PRD Property Market Update
Keep up to date with our latest results and stats below!
The combined capital clearance rate dipped last weekend as Sydney hosted the busiest auction week since Easter. Capital city auction activity continued to trend higher for the third week in a row, with this week overtaking the previous week as the busiest since before Easter. With 2,275 homes auctioned across the combined capitals, this week's auction activity was 11.7% higher than last week (2,037) and 13.4% above the 2,006 auctions held this time last year.
Capital City Auction Statistics (Preliminary)
The local property market is very interesting right now. It is a lot better, the vibe is positive from buyers and it is definitely in our opinion showing signs of being a sellers market.
We had suspicions that maybe stock levels with Spring approaching would really rise dramatically this week, but it has not restored back to normal levels especially at this time of the year. Stock levels are still down. The local property market is a mixed bag at the moment and we also know this is due to the interest rate uncertainty. The market is not dead flat, there is just that little bit too wide of a gap between buyers and sellers.
Sellers are keeping a watchful eye on the market, buyers are responsive. When they see something they want, they will move quick and sellers will need to be ready to sell quickly.
We are seeing Auctions are very volatile across the board however good quality properties are getting good results and moving to the results they should be. They are the exceptions not the rule.
Whilst it is a challenging time for buyers to get a grip on prices because of the inconsistency at the moment, we are seeing this is not stopping the serious buyers who are in a position to buy. There are still property-obsessed aussies dreaming a life of luxury, lifestyle and space in our local area. We are meeting the same faces at our open homes, they are out there desperate to move into the neighbourhood and looking to buy a home at all price points among the limited options.
Months seem to fly from here... Do you still have personal property goals to achieve? or perhaps selling has been weighing over your head for any other reason. With the current market still correcting, there is a lot less competition, so our advice is don’t wait. A day in real estate is a long time and things change rapidly.
Like we said, it is still a sellers market. You are in the driver's seat. Buyers are competing with the limited stock available. We are still seeing multi offer situations and getting sellers a premium price. You will still need to show your home's potential and choose an effective marketing strategy which we will tailor to your property and individual goals to promote it to the right buyer, for the right price.
For buyers, it is a great time to be buying as the market is very stable, however it is very specific to the type of property and what is available within the market.
July/August Sales
7/47A Tara Street, Sylvania
Undisclosed
24/19-21 Queens Road, Brighton Le Sands
$745,000
51 Vivienne Street, Kingsgrove
$2,100,000
58 New England Drive Kingsgrove
$2,200,000
159 Wollongong Road, Arncliffe
$1,408,000
5/14 Walter Street, Sans Souci
$1,350,000
303/141 Penshurst Road, Narwee
$550,000
90/8 Koorala Street, Manly Vale
$1,250,000
6/87 Alfred Street, Ramsgate Beach
$831,000
18A Walmer Street, Ramsgate
$1,555,000
12 Farrell Road, Kingsgrove
Undisclosed
11 Roseview Avenue, Roselands
$1,510,000
74 Wolli Street, Kingsgrove
$1,390,000
8 Burrimul Street, Kingsgrove
$1,420,000
12/1-9 Rickard Road, Bankstown
$471,000
8/116-120 Ramsgate Road, Ramsgate
$554,000
38 Meadowland Road, Peakhurst
$1,100,000
27 Yoorami Road, Beverly Hills
$2,400,000
104/219-231 Kingsgrove Road, Kingsgrove
$745,000
49 Allambee Crescent, Beverly Hills
$1,500,000
73 Leylands Parade, Belmore
$2,010,000
8/41-43 Hampden Street, Beverly Hills
$646,500
Contact Us
Spring heading into Summer is a great time to sell as it means the transaction can be complete in time for Christmas which is just under four months away. Whilst we did run successful Auctions up to Christmas Eve last year, a stress-free festive season is always ideal for sellers.
Below are three example Pre-Christmas selling timelines taking into account Contract of Sale preparation plus any home improvements we recommend to showcase your property in the absolute best possible light.
Professional Photography: September
First Open House: Saturday 23rd, 30th September or 7th October
Auction, if Chosen Method of Sale: Saturday 14th, 21st or 28th October
6-Week Settlement or Earlier/Longer if Negotiated: 24th November, 1st or 8th December
Not quite ready to go to market? It still pays to plan ahead.
We will guide you with a realistic timeframe based on your own personal circumstances and work closely with you till that day comes.
We welcome a chat anytime.
