Sydney’s biggest price lift since the 1980s
Sydney has just recorded its sixth month of property price growth with values up another 2.7% in November, the highest monthly growth rate since 1988.
With 102 sales, it was BresicWhitney’s largest month in terms of volume since October 2017.
Such a wide range of properties gives depth, valuable price feedback and proof of demand for undecided sellers wondering about making a move in 2020. We outlined the dynamics at play, and what to expect here.
BresicWhitney had a clearance rate of 82% for November, with the wider Sydney figure coming in at 78%. One in four homes are selling off-market via the BresicWhitney off-market network, without ever reaching RealEstate or Domain.
A terrace at 103 Chelmsford Street, Newtown sold off-market for $3.651 million. With three people competing at this high price point for the area, all participating parties weren’t Newtown buyers.
And we invited 15 buyers from Hunters Hill to Woollahra through 2 Little Nicholson Street, Balmain East, sold off-market for $2.775 million.
There were hotly contested moments such 38 Union Street, Paddington, sold for $2.3 million, with seven registered bidders, and 40 O’Neill Street, Lilyfield, sold for $2.9 million, with 10 registered bidders.
The BresicWhitney year-to-date clearance rate is 82% compared to the wider Sydney figure of 66%
Sales activity was strongest in Paddington, Surry Hills, Balmain and Hunters Hill.
The rental market is still a two-speed space. We’ve seen increased inquiry in houses coming into the holiday period. And well-priced apartments can lease quickly, but owners need to be wary of bursts of oversupply.