At the moment, there has been a lot of negativity in the media about the market and a lot of that is due to the tightening of investor lending criteria, lower Auction clearance rates across the Sydney market and speculation that a rate rise would cripple the current marketplace.
However, the Upper North Shores core market areas seem to be outperforming the Sydney clearance rate by between 10% and 15% in certain suburbs seeing Auction clearance figures in the 60’s and even very early 70’s some weeks compared to the broader Sydney market which is around 55%.
There are a lower amount of buyers on the ground as a general observation across the market with some properties performing particularly better than others at open homes every weekend.
Buyers are feeling a bit of confidence on their side based on what they are reading and are more likely to watch a property pass in at Auction or put in a pre-Auction offer than to go to Auction. This is actually quite ironic insofar as, when the market is supposed to be softening, a tough auction could be a good place for a buyer. No doubt this will become evident as the tables turn.
Sydney market;
Auction Clearance Rate 55%
Auctions originally listed 495
Reported to have taken place 270
Sold 188
Median sale price $1,165,000 – which is lower than usual
Source; Domain.
Thomas Merriman.
Thomas Merriman 