With the media full of negative messages and the spectre of rising interest rates faster than many expected, buyers remain cautious.
Last week, the Reserve Bank of Australia raised interest rates for the third time in a row at the July meeting, and as expected, the RBA raised the cash rate by 50 basis points.
The headlines spooked many Australians, who said a “triple hit by the RBA, three rate hikes in three months”. But interest rates are still below the median of Australia’s average interest rates, in other words, current interest rates are still stimulating, which also means the possibility of continued interest rate hikes, although this will put pressure on mortgage repayments, but promote The real estate market is not just about interest rates.
The Sydney preliminary auction clearance rate was 55% with a median price of $1,510,00. Last weekend 115 properties were withdrawn from sale – a sign of the challenges the Sydney market is experiencing, and these are counted as “passed in” meaning this will bring down the overall auction clearance rate.
Realestate.com.au reported that there were only 1,294 private sales in New South Wales over the last week – less than last week’s 1,363. But, of course, many off-market Sydney property sales would not have been reported.
The Central Coast and Norwest recorded the top Sydney regional clearance rate on Saturday with 74.8%. The clearance rate for houses was 63.2%, with units again getting lower this weekend at 48.5%.
Last Saturday Sydney Auction Top5 House
▼TOP 1. AUD$5,955,000
Address: 171 Queens Rd, Connells Point NSW 2221
Land Size: 910 sqm
House | 4 Bedrooms | 3 Bathrooms | 4 Parking
▼TOP 2. AUD$5,500,000
Address: 137 Annandale St, Annandale NSW 2038
Land Size: 664 sqm
Internal Area: 190 sqm
House | 5 Bedrooms | 3 Bathrooms | 2 Parking
▼TOP 3. AUD$5,360,000
Address: 17 Torrington Rd, Strathfield NSW 2135
Land Size: 661 sqm
Internal Area: 162 sqm
House | 3 Bedrooms | 1 Bathrooms | 3 Parking
▼TOP 4. AUD$3,900,000
Address: 2/14 Beauford Ave, Caringbah South NSW 2229
Land Size: 1,601 sqm
House | 5 Bedrooms | 3 Bathrooms | 2 Parking
▼TOP 5. AUD$3,851,000
Address: 5 Melrose St, Homebush NSW 2140
Land Size: 891.6 sqm
Internal Area: 225 sqm
House | 5 Bedrooms | 3 Bathrooms | 4 Parking
Last Saturday Sydney Auction Top5 Unit
▼TOP 1. AUD$4,250,000
Address: 11/69-74 North Steyne, Manly NSW 2095
Unit | 3 Bedrooms | 2 Bathrooms | 2 Parking
▼TOP 2. AUD$3,500,000
Address: 31/3 Macquarie St, Sydney NSW 2000
Unit | 2 Bedrooms | 2 Bathrooms | 1 Parking
▼TOP 3. AUD$2,700,000
Address: 204/42 Refinery Dr, Pyrmont NSW 2009
Unit | 2 Bedrooms | 2 Bathrooms | 1 Parking
▼TOP 4. AUD$2,525,000
Address: 8/1 Wride St, Maroubra NSW 2035
Unit | 3 Bedrooms | 2 Bathrooms | 2 Parking
▼TOP 5. AUD$2,400,000
Address: 172 Bourke St, Darlinghurst NSW 2010
Terrace | 4 Bedrooms | 2 Bathrooms | – Parking
(Data and sources from domain.com.au, realestate.com.au corelogic.com.au & realtisan.com.au)