Property prices have continued to exceed expectations. “There were 311 properties listed for auction in Sydney over the weekend and 256 sold for a 78% clearance rate”, said Australian Property Monitors (APM).
The median price has bounced back up to $930,000, which demonstrates that demand has been exceeding supply as foreigners and locals pick up property before the winter months.
The heat in Sydney auctions appears to come from a number of suburbs in particular which are at the premium end of the market and selling at above average prices.
A couple of other measures need to be considered when looking at property sales in Sydney and Melbourne generally. Firstly, time on market, which notes the average number of days a property takes to sell from the time of listing (private sales only).
In Sydney, this figure is just 29 days for houses, while in Melbourne it’s 38 days, said RP Data. The next best after these two is 58 days in Brisbane, so clearly there are plenty of buyers acting quickly in these major markets.
The second important measure is listings, which counts advertised properties over the past month and in RP Data’s report, compares this figure to a year ago.
In Sydney, total listings as of this week are down about 10% on the year, while in Melbourne they’re down about 9%. If fewer people are selling then obviously whatever stock is made available is prompting a competitive atmosphere among buyers.
Statistics and quotes taken from: https://www.mywealth.commbank.com.au/property/sydney-property-still-pulling-big-prices-news20140512