Market Review - 14 May 19

It looks as though the biggest auction news last week was Scott Morrison’s opening bid to support first home buyers to get into the market. Within hours Bill Shorten had is bidders card in the air with a matching bid and no doubt this week we’ll see multiple bids for our votes from the two major parties coming in thick and strong, but ultimately it could even be the climate change election that Richard Di Natale is insisting on.

In a show of market strength last week Annandale recorded 2 sales from 2 scheduled auctions as 89 Johnston St achieved $4.025m under the hammer whilst the lovable Victorian cottage at 9 Reserve St sold a few days prior to auction. 61 Breillat St also sold last week for $2.425m, in the second week of its campaign, following an unsuccessful sale campaign in Spring last year.

Lilyfield’s solo auction at 22-24 Commercial Rd (land 607sqm) went to market with a $2.475m price guide yet failed to meet the owner’s expectations and on the flip side, there’s no doubt the vendors of 15 Campbell Ave (land 476sqm) are relieved that after 6 months on the market the property is now listed “under contract” following a final asking price of $2.15m.

One sale each for Glebe (32 Darghan St $1.8m) and Forest Lodge (3 Charles St $1.725m) leaves a total of 11 houses on the market across the two suburbs.

With so much election noise its possible some of the blue sky in the property market was clouded over as numerous commentators suggesting that whilst prices are still in decline, the bottom of the market may soon be upon us, with the RBA still of the opinion that the trigger to lower interest rates hasn’t yet been reached.