SYDNEY PRICES NOT EXPECTED TO FALL

29 Jun 2017

Over the past 3 weekends Sydney Auction Clearances have been on the decline, with increasing City and East suburbs properties passing in. But as much as buyers hope for a price drop, there simply aren’t enough properties for sale to have that happen.

 

While the weekend’s result was weak, there were buyers at the majority of auctions on the weekend and offers were made, but “in some cases the vendors weren’t prepared to accept those offers”.

More than half will sell within the next seven to 10 days, with a number of sales already recorded.

 

Three months ago it was really hard to buy – for buyers who are looking I already think there has been a slight alignment in prices in the last two or three months and there is some relatively good buying around.

I expect there will be a seasonal surge in listings in spring that would impact prices as buyer’s had more choice, though no one has a “crystal ball” when it comes to the Sydney market.

 

Its clear that we have entered a new phase in the market. and we have seen surge in listings in the past two weeks. I expect to see a number of properties come on to the market in the lower price range in the coming weeks. Whilst a combination of things may have resulted in an abnormally slow weekend, it should come to no surprise that there is a dip in clearance rates as we have all felt the market shifting, I am still of the opinion that it is an “opportune time to sell”.

 

This month we negotiated the sale of a 3 bedroom mid level apartment in Cabarita 53/1 Bayside terrace. a picturesque apartment with attractive views and a spacious floorpan. But what makes this sale unique is that it was not a remarkable or unique apartment, on original condition and sold off market for $2,390,000. it set a Building record price and a suburb apartment sale record for 2017.

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