Property records smashed in March
We have never seen anything like the March we just had at BresicWhitney. Our 2021 has been strong, but last month brought unprecedented momentum.
Our record of 145 sales eclipsed the previous 108, along with more auctions than ever before, and a massive number of registered bidders. The work this team did behind the scenes to help clients through 2020 is making all the difference for anyone choosing BresicWhitney in 2021.
With our collaborative approach to selling engaging the market, BW owners saw $285 million in March sales. As we launch into auctions again after Easter, we expect these patterns to continue. With family homes and prestige residences performing best.
“Our local property markets went from strength to strength throughout March,” BresicWhitney head of sales Thomas McGlynn said.
“There is no doubt now that our listings of family homes are performing better than they have in the past 2 decades.
“That has created a gap between investor stock and house prices, but our lifestyle-type apartment prices have certainly jumped too.”
BresicWhitney director Shannan Whitney agreed. “We wont see cycles like the present one too often in our lifetime,” he said. “Knowing this won’t last forever, we’re seeing a lot of people looking to make the most of these market currents.”
BresicWhitney’s auction clearance rate was 91% for the month, with a massive 49 of 102 bookings running all the way to auction day.
Our prestige listings were the ones to watch, with buyer activity so strong that competitive auctions were prevalent in premium price points.
A great example was 22 Robertson Street, Greenwich which went well above $7 million at auction, selling to Eastern Suburbs buyers. A handful of locals and out-of-area bidders turned out with 7 registered, and 4 actively participating.
Sydney home prices surged 3.6% in March, the fastest monthly rise in 33 years. The last time Sydney hit more than 3% monthly growth was in August 1988, when prices surged 3.8%, CoreLogic says. Since Sydney prices hit their bottom last September, they have risen 8%.
“Whether this new found growth in Sydney can be sustained is unclear, CoreLogic research director Tim Lawless said. “At this current rate of appreciation it won’t be long before Australia’s most expensive capital city market is moving through new record highs. With household incomes expected to remain subdued and stimulus winding down, it is likely affordability will once again become a challenge.”
With so many notable sales happening, 99 Evans Street, Rozelle became the most expensive 2-bed terrace ever sold on the Balmain Peninsula.
A huge result was seen at 12 St Albans Street, Abbotsford selling for $4.66 million at auction.
47 The Strand, Gladesville created a storm of competition, selling for $3.42 million.
3/74 Elizabeth Bay Road, Elizabeth Bay was a high-end result for this harbour-side pocket.
In the area’s best street, 82 Great Buckingham Street, Redfern fetched $3.3 million.
With interest remaining strong, follow our new listings here.
The leasing market is still comprised of two speeds. Like the sales market, the top end of the market is performing well. Family homes and upscale residences are experiencing high demand.
The studio space and older-style apartments can be tough for landlords at times. However, with tenants feeling more secure in their employment this year, apartments that deliver a lifestyle-rich offering have proved to be popular too.
In good news for anyone looking to lease their property in 2021, our stock levels have tightened up again and are back to pre-COVID levels.
See our latest rental offerings here.