Normality + lashings of urgency
The chill of both market and season isn’t reflected in May volumes, but activity can be frosty on front lines and at auctions.
We saw some unexpected high-end results and people bidding with exuberance on show, but there has to be some common ground between buyers/sellers now before we see real urgency. It’s not a buying frenzy out there.
The high end is still moving and one notable sale was this property at 88 Beattie Street, Balmain. Selling for $3.995 it was more than the revised price guide of $3.6 million, but took 17 weeks to get there.
Meanwhile on our off-market channel, we saw 11 properties sell with no fanfare required.
The BresicWhitney clearance rate for May was 68% compared to the wider Sydney figure of 62%. Our year-to-date clearance rate is 72%
Sales volumes were strongest in Surry Hills and Darlinghurst, with plenty of action on the Balmain Peninsula and surrounds.
For the first time in years the rental scene has slipped into a tenants’ market. With more supply in city-fringe villages, tenants are becoming happier to move further away from the CBD to enjoy discounts on rent.
The homes that would always lease on first inspection can be slower to move. And long-term tenants may enjoy more price stability.