On the eve of another weekend of strong open-home campaigns; a resulting joint effort of all property agents on Sydney’s Upper North Shore, it is important to reflect upon the success the broader market has delivered in the previous weekend of Auctions.
The Sydney property market witnessed a staggering 443 properties reported to go to Auction out of a greater 621 originally listed. Of the 443 reported properties 386 were sold at auction on Saturday 20th September.
Bearing in mind that the aforementioned figure resembles the whole Sydney market, incorporating the 4.5 million – plus – residents and their guests, it is a mere reflection of property purchasing confidence in the greater market. Pouring a whopping $387,314,147 into the Sydney property economy, sales last weekend can only strengthen what has largely been considered as ‘conjecture’, surrounding the booming market; prices are steadily increasing.
This time last month the Auction clearance rate was at 79%, last weekend saw the clearance rate climb to 84% and what about the prices?
Consider: while the results aren’t conclusively recorded for September, the property market of Wahroonga in August witnessed a median sale price of $1,405,000, a growth of over $100,000 since the same time last year. So, while the greater Sydney market is clearing property at Auction with a median of $998,000 the suburban family hub of Wahroonga is helping to boost the Upper North Shores statistics to the informed masses.
If you listen to the analysts and professionals, the selling spike may be attributed to foreign investors, low interest rates and an historically secure property market in Sydney, trending upward, however, it may be important to consider the emotional aspects of our buying habits.
Most people when buying property have two things in mind; resale and renovations followed closely by schools, amenities and other important external aspects of our property requirements.
Whatever it is that is contributing the most to a steady growth in our Sydney property market, it is important to remember that the statistical prognosis is only based on the hindsight of our successes and failures in a capital growth industry – as Vendors and Buyers alike.
Thomas Merriman.
Thomas Merriman 