The hot Sydney housing market has surged over the past month following the easing of lockdown restrictions, with waves of buyers and sellers now engaging Australia’s strongest and highest priced capital city.
Sydney houses are selling like hotcakes with the average time on market falling to just 23 days over the past month – the lowest monthly result for the year and well below the 27.6% reported during the lockdown over August.
Sydney also enjoys the fastest selling housing market of all the state capitals and well ahead of Melbourne’s 28.5 average days on market.
All Sydney regions have recorded sharp declines in the average time it takes to sell a house since lockdown restrictions eased.
The top performers are the Northern Beaches was just 18.5 average days on market before selling, closely followed by the City and East at 18.9% days on market, the Lower North Shore 20.4 and Upper North Shore 20.7.
Sydney’s fastest selling suburbs over the month with a minimum of 10 reported house sales are led by:-
- Seaforth with an average of just 11.4 days to sell, followed by neighbouring…
- Allambie Heights 12.1,
- Glenwood and Botany each 15.3,
- Dover Heights 16,
- Oyster Bay and French’s Forest each 16.4,
- Roselle 16.7,
- Paddington 17 and
- Five Docks with 17.1 average days on market before selling.
Record buyer competition for Sydney houses will be tested over the coming weeks with a surge of post lockdown listings set to hit the market.
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New listings in Sydney have remarkably increased by 30.3% since the beginning of October to clearly the highest weekly totals of the year – with nearly 7,000 extra homes for sale hitting the market .
Hungry buyers are now set to take advantage of significantly more choices in the Sydney housing market.
And the prospect of increased lending restrictions over coming weeks will motivate buyers to get him before home loans likely become harder to secure – and more expensive.