A Two Speed Property Economy
Over the weekend the Sydney property market passed its first real test for this calendar. It was the first of the “Super Saturday’s” as the media likes to call it.
Sydney performed extremely well with Sydney reporting a clearance rate of 75.8 per cent at the weekend, which was just below the 76.3 per cent recorded the previous weekend. However, if we take in to account there were 911 properties listed for auction compared to 592 properties the previous week.
The higher priced areas in Sydney metro continues to outperform whilst the South West, North West and Western suburbs are starting to show signs of a slowing market and possible oversupply.
The best performing regions were;
- Lower north shore – 92.3%
- Northern beaches – 87.3%
- Inner West – 85%
- Upper north shore – 79.3%
- City & East – 75.4%
The regions that are now consistently showing below average clearance rates are;
- South west 57.9%
- West – 61.3%
- North west – 61.5%
So with the Easter long weekend and school holidays fast approaching, it will be interesting to see if the property market maintains this current momentum over the next couple of weeks.
It is becoming increasingly evident that the more affluent areas are achieving above average results due to the lack of stock in the market place, which is not dissimilar to the trends we were seeing last year.