Record Prices, Speedy Sales, and Seasonal Surprises in October’s Property Market

“There is a child in every one of us who is still a trick-or-treater looking for a brightly-lit front porch.” – Robert Breault (Artist)

A thriving buyers’ market continues to pace itself with a slower than usual rhythm over October, while prices remain unshakeable at a record high nationally.

Our agency has firmly secured the number one position for listings, enquiries, and properties transacted, as well as the highest average price, median price, and lowest days on market within our local market over the last 12 months. 

And while the bustle and volume ordinarily setting the October scene seems far calmer this year, the properties that are moving are doing so memorably, achieving record prices and exceptional figures.

Some of our October standouts include:

• 22/23 George Street, North Strathfield – achieved a complex record sold within eight days.
• 312/68 Peninsula Drive, Breakfast Point – achieved a building record for a one bedroom, sold within seven days.
• 32 Dalmar Street, Croydon - sold for $5.150M.
• 30 Potter Street, Russell Lea – sold for $2.650M.

If you need more proof the market is still beaming, here’s the latest tea: 

The Aussie suburb median price has reached a new record - with  36.7% now over $1M despite rising interest rates, with more poised to follow according to CoreLogic.

Eight out of ten Sydney suburbs have medians over $1M - and over a third of units have hit the same milestone as our city leads the million-dollar market.

New housing projects continue to slow - with dwelling approvals down 6.1% as a result of slowing price growth, rising stock, and property tax debates.

It’s a myth that investors pass on interest rate rises to tenants - a new RBA study shows rents are rising only 3¢ for every $1 increase in mortgage costs.

House prices are forecast to rise a slower 5% this financial year from last year's 8%, with Sydney gaining just 0.2% in September.
 

The rental market remains steady and consistent, with demand seeing most of our rental properties leased after one open home, and at outstanding asking prices including:

• A four bedroom, three bathroom Concord house - $1,595 per week
• A three bedroom, three bathroom Lilyfield house - $1,595 per week
• A three bedroom, two bathroom Abbotsford apartment - $995 per week

Our agency recently welcomed new sales associates Metin Zirhman and Karen Holder into Dib’s team. And Sue Glynn as our new Head of Property Management.