Momentum builds to spring

With Sydney's drop in house prices slowing, August stayed busy ahead of spring.

In a huge mid winter at BresicWhitney, momentum kept moving into August, a sign that Sydney spring energy is already here. 

(Remember in July we sold 78 homes compared with 44 for the same period last year, setting a new precedent for any July period at BresicWhitney, ever. At the same time, our leasing team found tenants for 173 new properties, setting another record for July volume.)

August ramped up again for sales with 82 homes sold, while the rental team signed other 125 leases. The level of selling was almost on par with last year’s 88 sales for August 2019 when Sydney was in the middle of a price swell.

It’s a different market across the wider city this year, although CoreLogic data just released shows Sydney’s rate of price decline has slowed. Sydney values dropped 0.5% for August. They’re now down 2.1% for the quarter, but still up 9.8% for the year.

“Melbourne is the only capital that hasn’t seen some kind of improvement in its monthly results. Every other capital showed either a smaller rate of decline or even a rise over the month, but Melbourne was the exception,” CoreLogic head of research Tim Lawless said.

He predicted there would be further reductions in home values as fiscal support tapers away and more distressed properties come onto the market.

At the end of August, we saw some of our best auction confidence as vendors pushed forward with more knowledge of current market conditions. Of 16 scheduled auctions last week, only 1 seller withdraw from market.

The biggest sales of the month were widespread across BresicWhitney offices from Darlinghurst to Glebe, and Balmain to Hunters Hill.

Our most popular sales included 2 laneway homes in Stanmore. First 2 Lorna Lane sold for $2.55 million. Then, 1 Budds Lane was snapped up for $2.7 million, both listed with Chris Nunn and Nick Playfair.

After Nicholas McEvoy sold more than $28 million worth of homes in Hunters Hill in July, he continued with a number of successes on the Peninsula, selling both 31 Alexandra Street and 10 Reiby Road off-market. 

A highlight of the month was 46A Woolwich Road, Hunters Hill which Nicholas sold with Narelle Scott for $6.35 million.

In the same area, Nicole Robertson sold more than $7 million in homes in a few days, experiencing heightened demand from people looking for premium Hunters Hill offerings. Those included 13 Barons Crescent, Hunters Hill, and 19 Everard Street, Hunters Hill for $3.45 million.

Nearby, Adrienne Williams sold 9 Drummoyne Avenue, Drummoyne, an award-winning Federation home that attracted more than 100 groups through.

Michael Kirk and Darren Pearce set a street record with the sale of 14 Ridge Street, Surry Hills. Sold off-market, it fetched $2.95 million.

Rhonda Yim and Renae Dickey continued our run of successful sales in Marrickville with 220 Illawarra Road sold for $1.35 million, while 18 Hollands Avenue sold with Nick Playfair for $1.47 million.

In Balmain, a number of BresicWhitney sales painted a picture of the demand for Peninsula homes. Adrian Oddi and Taryn Varcoe sold 26 Glassop Street, Balmain at auction on the weekend.

Jack Parry sold 57 Reynolds Street, Balmain off-market while 45 College Street, Balmain traded for $1.475 million with Adrian Oddi and Brandon Nguyen.

With lots of activity in the Inner West and surrounds, Melinda Antella and Michael White sold 240 Wilson Street, Darlington while Chris Nunn and Luke Grosvenor sold 29 Hordern Street, Newtown.

Meanwhile, Chris Nunn and Nick Playfair continue to have success with unique Annandale homes, the latest being 264A Annandale Street which sold for $2.235 million.

Everything else we sold is right here.

A final word from leasing.

With fewer leases signed than July but still 100+ for the month, owners are taking comfort in the patterns that indicate Sydney’s rental market is settling.

We went from people experiencing rental stress, to tenants looking for a better deal, to this current phase of stabilisation.

With more than 4 groups through each open home, we’ve maintained a consistent level of demand in this time, while finding solutions for our owners in this high-volume market.

See what we leased here.

Thanks from all the team.

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