Market Update - 5 Aug 2023

From 908 auctions (11% more than the previous week) scheduled in Sydney last week the auction clearance rate (SQM Research) was 52.3%. This is the lowest auction clearance rate for the year (other than the Easter weekend) yet it’s still higher than the entire period from April to December last year.

Locally, across the 2037, 2038, 2040, 2050, 2048, 2049 postcodes, there were just 18 auctions scheduled (37% less than last week) and the overall clearance rate was 67%, with 75% selling prior. Once again there were no auctions scheduled in Annandale last week and Forest Lodge and Glebe also had none. Putting aside the December and January listing volumes, July was the lowest House inventory level in Annandale for at least 15 years.

Some kind words from a Buyer:

Simon and the team from Pilcher Residential are consummate professionals. We couldn't recommend them highly enough. As buyers my wife and I expected to have a difficult relationship with the vendor's agent, but we were pleasantly surprised to find Simon incredibly honest and helpful throughout the process. This was particularly evident after the sale completed when the truth is plain for all to see and it's easy to evaluate a person's integrity. Despite the market for housing being very uncertain neither ourselves nor the vendor had any regrets after completion and there was virtually no messing about during or after the auction. Simon's team made every effort to accommodate our requests to view the property and answer any questions we might have, no matter how trivial. There was a continuous dialogue throughout the pre-sale period, and we went into the auction having an excellent idea for how it would likely proceed. Simon and his team have a truly amazing knowledge of the Inner West property market with Annandale being their area of particular expertise. Simon's network is so extensive it seems like he can tell you who owns every property in Annandale (he probably sold half of them) and who's in the market to buy and sell.