Market Report: Biggest month ever
Early Autumn activity at BresicWhitney suggests the Sydney sales market is headed towards 2017-level highs.
New CoreLogic figures released this week indicate that the market is growing at a rate not seen in more than a decade. “The last time we saw a sustained period where every capital city and rest of state region was rising in value was mid-2009 through to early 2010, as post-GFC stimulus fuelled buyer demand,” says CoreLogic research director Tim Lawless.
CoreLogic says Australian home values pushed 2.1% higher in February, with Sydney recording a 2.5% rise. It’s the biggest national month-on-month increase CoreLogic has reported in 17 years.
February certainly saw record Sydney numbers at BresicWhitney, with more sales, higher clearance rates and higher open home attendance than ever before. Ever.
It was also our strongest listing month in two years.
As our figures below show, BresicWhitney’s clearance rate was well above the already strong Sydney average.
BresicWhitney Head of Sales Thomas McGlynn says that despite the high listing numbers, we’re seeing a significant increase in the average number of registrations per auction, and within that, a strong increase in the percentage of active bidders.
“As buyer levels remain high and listing levels remain low, buyers are needing to bid on a greater number of properties before securing their home,” says Thomas. “We’re seeing many more buyers actively involved in negotiations as they become more comfortable with the process.”
It’s more behaviour to support the idea that this market trajectory is far from its peak.
We’re still some way off the 2017-level highs, but if the quarter continues as expected, there’s a chance Autumn could break new ground for the Sydney property market.
Off-market sales activity also supports this enthusiasm.
In Paddington, there’s been a flurry of activity in Caledonia Street, with Number 30 sold off-market in less than a week, after 15 groups were shown through.
Meanwhile, 213/18 Danks Street, Waterloo sold off-market in just two days, setting a new price record for the building.
In Gladesville, 13 Venus Street sold within a week after 7 inspections.
This oversized terrace at 708 Bourke Street, Redfern also didn’t last a week, selling for $2.7 million.
With interest so strong, follow our new listings here.