Sydney keeps calm, carries on
Upcoming holidays and elections are easy distractions but it’s been business as usual for those intent on buying and selling property.
From one-person auctions to more lively scenes, people still circle in if they’re impressed with offerings and prices.
With just one buyer on the auction floor, this home at 5 Margaret Street Woolwich sold for $4.3 million. The same happened at 78 Church Street Birchgrove where the sole buyer at auction was on the hunt and ready to buy for around $1.9 million.
Nearby the crowds weren’t exactly chasing 40 Bishop Street Petersham when it failed to sell elsewhere last year. But with just two committed buyers following the BresicWhitney campaign, the potential development site sold for $1.65 million.
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An off-market listing at 19 Hill Street Leichhardt attracted 13 qualified buyers via our Glebe/Balmain teams and sold in five days. With five buyers wanting to make offers, it sold for $1.24 million to someone searching across a number of our surrounding suburbs and listings.
Another off-market sale was this substantial family home at 98 Darling Street Balmain East. It sold to a buyer we’d known for five years (never making it to the open market).
On the other end of the spectrum, 3a Wade Street Putney sold in front of 150 people at auction for $3.15 million. And 22 Nelson Street Annandale was the busiest campaign of the year so far, with more than 200 groups inspecting, selling for $4.18 million.
In the background, news stories were filled with details around proposed changes to negative gearing, capital gains tax, and more. Yet rather than switching off, people seemed more inclined to discuss how they might approach buying and selling under new circumstances.
That saw BresicWhitney finish with 81 sales for March, with a clearance rate of 81% (59% across broader Sydney).
The BresicWhitney year-to-date clearance rate is 80% compared to the wider Sydney figure of 58%.
Sales were strongest in Darlinghurst, Redfern and Leichhardt, as well as in Gladesville and Hunters Hill.
In the rental space, tenants had plenty of choice in the apartment bracket. Homeowners are pricing right and presenting with care to achieve a result. That’s reflected in a days-on-market figure of 17 days, well below the wider average.
From a total of 539 opens, 2146 people came through BresicWhitney rental homes for an average of 3.9 people per inspection.