This month has been a funny one with properties selling miles above reserve prices across Sydney and the Upper North Shore, record high buyer inspection contrasted by unusually low buyer inspections.
There has been typical market speculation, a drop in Auction clearance rate and median sale price across Sydney and growing pressure on banks for raising rates counter-cyclical with RBA announcements.
It seems to be a bit turbulent at the moment, that’s for sure.
However, we have been through this plenty of times in the past 3/4 years while Sydney continues to break all the rules and predictions, we sit and wonder, will it keep going?
There were originally 506 properties scheduled for auction with 361 reported to have taken place and 304 recorded as sold under the hammer.
The median sale price dropped to $1,110,000 which is interesting, it may be that the bigger properties sold just before Easter or are schedule for Auction over the next couple of Saturdays because of the disruption.
The Clearance rate had a slight dip to 76% but media hype tacking on to the weekends’ results being the indicator that the market is about to crash or slow or ‘correct’ or whatever, is premature. Most of Sydney is still on School holidays, or has been, so there has been less property on the market, I think we are doing exceptionally well based on past performance of the Sydney market during this period.
Thomas Merriman.
Thomas Merriman 