Spring ups and downs
Spring is having its ups and downs this year, sorting out the ‘hot’ from the ‘not’. And media reports have us proceeding with more attentiveness on all sides.
With clearance rates dropping across greater Sydney to 67%, the strength of the inner-Sydney market remains a drawcard for both homebuyers and investors. This was seen as the BresicWhitney auction clearance rate hit above the 80% mark again. In our city-fringe neighbourhoods, multiple bidders are still on the front line.
It’s interesting to follow year-to-date changes. Our bullish 2015 has slipped into a more conservative mood. Yet the inner-city and surrounding suburbia has been stronger at maintaining the bullish clearance rates and bidder interest seen at the start of the year.
Inner suburbia remains a drawcard for both homebuyers and investors. Activity was particularly strong in both Paddington and Darlinghurst throughout November. We also saw fringe suburbs Glebe and Redfern proving popular with sellers keen to capitalise on potential market peaks.
One slice of the market heating up is leasing. We’ve seen notable increases in both inquiry and attendance, while the average days on market has dropped. Our tenants are securing properties more than a few weeks in advance, as the rush to get into a new home before December kicked off.