The themes we touched on in our EOFY forecast have now taken shape in a big way, with July delivering a real estate space filled with investors and hopeful homemakers hunting properties in a traditionally quieter period. The most hotly contested homes of the month are detailed below.

Despite wider figures showing online listings growing across the metropolitan area, anyone buying in Inner Sydney pockets was still facing low stock levels. Listings of quality homes were held back while the family markets holidayed, with the past month bringing more lower-end homes, units, and investor stock to the surface.

 

Potential landlords and others were traversing these opportunities, underpinning demand for the properties in the brackets above, even amid reports of Sydney prices posting a -2.2% decline for the month.

The homes that commanded buyers’ attention in July went to market with razor-sharp pricing, which also sparked competition. Also of note, BresicWhitney has still been selling client-to-client with 7 off-market deals executed during the month. 

On top of that, 19 of our sales came from buyer introductions with our teams successfully inviting people with Eastern Suburbs budgets to look at the Inner West for more value, or encouraging pre-qualified buyers to step outside their original search suburbs or property types.

 

Examples of strong demand:

79 Walker Street, Waterloo
Proof that unique terraces shouldn’t be underestimated, this city house commanded a massive 150 inspections throughout the course of its campaign. With 11 registered bidders and 6 actively bidding, it was a strong auction that drove the price to an impressive $1.95 million.

65 Lombard Street, Glebe 
With 18 buyers shown off-market, this classic terrace sold in 2 weeks to Paddington buyers who had never considered Glebe. Purchased in 2017 for $2.03 million, it sold for $2.83 million.

9 High Street, Balmain
Offered off-market, 31 groups were personally introduced in just 1 week by numerous BresicWhitney teams. Showing the enduring popularity for renovated character homes, it sold for $2.115 million.

66 Piper Street, Lilyfield
After an intense campaign that fielded 233 Inspections, auction day for this freestanding house on 354sqm culminated in 14 registered and 6 active bidders. The price was adjusted numerous times to reflect demand, selling well above reserve for $2.31 million.

118 View Street, Annandale
A single-level house in Annandale’s best Village pocket, investors and first-house buyers flocked to this listing with 63 groups through. It sold in 1 week, just 4 days after first open.

201 Palmer Street, Darlinghurst
Another home that sold within a week of going public, this sandstone house had 20 groups inspect before launch, with 3 of those people coming back for second inspections before the first public open home. Last sold in 2019 for $1.575 million, 4 interested parties drove the price to $1.9 million.

41 Argyle Avenue, Ryde
A single-level home and backyard entertainer, this house saw 143 inspections over the course of the campaign. With 14 contracts taken, it attracted 8 registered bidders on auction day, selling well above reserve for $2.756 million.

6 Myrtle Street, Chippendale
A terrace on the edge of the CBD that saw 166 groups inspect, the initial price guide had to be raised to reflect demand. With 10 registered and 5 active bidders, it sold for $1.96 million.

213/11-23 Gordon Street, Marrickville (no link)
Sold off-market in 5 days with no marketing outlay, this apartment in the ‘Globe Mills’ warehouse fielded 7 groups with 2 interested parties. Sold for $965,000.

BresicWhitney CEO Thomas McGlynn said that Inner Sydney suburbs were being supported by a buyer pool that had been inspired to participate for properties in the hope that the competition was lighter than in recent years.

“From investors to those buying for lifestyle, there is an appetite from both existing buyers and those re-entering the market to see what opportunities are out there. I think we’ll see more listings come onto the market, while buyer activity will also start to rebuild after people’s winter holidays.”

Looking ahead we’re watching to see whether the RBA delivers another double-sized rate hike on Tuesday (0.5 percentage points), as widely expected, bringing the new cash rate up to 1.85%.

In the rental space

Rental conditions across our leasing department remained extremely tight with vacancy rates of less than 1%. Learning from COVID conditions and drawing inspiration from the sales market, our most successful landlords focused on presentation and upkeep to stand out from the competition.

This also drove results and rental returns with some examples below.

26/8 Norman Street, Darlinghurst
Priced well to meet market, this home leased above expectations with numerous applications and offers above the asking price. With sales-like marketing, the owners put a lot of care into presentation at open homes with music and air diffusers adding a home-like atmosphere. Leased for $950 a week.

C405/309 Trafalgar Street, Petersham
With offers of $50 above the advertised rate at the first open home, this home was presented well and opened at sunset for great ambience and natural light, welcoming 9 groups through. Leased for $800 a week.

403/3 Kings Cross Road, Darlinghurst
To lease a 1-bedroom/1-bathroom home at a strong price after the first open was a great success. Leased for $780 a week.

1/251-255 Darlinghurst Road, Darlinghurst
Another 1-bedroom home of immaculate presentation that experienced strong demand, it had offers of $50 above the advertised rate. Leased for $600 a week.