End Of 1St Quarter Results
The first quarter of the year is now finished and Sydney’s property market remains quite patchy. We continue to see a strong market in the inner city suburbs, Upper North Shore and Lower North Shore. The outer western and south western suburbs are struggling to achieve above 50% clearance rates given how much stock is available between established dwelling and new developments. Last week on Easter Saturday there were only 56 properties go under the hammer for the whole metropolis.
There are over 500 properties going to auction this weekend, approximately the same as last year post the Easter long weekend.
The Upper North Shore has the highest number of properties going to auction this week with 85 properties. At the other end of the scale there are the Eastern suburbs will almost half the number of properties going to auction with only 44 properties. Yet again it highlights just how little stock there is to choose from in the Eastern suburbs.
Stock levels are still very low with less than half the number of properties on the market since the peak of the market during spring 2015. The number of properties peaked 31 October with 1,083 properties and by the end of the spring we saw clearance rates drop to 57.5%.
According to Domain Group, the lower north reported the highest clearance rate in March with a very strong 84.3 per cent followed by the northern beaches with 77 per cent and the city and east with 76.4 per cent. The west and the south-west recorded the lowest rates for the month at just 45.9 per cent and 47.8 per cent respectively. Sydney’s city and east recorded the highest auction listings in March with 593 followed by the upper north shore with 441.