Let there be colour
It was a month of bucking the trend at BresicWhitney with clearance rates back to 82% while wider Sydney flat-lined at 70%.
After the dip in dynamic that was July, it was a welcome change as agents, sellers and buyers, rediscovered their momentum. August offered everyone some clarity and understanding around real home values, while spring is about to kick off with close to 100 BW auctions likely for September. Stay tuned.
On the front lines, we’re seeing plenty of buyers perusing, but sales are taking longer to execute.
Take 127 Goodlet Street, Surry Hills. After 60 days on the market, new paint and new styling, it went to auction for a second time. Fetching more than the first auction with another agency, it sold for $2.7 million.
This home at 19 Goodchap Street was also struggling to appeal to traditional terrace buyers. However, after almost 3 months on the market, it sold in one transaction with the home next door to a buyer wanting two terraces.
We’re meeting the same tenants at different properties, a sign that plenty of people have expired leases and are looking to move. And they still have the pick of the market.
However, when landlords launch their property at market value, without testing for high prices, they’re securing quality tenants. Homehunters should be poised to jump on good deals before competition picks up… it always does.