A smouldering start

The kick-off to 2016 in stats

February has provided the first tangible insight into the Sydney property market for 2016. It was a strong month at BresicWhitney with an 86% clearance rate nipping at last year’s heels.

Somewhat lower listing levels across Sydney seem to stem from conversations around whether the market might cool. But with 71 sales transacted, shorter supply has only fueled early-year demand.

At street level this equated to 15 successful auctions out of 17 last weekend, plus we’re still seeing multiple bidders compete with an average of 3.1 registrations each time.

Our 71 sales were a chance to examine a wide cross-section of the Sydney market from $380,000 to the mid $6 million mark. Buyer interest in homes above $3 million has flowed through for consistently successful sales. A rarity in quieter markets, we saw multiple case studies display high demand in the $3.5 million to $6.5 million bracket.

Rental yields have remained strong and thanks to this traditionally buoyant month, it was busy as expected. BresicWhitney saw 101 new leases with demand for mid-range residences making up the bulk of inquiries. The top end above $1500pw didn’t spike as significantly, but even luxury homes are leasing fast when priced accurately.

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