The new market: month 1
We are continually steering people to indicators other than auction clearance rates. Why? They create false enthusiasm. Or they create panic.
It makes headlines in Sydney each time the clearance rates slip below 75%. Yet this month, we saw one weekend at just 23%. With 13 auctions booked, just 3 sold on the day. It’s the stuff of media fright. Yet in the following week, every one of those homes went on to sell.
In the mix were plenty of landmark sales. A warehouse at 9a Albion Ave, Annandale, passed in at a weekend auction before selling on the Monday for $3.7 million. Meanwhile, a historic home at Longueville sold for $8 million.
This new market is a balancing act. As buyers and sellers battle to realign their own expectations, the pressure is on agents to deliver more.
BresicWhitney finished June with an overall clearance rate of 64%. Sydney’s wider auction clearance rate was 70% while the year-to-date clearance rate for BresicWhitney is 84%.
From Paddington to Ryde, we finished the month with 80 sales. A record for June, we’re seeing more movement than previous winters and activity that mirrors more buoyant months.
We’re coming into the toughest time for the rental market as cooler months hinder leasing activity. Inquiry is down and stock is up.
With an unusual influx of terraces around inner Sydney, tenants are spoiled for choice when it comes to house offerings. Many home hunters are jumping on the chance to make the move from apartment to house living, and private inspections continue to be key to securing leases.