So far this year:
The official cash rate is currently sitting at 1.75%, causing interest rates to drop lower, or remain at 4% which has added a bit of heat back into a simmering property market.
Buyers have remained steady from last year with a momentary drop in sentiment in December 2015, most of January and the initial stages of February.
However, February marked the return of the ‘bubble market’.
Although I don’t like to remark on ‘foreign buyers’ there is literature that would suggest that they are still creating competition in the current market. We are still receiving emails from Chinese websites with genuine buyers enquiring on property – so this must be the case.
Auction Clearance Rates for the most part of the first half of the year, across Sydney, have been above 70% with a few weeks ending with an 80% Clearance Rate.
The Median price of property sold at Auction across Sydney is teetering constantly on or around $1,200,000.
The Median sale-price of property sold, in suburbs we’ve sold property in so far this year, are;
Wahroonga
Highest median Month; March $1,780,000
Lowest median Month; January $1,447,500
Pymble
Highest median Month; January $2,189,000
Lowest median Month; February $1,925,000
St Ives
Highest median Month; February $2,250,000
Lowest median Month; May $1,625,000
Hornsby
Highest median Month; February $1,250,000
Lowest median Month; May $1,010,000
Turramurra
Highest median Month; April $1,610,000
Lowest median Month; January $1,300,000
Note: This is particularly shocking as the most part of last year, Turramurra was one of the top performing suburbs at around $2,000,000 most months, and even more. I would attribute this drop to the significant rise in development sales dragging the median price down.
Normanhurst
Highest median Month; January $1,300,000
Lowest median Month; April $1,085,000
Thomas Merriman.
Thomas Merriman 