Urgency and demand further drives Sydney property
A sense of urgency ran through the Sydney property market this month, with buyers and sellers feeling another surge of energy.
With 100 sales, it was BresicWhitney’s largest month in terms of volume for 18 months, with our highest-ever average sale price. And more than half the homes traded sold above $2 million.
It was Sydney’s fifth month of price growth with October lifting another 1.7%. Reports just released from September even have new housing approvals up 7.6%, above economist expectations.
The wide range of properties provides depth, valuable price feedback and proof of demand for undecided sellers wondering about making a move. Amid the low stock levels of the wider Sydney market, our owners have been welcoming these insights.
We continue to report that buyer numbers are up. This flowed into October with an average of 13 groups inspecting each property. That’s a big leap from the average of 7 people for the same period last year.
With more than 5000 people stepping through BresicWhitney open homes this month, we’ve also seen a return to off-market selling with some notable standouts.
More than 27% of our listings for October never made it to RealEstate or Domain. And from July 01, there has been 80 of these transactions behind the scenes.
Last week, BresicWhitney teams were given a two-week window to sell 219 Trafalgar Street, Annandale. When 10 pre-registered buyers turned up, it sold in 3 days for over $4 million.
Another home that sold off-market in 3 days was 51 Douglas Street, Redfern, which had renovators looking, for $1.21 million.
MORE ON THIS: Why Sydney is selling off-market again.
BresicWhitney had a clearance rate of 92% for October, with the wider Sydney figure coming in at 78%.
The BresicWhitney year-to-date clearance rate is 80% compared to the wider Sydney figure of 65%
Sales activity was strongest in Paddington, Surry Hills, Balmain and Hunters Hill.
It’s the height of spring ‘moving house’ season and tenant demand is on the up. Although it can be patchy, new or refreshed properties are being snapped up quickly.