Buyers remained composed this month, with the 4000+ November auctions across Sydney putting pressure on clearance rates.
Activity was down around 10% on the spike we usually expect to see, prompting questions about what’s in store for 2018: more on that here.
With urgency down and patience/persistence up, we finished November with an overall auction clearance rate of 78%. That’s a consistency reminiscent of stronger times as our buyers/sellers recalibrated their thinking around market dynamics and property values. In contrast, the figures reported across the wider Sydney region were around 68%.
With 86 sales for the month, the inner city led the charge with strong results still seen for unique properties. This converted horse stable on 90sqm achieved $1.61 million while this Newtown warehouse sold for $2.475 million.
The rental market has entered its usual end-of-year slowdown as people start to switch their routines into holiday mode. Owners have needed to be well priced to secure leases this side of Christmas. Remember this city shuts down from December 15 to January 15, before the peak enquiry and madness kicks back in.