Agents are reporting that home appraisals are up in Sydney, evidence that plenty of homeowners are considering selling right now when auction clearance rates are at an all-time high. The autumn property market has proven to be one of the best on record, according to real estate group Raine & Horne.
And it's a sellers' market. “The fact is that properties for sale are being snapped up super-fast as there is very healthy demand for Sydney real estate,” said Angus Raine, Executive Chairman and CEO of the firm.“The demand and supply pendulum is swinging well and truly in favour of owners considering a sale and means this that Autumn 2015 is proving a great time to sell a Sydney property."
On the Lower North Shore, there has been a buyer frenzy that you’d usually associate with a healthy spring market, says David Hill, Co-Principal of Raine & Horne Crows Nest. Hill says he has had probably 25% less properties to sell. “As a consequence we’ve seen 5 to 10% price growth in suburbs such as Wollstonecraft, Waverton, Crows Nest and Naremburn over the Autumn months,” said Hill.
Real estate prices on the Lower North Shore have increased by around 25% over the past 18 months. Hill said a 65 sqm one bedroom unit at 80 Shirley Road, Wollstonecraft, with a 20-year old bathroom and kitchen, just sold for $690,000, while a similar property in the same block sold 18 months ago for $565,000.
In western Sydney, the autumn 2015 market "is on steroids," according to Peter Diamantidis, Sales Manager, Raine & Horne St Marys. “Where else in Sydney can you buy a three bedroom house for under $500,000?” said Diamantidis. “It’s the affordability of St Marys and surrounding suburbs such as Lethbridge Park, Werrington, Cambridge Park and Tregear, which is attracting the smart investor money.”