Week’s Key Focus
With buyer demand far surpassing the existing number of properties available, pushing property prices above the guide price, over three-quarters of listed properties were sold at auction in the past week. Following this strong round of auctions, the recovery of the real estate market is intensifying.
Louis Christopher from SQM stated that the latest data represents a rebound in detached house prices, which is one of the evidences of the real estate market’s recovery. The sustained low supply is also an important factor driving the recovery. The capital city currently has 1,673 properties up for auction, with the overall number decreasing by 3%.
Buyer advocate Emma Bloom mentioned that the reason for the premium prices is the combination of low supply and prime locations. Buyers are desperate to secure properties, and when properties in good condition appear on the market, buyers engage in fierce competition, disregarding all else due to the supply issue.
Christopher mentioned that the high vacancy rates are due to two important factors: tenants transitioning to first-time homeownership and broader population pressures. Strong rental increases are prompting tenants to switch to purchasing homes. The robustness of immigration and population growth is also keeping the vacancy rate consistently above 70%.
Your Dream House – Affordable House and Land in Northwest Box Hill, priced at $829,000 – $939,000.
Auction Results This Week
- Sydney: 631 properties were listed for auction, with 415 reported results, 329 properties sold, achieving a clearance rate of 79%. The total value of properties sold at auction amounted to AUD 382,059,018, with a median house price of AUD 1,480,000.
- Melbourne: 649 properties were listed for auction, with 516 reported results, 377 properties sold, resulting in a clearance rate of 73%. The total value of properties sold at auction reached AUD 307,480,117, with a median house price of AUD 1,005,000.
Top 5 Auction Prices in Sydney Last Week: Houses
▼TOP 1. AUD $6,800,000
Address: 1-3 Woodward Av, Strathfield NSW 2135
Land Size: 1113 sqm
House | 6 Bed | 3 Bath | 3 Parking
▼TOP 2. AUD $6,250,000
Address: 35 Douglas St, Clovelly NSW 2031
Land Size: 541 sqm
House | 4 Bed | 1 Bath | 3 Parking
▼TOP 3. AUD $5,017,000
Address: 6 Arabella St, Longueville NSW 2066
Land Size: 695 sqm
House | 5 Bed | 3 Bath | 2 Parking
▼TOP 4. AUD $4,905,000
Address: 7 Bangalla St, Warrawee NSW 2074
Land Size: 999 sqm
House | 5 Bed | 2 Bath | 2 Parking
▼TOP 5. AUD $4,220,000
Address: 49 Station St, Newtown NSW 2042
Land Size: 335sqm
House | 4 Bed | 2 Bath | 2 Parking
Top 5 Auction Prices in Sydney Last Week: Units
▼TOP 1. AUD $8,000,000
Address: 130 Windsor St, Paddington NSW 2021
Terrace| 4 Bed | 3 Bath | 2 Parking
▼TOP 2. AUD $2,900,000
Address: 1/47 Gladesville Rd, Hunters Hill NSW 2110
Unit | 3 Bed | 2 Bath | 2 Parking
▼TOP 3. AUD $2,800,000
Address: 96/237 Miller St, North Sydney NSW 2060
Unit| 3 Bed | 2 Bath | 2 Parking
▼TOP 4. AUD $2,560,000
Address: 319 Glenmore Rd, Paddington NSW 2021
Terrace| 3 Bed | 1 Bath
▼TOP 5. AUD $2,415,000
Address: 1/18 Oaks Av, Cremorne NSW 2090
Townhouse| 3 Bed | 2 Bath | 2 Parking