Market Report: prestige homes lead
We’ve just finished a strong month for family homes and larger apartments at BresicWhitney.
With prestige residences continuing to excel, our average sale price jumped beyond $2.4 million.
30+ of those homes sold above $3 million. View top-end sales here.
Despite media reports of patchy conditions across Sydney, we marketed our homes with detailed strategy, accurate pricing, and invaluable networking between different BresicWhitney teams.
In our first week back to public auctions we had 23 homes scheduled that Saturday, all sold with 100% clearance rate. With wider Sydney results around 73%, we finished the month with 81% average auction clearance.
We’re now seeing the market go through a true test of how strong it really is, with so many forces at play from APRA lending tightening, watchful eyes on interest rates, higher stock levels, and the abnormal environment of lockdown behind us.
According to CoreLogic numbers, Sydney house prices lifted 0.9% in November, meaning property prices have now climbed by 25.8% across the city this year.
The speed of that growth has slowed somewhat, with listings reported to be the highest since late 2015.
“Fresh listings are being added to the market faster than they can be absorbed,” CoreLogic research director Tim Lawless said.
“The rise in listings and softening of key vendor metrics implies the housing market may be moving through peak selling conditions.”
Meanwhile this week, BresicWhitney had buyers engaging with every single campaign.
Head of sales Thomas McGlynn said he expected demand to continue into December.
“In the same way we’ve seen the tap open and a new flow of properties entering the market, buyers have widened their search too,” he said.
“They’re out there and we’re working to bring that activity to clients so sellers can form a full picture of the market and see a result.”
With auctions running right up to the December 18 weekend this year, you can already see travel restrictions and holiday-at-home trends have created a late finish to our 2021 property calendar.
We’d expect those same dynamics to kickstart to 2022 faster than usual.
Recent highlight sales
Large family residences
Classic character homes
On the waterfront
Entire block of units
The rental space
Houses remain in short supply, while pricing has to be sharp in apartment-dense neighbourhoods. With inquiry picking up a little before the end of year, it was another month of 100+ leases.
See all new rental listings here.