Sydney listings up 19.5% on last year, or are they?

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Nov 2, 2017

Sydney listings up 19.5% on last year, or are they?

New data from CoreLogic shows Sydney listings are up 19.5 per cent on last year, but Rob Clarke of Belle Property Annandale says listings are down in Sydney's inner west and eastern suburbs, with owners choosing to renovate instead.

Photo by Dan Freeman on Unsplash

Sydney's Balmain. Despite CoreLogic showing that Sydney listings are up 20%, some agents in less affordable suburbs are saying that listings are down on last year.

New data from CoreLogic shows that 25,625 properties are listed in Sydney at present, a 19.5 per cent increase on last year.

But Rob Clarke of Belle Property Annandale says listings are down in areas like Sydney's inner west and eastern suburbs, with owners choosing to renovate instead.

"It's totally the opposite," Clarke told SCHWARTZWILLIAMS.

"The numbers are down about 15 per cent on last year," he said.

Source: CoreLogic.

Clarke said that volumes might be up in Sydney's more affordable suburbs, but in the inner west, owners are using the $200,000 they'd have to spend on stamp duty to renovate, he said.

"Sydney covers so many different markets," he said.

Monique Dower of Belle Property Balmain agrees. She says her listings are up on last year, which was a very soft period, but not by as much as 20 per cent she said.

"They might be slightly up on last year, but not as much as that," she told SCHWARTZWILLIAMS.

Dower said it was to be expected that listings would increase at this time of year as there are only a couple of weekends left to auction homes for properties that list now.