Sydney market drops anchor
Flurries of buying and selling activity continued throughout April despite more chatter about the market dropping than any month in the past five years.
Alongside a notable drop in buyer urgency, we’re still seeing some unexpected results and high-end landmark sales. This Hunters Hill waterfront attracted three active bidders before selling under the hammer close to the multi-million dollar price guide. Another home in the same price bracket, this Woolwich residence didn’t last long.
In Paddington, architect Alec Tzannes sold this home he happened to design for a client nine years earlier. He’d bought it last year for $3.66 million and, now four months later, sold it for an extra $300,000. “Even though we were presented evidence of the market cooling, I strongly believe that good products will stand the test of time, and I knew this house to be of good design. I’d like to think this is an example of the marketing through BresicWhitney, of the market being made aware of the types of qualities a house has so that when buyers are looking they can see the difference,” Tzannes said.
We also continued to see interest in our ‘off-market’ channel this month, with the platform responsible for 13 of 86 sales.
The BresicWhitney clearance rate was 74% compared to the wider Sydney figure of 63%, much in line with the performance we’re seeing so far this year.
Sales volumes were strongest in Surry Hills and Balmain, with those high-end sales in Hunters Hill and Woolwich.
The rental market had two speeds this month. Owners were start with optimistic pricing and hoping to find a match. But that often meant more days on market.
Or, they were starting conservatively to ensure a better range of applicants from which to choose. At times that leads to higher offers but in this market, it’s more about getting market rent and quality tenants.