the results were strong for sellers.

The rental market remained solid, with an upswing in monthly leases from May to June, despite experiencing that usual mid-year dip. We are seeing tenants apply for multiple properties in order to take their pick. With the low interest rates continuing, it is all about tactical pricing to tempt new occupants. However, when inner-city stock is a quality offering, it can lease fast. As people look to move in this new financial year, we could see an increase in activity, and many tenants already have their sights on leasing properties closer to spring.