Mixed Results Under the Hammer.

May was all about auctions across Sydney. The first half of May we saw auctions performing very well with a dip in auction success in the second half. Clearance rates sat in the early to mid 80s at the beginning of the month and now hover in the high 70s. We are now seeing indicators of market change and stabilisation.

When we’re not auctioning and creating suburb records like we did this month in Chiswick selling 47C Burns Cres for $8m - the highest price recorded, we’re connecting people with properties off market. Our off market performance continues, with some of our highlight sales over the last four weeks being:

• 21 Macnamara Avenue, Concord - SOLD approx $3M.
• 382 Great North Road, Abbotsford - SOLD approx $3.3-$3.5M.
• 28B Hilly Street, Mortlake - SOLD $2.235M.

We have a number of qualified buyers still on the search for the right home, absolutely ready to move off market. Their property needs are varied across the following dwelling types:

• High end family home - looking to spend up to $6m
• Waterfront - very flexible on price
• Modern duplex - up to mid 2s
• Californian bungalow - under $3m
• Two level home - $3-4m
• 2-3 bedroom, modern apartments in Breakfast Point

For those still in the market, we’re ready to showcase to you a range of opportunities that are worth your time, and best offer.

Connect with us today and let us know what your needs are, so we can best accommodate you in a fast moving market.

Federal budget 2021-2022

The Federal government unveiled a range of new housing policies in the Federal Budget this month, with some new incentives and schemes to support home ownership.

First home buyers will be able withdraw more of their voluntary contributions from their superannuation under the First Home Super Saver which has been increased from $30,000 to $50,000, from 1 July 2021.

The Government will also extend the First Home Guarantee (formerly known as the First Home Loan Deposit Scheme) and allow 10,000 more first home buyers to purchase a new home with a 5% deposit. It will also provide 10,000 loans for single parents with a 2% deposit unde the Family Home Guarantee.  

A downsizer scheme will also enable Australians approaching retirement age who sell their home to make a one-off $300,000 contribution to their super ($600,000 for couples), reducing the age from 65 to 60. 

Housing values

Just in case you needed more proof that Australia’s housing market is rock solid, it hit $8.1 trillion in value last month.

This figure surpasses the value of  superannuation, commercial real estate, and listed shares combined, by a whole trillion. 

Unsurprisingly, Sydney led the appreciating results, with an 8.1% increase in home prices over the last quarter alone.

Interest rates and finance

As expected, the RBA has kept the official cash rate on hold at 0.10% at its May meeting as the market responds well to the predictability of low interest rates here to stay. 

The rates are having a significant impact on real estate activity, particularly first home buyers as new data from the Australian Bureau of Statistics shows owner-occupiers alone made $22.4 billion of new loan commitments over March, a 55.6% jump from March 2020 levels. 

Green space and house prices aligning

A positive correlation between housing values and greenspace has been made by Corelogic, as the intrinsic value of parks, trees, outdoor leisure space has been shown to raise property prices.

With over 150 parks in the City of Canada Bay area, our Inner West community is definitely a pocket of greener suburbs with a renewed focus on healthy, urban living, which is becoming a higher priority for buyers who want to keep active lifestyles high on their list.