The BresicWhitney Quarterly, Edition III.
After defying expectations in Winter, the Sydney property market leapt into Spring, delivering on a highly anticipated increase in listings and choice for buyers, that fuelled an already active buying and selling environment.
Across the third quarter (Q323), BresicWhitney signed 430 new properties for sale, significantly outstripping prior quarters and outweighing the group’s sold property in the same timeframe, at 319.
Source: BresicWhitneyThe 133 homes signed for sale in July highlighted the annual improvement, far ahead of the 57 recorded the year prior, as many owners and investors opted to exit the rental market.
This led to BresicWhitney hosting a new record of property for sale at any one time in August, with 160 listings on BW.com.au.
Source: BresicWhitneyThe 2020 pandemic-related selling boom had reached a height of 140.
This reflects the immense recovery of listing levels in this timeframe, and the speed at which the Sydney property market can pivot.
CoreLogic also revealed that the volume of homes for sale was approximately 22% above the five-year average, and 10.9% higher than the year prior.
Source: BresicWhitneyYet as foreshadowed, there was ample buyer demand to support this environment, and Sydneysiders welcomed this shift in dynamic, as evidenced by various incremental peaks in auction clearance rates across the quarter.
July set the tone with an 84% success rate – a pronounced improvement on last year’s 54% – and records continued to be achieved into August, with BresicWhitney’s average clearance rate spiking to 87.
Source: BresicWhitneyBoth houses and apartments generated interest, and new records were set by BresicWhitney in not only end price achieved for a particular type of property, but for the suburb in which it sold.
As the cash rate held steady at 4.1%, buyers and sellers were able to bolster their confidence that the tightening cycle was nearing its peak, as had price growth, the latter of which in Q3 birthed 2.5% of upside across Sydney.
Rental growth moderated for apartments, but vacancy remains at record lows, with the reduction in supply triggered by investors continuing to sell.
Learn more in the latest edition of the BresicWhitney Quarterly.
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