A spike in bidder numbers
With a number of popular auctions in the mix this month, we saw a spike in bidder numbers and a rumble of activity. But most of the action is felt behind the scenes.
As we kick into spring it’s not about the competitive edge for potential sellers this year. The market is engaging with quality property and sensible pricing. Any improvement in clearance rates will be a result of both buyers/sellers having a greater sense of current conditions, and where expectations need to be for positive outcomes.
Some of the most popular sales of the month went down on the edge of the city. This entry-level terrace in Erskineville was popular for first homebuyers, selling for just over that $1 million mark. Another house in Darlington attracted a similar wave of buyers and sold for more than $1.403 million.
Over in Hunters Hill 5 registered bidders battled it out for this garden apartment. It went $105,000 over reserve and sold for $1.175 million.
The BresicWhitney year-to-date clearance rate is 70% compared to the wider Sydney figure of 61%.
Sales volumes were strongest in Surry Hills, Redfern, Balmain and Marrickville.
The rental market continues to be adjusting. Home hunters now expect a certain level of finish and upkeep, as well as sensible pricing. With the start of spring, we’re seeing a few snap successes and flurries of fast-leased homes.