Market Update - 28 July 2023

From 813 auctions (14% more than the previous week) scheduled in Sydney last week the auction clearance rate (SQM Research) was 55.7%. The average for the year is 57.7% with a high of 60.6% and a (Eater Weekend) low of 48.9%.

Locally, across the 2037, 2038, 2040, 2050, 2048, 2049 postcodes, there were 29 auctions scheduled (53% more than last week) and the overall clearance rate was 62%. There were no auctions scheduled in Annandale last week, which, outside of holiday periods, has only occurred on a handful of occasions in the 21 years I’ve been an agent here.

It seemed as though half the suburb turned out to watch our auction at 55 South Ave Leichhardt on Saturday morning to watch the buyers competing, with a battle between the final two bidders taking the sale price way beyond the vendors' reserve price. Over 120 groups inspected the property during the campaign leaving us with multiple buyers that missed out on this one. Maybe we have already met the buyer for your place!

The lack of stock continues to keep potential sellers from going to market, which again, feeds the fear of not being able to find another home. For April - June the number of properties available in the Inner West were 20% lower than last year, in the Lower North Shore 16% and in the Eastern Suburbs 24%.

Great News for Sea and Tree Changers! Whilst stock levels have been decreasing in our local markets, the reverse has been happening in many regional markets. Compared to April-June last year, housing inventory in the Blue Mountains is up 31% and both the North Coast and South Coast have increased by a massive 40%! If you have been waiting for that time to change the city for the country, now is a better time than I’ve seen for many years, implementing the great strategy to “sell when others are buying and buy when others are selling”. So, can you have your real estate cake and eat it too? It may just be possible right now.