Homebuyers and property investors are getting nervous.
They face the prospect of interest rates rising faster than expected, at a time of increasing inflation which is putting even more pressure on the Reserve Bank
Currently the RBA cash rate of 1.35% is still stimulating the economy at a time of high inflation and a tight job market and it’s going to be a difficult task for the RBA to find the “neutral” interest rate – you know not too low to fuel inflation and the economy and not too high to force us into recession.
But while overall our economy is performing soundly, consumer sentiment – both fear and greed – tends to drive the property markets, and at the moment both buyer and seller confidence is fragile in the face of all the negative media.
So many discretionary buyers and sellers are just sitting on the sidelines.
On the other hand, strategic investors and home buyers with a long-term view are taking advantage of this window of opportunity which will close when purchasers realise interest rates are nearing their peak and inflation is coming under control.
Of the 577 properties listed for auction this weekend 119 properties were withdrawn from sale – a sign of the challenges the Sydney market is experiencing, and these are counted as “passed in” meaning this will bring down the overall auction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 1,261 private sales in New South Wales over the last week. But, of course, many off-market Sydney property sales would not have been reported.
The Upper North Shore recorded the top Sydney regional clearance rate on Saturday with 69.6% closely followed by the South 69.3% and the Lower North 65.0%.
The clearance rate for houses was 59.7%, with units higher this weekend at 52.6%.
Last Saturday Sydney Auction Top5 House
▼TOP 1. AUD$4,625,000
Address: 37 Shortland Av, Strathfield NSW 2135
Land Size: 828.3 sqm
Internal Area: 366 sqm
House | 6 Bedrooms | 4 Bathrooms | 4 Parking
▼TOP 2. AUD$4,490,000
Address: 8 Gipps St, Drummoyne NSW 2047
Land Size: 455.3 sqm
Internal Area: 237 sqm
House | 4 Bedrooms | 2 Bathrooms | 1 Parking
▼TOP 3. AUD$4,252,000
Address: 95 Darley Rd, Manly NSW 2095
Land Size: 354 sqm
Internal Area: 257 sqm
House | 3 Bedrooms | 2 Bathrooms | 1 Parking
▼TOP 4. AUD$3,520,000
Address: 57 Greengate Rd, Killara NSW 2071
Land Size: 695.6 sqm
Internal Area: 176 sqm
House | 3 Bedrooms | 1 Bathrooms | 1 Parking
▼TOP 5. AUD$3,200,000
Address: 17 Moore St, Cabarita NSW 2137
Land Size: 518.5 sqm
Internal Area: 112 sqm
House | 3 Bedrooms | 1 Bathrooms | 2 Parking
Last Saturday Sydney Auction Top5 Unit
▼TOP 1. AUD$2,400,000
Address: 3/68A-70 St Georges Cr, Drummoyne NSW 2047
Unit | 3 Bedrooms | 2 Bathrooms | 2 Parking
▼TOP 2. AUD$2,150,000
Address: 203/30 Harvey St, Little Bay NSW 2036
Unit | 3 Bedrooms | 2 Bathrooms | 2 Parking
▼TOP 3. AUD$2,030,000
Address: 62 Wellbank St, Concord NSW 2137
Semi | 3 Bedrooms | 1 Bathrooms | 2 Parking
▼TOP 4. AUD$1,940,000
Address: 54 Eltham St, Gladesville NSW 2111
Duplex | 3 Bedrooms | 1 Bathrooms | 2 Parking
▼TOP 5. AUD$1,505,000
Address: 3/266 Mona Vale Rd, St Ives NSW 2075
Unit | 3 Bedrooms | 2 Bathrooms | 1 Parking
(Data from domain.com.au realestate.com.au corelogic.com.au & realtisan.com.au)