Spring, warming into it
The 2015 Sydney property market juggernaut rolled tentatively into spring.
It’s a period when we usually gauge the ‘open season’ kick-off. Coming off the back of a record winter, that usual exuberance seems softer.
Of course, media reports love to trumpet Sydney’s falling auction clearance rates. But in context, perhaps we’re moving into a steadier/healthier pattern.
For spring so far, buyers and sellers are simply proceeding with more caution than we usually see.
BresicWhitney auction clearance rate remained at 80% compared to the wider Sydney rate of 70%. And we’re still seeing multiple bidders competing at each auction.
The lure of inner-city villages was obvious with Surry Hills and Darlinghurst accounting for a chunk of the September sales activity.
There was also movement in emerging Inner West suburbs such as Balmain and Rozelle, as well as established family areas and popular school zones around Hunters Hill and Ryde.
It’s interesting to note rental yields off the back of healthy spring sales prices. A Balmain townhouse delivered 3.9%. Meanwhile, in the inner-CBD rental hub competition for apartment living saw a Sydney apartment returning almost on par – at 3.71%. In high rental demand areas, landlords will be buying vigilantly off the back of recent rises in price.