We just keep going! Sydney’s median house price increased a further 5.4% over the quarter and we are now 18.4% higher than this time last year.
This is typical of the high demand and low supply environment we are experiencing, with an average of only 18,150 properties for sale in Sydney – well below the historical average of 40,000+, and down 4.9% since July 2015.
These market conditions are encouraging buyers to move quickly - homes are selling within 26 days, which is about a week faster than this time last year.
Sydney’s annual home value growth has now reached its highest level since December 2002:
The Northern Beaches bucked the trend and in the first weekend of August when Sydney as a whole experienced a 73% clearance rate, the Northern Beaches cleared a whopping 94% of the 67 properties listed for auction. It has been tracking over 90% since then.
Much of this is due to out of town buyers travelling over the Spit bridge and competing with locals to buy in an area that comes with the lifestyle the Northern Beaches boasts.
Last week we sold a 3 bedroom apartment in Brookvale for a whopping $1,101,000. It was last purchased in Aug 2012 for $710,000.
Stock levels on the Northern Beaches remain tight and my prediction is that, although we have reached the peak selling months of Spring, stock levels will remain at record lows.
This provides a golden opportunity for anyone still wanting to sell their home in 2015.
Thanks for reading,