I have read a lot of criticism directed at the Sydney Property Market of late, well the East-Australian market, but more notably, Sydney. This was boiling up to the point of a bubble pop, which recently became the new narrative from property commentators signalling to us that the bubble had popped after 4 weeks of negative growth.
As I have stated in various commentary, I believe it is a little premature to call the end to an almost 4 year boom cycle after a couple of weeks of ‘negative growth’. Buyer inspections have been good, some above average, but good nonetheless, sale prices have certainly been strong with some amazing standouts and all in spite of this negativity.
In Sydney we recently has school holidays coupled with ANZAC day and the Easter long weekend and still we have some strong stand out results all across Sydney and more importantly, the Upper North Shore.
True, some areas have been hit by this negativity and succumbed to it in some aspects. Buyers have felt a bit of pressure in areas where they feel properties are ‘over valued’ but only based on the skeptical element of fear implanted by this negative narrative.
If you are currently marketing your property or have any intention to come to market shortly, stay strong, we have had this happen a number of times in the last few years and buyers will come around. Nobody wants to pay more than ticket price but with the amount of auctions and ‘uncertainty’ it takes a bit longer to re-educate people on what that price may be.
Further, skeptical buyers will note that all booms have their busts, in fact all sensible people would note this too, however, this may be a slow bust not an overnight bust.
There were originally 653 Auctions scheduled to take place with 453 reported to have taken place and 388 sold under the hammer. There were 30 withdrawn for whatever reason.
The median sale price at auction was up at $1,230,000 – that doesn’t sound negative at all.
Thomas Merriman.
Thomas Merriman 