Inner west refuses to sit pat as property market surges- Pete Wargent

Another very strong weekend for the Sydney property market recording an 82.5% auction clearance rate.

My old favourite the inner west is the sector of the property market that keeps on giving, recording an eye-popping 92.2% clearance rate and some truly massive results in suburbs like Strathfield, while Erskineville continues to look very strong.

From the APM market wrap:

“Sydney’s hot autumn of auctions continued at the weekend with yet another strong clearance rate recorded at 82.4 percent. This was the sixth consecutive weekend result at or above 80 percent from a 2014 market that just shows no signs of slowing down from record-level pace.

This weekend’s result was well ahead of last year’s 72.7 percent result recorded over the same weekend reflecting how the market has risen over the past year.

Auction numbers are also significantly higher this autumn so far as seller confidence soars. 1287 properties have been listed for auction in Sydney over the past 2 weekends which is an increase of 392 or 43 percent higher than the 895 homes listed over the same two weekends last year.

Sydney’s inner west produced a stunning clearance rate of 92.2 percent at the weekend despite the highest number of listings of all the suburban regions. Next best was the upper north shore with 89.8 percent followed by the south with 85.3 percent, the lower north with 82.5 percent and the northern beaches with a weekend clearance rate of 81.5 percent.[sam id=41 codes=’true’]

February was a record breaking month for the Sydney auction market with 1490 homes sold at auction over the month with the next best February well below in 2010 at just 1122. March is set to continue with the record breaking trend.

Last week the Reserve Bank met for the second time this year and unsurprisingly decided to leave official interest rates on hold again this month. Mortgage rates and costs however keep falling which will encourage home buyer activity.

March has commenced as February finished with an unprecedented Sydney mega-season for buyers and sellers just rolling on.”

RP Data goes on to note that Sydney property is selling in record fast time:

Source: RP Data

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Pete Wargent

About

Pete Wargent is a Chartered Accountant, Chartered Secretary and has a Financial Planning Diploma. He’s achieved financial freedom at the age of 33 - as detailed in his book ‘Get a Financial Grip – A Simple Plan for Financial Freedom’. Pete now manages his investment portfolio, travels and works as a consultant in the finance industry from time to time. Visit his blog


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