Market Update July 14

The Sydney auction clearance rate for last week was 40.3% - 1.4% up on last week, according to today’s statistics compiled by SQM research, contrasted against the auction clearance rates for Sydney published by other entities over the weekend of 54% - 59%. Across the 2037, 2038, 2040, 2050, 2048, 2049 postcodes there were 18 scheduled auctions, with 11 sold at or prior to auction, a clearance rate of 61% - 1% up on last week. Within these post codes there’s 74 houses currently available of which 42% have been on the market for more than 4 weeks including many for more than 8 weeks, giving a reminder that getting the price right is even more important than ever, as new listings that come to market will be more attractively priced compared to older listings.?

It seems that an abundance of rain, cold and interest rate rises have combined to keep already nervous would-be sellers from entering the market, as supply levels are now at their lowest point since January, leading in some cases to sale prices exceeding expectations with continuing strong demand in some sectors. After 20 years and over 1,000 sales, I’m well versed in the nuances of the local market and am happy to provide a free consultation if you have any questions about upgrading, downsizing or when to have that tree or sea change.?