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Sydney abuzz (before and after the rate cut)

Cautious optimism is Sydney's new theme.

Sydney buyers and sellers were already curious about property before the July rate cut, as economists began suggesting the Sydney and Melbourne markets could be at/around their trough.

In what can often be a quiet winter month, BresicWhitney saw 53 sales for June.

Among them, one of our most popular auctions was for a waterfront position at 8 & 8A Pile Street, Gladesville. Around 100 people and 13 registered parties watched four active bidders compete. It sold for $5.975 million and $275,000 over the reserve price.

Another popular auction was 9 Coneill Place, Forest Lodge, with one onlooker inspecting at the last minute, and bidding to $2.275 million.

In Hurlstone Park the highest price was achieved for the suburb this year at 27 Duntroon Street, selling for $2.262 million.  While a luxury home on the edge of Balmain and the city, 77 Mansfield Street, Rozelle, sold for $2.6 million.

And at 413/11-23 Gordon Street Marrickville, we saw collaboration between BresicWhitney offices, with offers coming from Redfern buyers and beyond, once we encouraged them to see this one. It sold for $890,000.

The June clearance rate at BresicWhitney was 78% with the wider Sydney figure coming in at 64%

The BresicWhitney year-to-date clearance rate is 78% compared to the wider Sydney figure of 59%

Sales activity were strongest in Marrickville, Rozelle, Paddington and Surry Hills.

The rental market is in the slump of winter. Owners need to price properties correctly from the outset, and quickly make adjustments in line with that strategy.

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