CoreLogic’s Eliza Owen said a surge in interstate migration, coupled with the recent return of overseas migrants, had put a lot of pressure on the rental market. Western Australia had its largest ever interstate migration inflow in the final quarter of 2021, with more than 13,000 people moving west following extended lockdowns in New South Wales and Victoria.
CoreLogic’s national Home Value Index recorded a fourth consecutive month of decline, with the national index recording its largest month-to-month decline since 1983 at 1.6 per cent. The index found Sydney homes to have dropped the most in value of all capital cities in Australia, down 2.5 per cent over the past year, 5.9 per cent over the quarter and 2.3 per cent over the past month alone.
While economists have forecast further falls, agents remain more confident, predicting the market will rebound in lower price points following movement in Adelaide and Brisbane, where coastal suburbs and units and townhouses have seen increased activity.
Last week’s Sydney auction clearance rate was 62%, which 2% higher than the previous week’s Sydney auction clearance. There were 603 properties listed for sale, 237 properties were sold, and 105 properties were withdrawn. Moreover, the total clearance rate for state of New South Wale last week was 55%.
According to Realestate.com.au, it was reported 1270 private sales in New South Wales over last week. 195 properties were sold at auction, while 194 were sold prior to auction.
Last Saturday Sydney Auction Top5 House
▼TOP 1. AUD$8,000,000
Address: 9 Appian Way Burwood NSW 2134
Land Size: 1240 sqm
Internal Area: 124 sqm
House | 5 Bed | 2 Bath | 3 Parking
▼TOP 2. AUD$6,420,000
Address: 85 Llewellyn St, Rhodes NSW 2138
Land Size: 686 sqm
House | 5 Bed | 3 Bath | 2 Parking
▼TOP 3. AUD$5,825,000
Address: 1 James King La, Mosman NSW 2088
Land Size: 706 sqm
Internal Area: 289 sqm
House | 4 Bed | 3 Bath | 3 Parking
▼TOP 4. AUD$5,500,000
Address: 9 Boden Av, Strathfield NSW 2135
Land Size: 765 sqm
House | 6 Bed | 4 Bath | 8 Parking
▼TOP 5. AUD$5,085,000
Address: 43 Harrow St, Sylvania NSW 2224
Land Size: 711 sqm
Internal Area: 268 sqm
House | 5 Bed | 4 Bath | 2 Parking
Last Saturday Sydney Auction Top5 Unit
▼TOP 1. AUD$3,450,000
Address: 12a/251-261 Oberon St, Coogee NSW 2034
Unit | 3 Bed | 2 Bath | 1 Parking
▼TOP 2. AUD$2,800,000
Address: 4 Olive St, Paddington NSW 2021
Terrace | 4 Bed | 3 Bath | – Parking
▼TOP 3. AUD$2,306,000
Address: 312/11 Wentworth St, Manly NSW 2095
Unit | 2 Bed | 2 Bath | 1 Parking
▼TOP 4. AUD$2,130,000
Address: 9/68 Shirley Rd, Wollstonecraft NSW 2065
Unit | 3 Bed | 1 Bath | 1 Parking
▼TOP 5. AUD$1,700,000
Address: 6b Carramar Cr, Miranda NSW 2228
Semi | 4 Bed | 3 Bath | 2 Parking
Reference:
Lee, a href=”/experts/australian-property-investor-magazine/oliver-lee” title=”View all articles from Oliver Lee”>Oliver. “Affordable Suburbs May Offer Respite during Sydney Property Market Decline.” Australian Property Investor Magazine, www.apimagazine.com.au/news/article/affordable-suburbs-may-offer-respite-during-sydney-property-market-decline. Accessed 12 Sept. 2022.
“Families at Breaking Point as WA Rental Vacancy Rate Drops to Lowest Level in More than a Decade.” ABC News, 11 Sept. 2022, www.abc.net.au/news/2022-09-12/perth-rental-market-tightens-experts-tip-house-price-growth/101416300. Accessed 12 Sept. 2022.