(Realestate) – With just four weeks left of the traditional spring selling season, it’s the perfect time for both buyers and vendors to dive into the property market – especially in Sydney where records are being broken.
Sydney buyers are back, enticed by three interest rate cuts, an easing of home loan lending restrictions by APRA, and income tax cuts. Search activity on realestate.com.au began increasing following May’s federal election and has continued, with record visits in September.
Little wonder then that 16,037 properties have changed hands across Sydney since spring began.
“Sydney has been the strongest capital city over the past quarter. Growth isn’t exactly red hot (0.8% over the past three months), but it is the most positive of all capital cities,” says realestate.com.au chief economist, Nerida Conisbee.
At all points of the compass and across all price points, homes in Sydney have been finding buyers, with many selling for well beyond their asking price
“Most of our sales, whether it be by private sale or auction, have sold above reserve or vendor expectation,” says Darren Davis of Morton Green Square.
“Buyers are prepared to pay slightly higher prices due to the low stock levels and higher demand, which is creating competition amongst buyers,” he says.
realestate.com.au data reveals the north shore, northern beaches, the eastern suburbs and the inner west are among the most in-demand areas in Australia.
Hot Sydney sales so far this season
As a sign of things to come, this iconic older estate in Palm Beach sold in August for an eye-watering $7.67m, which was $2m above the reserve.
Even the listing agents were gobsmacked as two bidders fought for the six-bedroom property with waterfront views.
The home had been owned by the Seaman family since it was built in 1918, and its new resident is freelancer Ruth Ritchie who had been looking for the perfect renovation project in the neighbourhood.ADVERTISEMENT
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Palm Beach has been a front runner suburb this year, with a median sale price of $3,342,000 – 13% up on last year. This also made it a top growth suburb beating suburbs including Balgowlah and Narrabeen, which had year-on-year increases in median prices of 6% and 2% respectively.
Just last weekend, another stunning result at auction saw a Bellevue Hill home also soar $2m above its reserve.
111 Victoria Road had five active bidders, with the opening bid of $7m rising in $100,000 increments until it reached $10.1m.
The property was originally purchased for just $770,000 in 1983.
From east to inner west, another top spring result was achieved in Chiswick where a waterfront home broke the suburb record when the hammer fell at $7.15m.
This was $400,000 above the reserve and $170,000 higher than the previous record-holding sale in the suburb.
The last time this property sold in 2013 the buyers paid $3.6m, meaning they have pocketed a $3.55m return-on-investment by selling this spring.
It’s not just the ready-to-move-into houses flying off the market either; fixer uppers have also proved to be hot commodities this spring.
In Leichhardt, a collapsing house needing some serious TLC sold for $1.25m, $200,000 over the reserve.
Not even the warning signs of some rooms being ‘unsafe to enter’ managed to ward off bidders on the day.
Across the north shore of Sydney, there have been several weekends with impressive auction results during spring. October in particular has seen record sales being set across the region and a number of homes that weren’t on the market for long before being snapped up.
A lavishly restored estate in Gordon took just three weeks to find a buyer and is rumoured to have sold for $14m, which would set a new suburb record.
Within the same week, newly built 7 Bimburra Avenue sold just days after opening its doors to the public with a whopping 72 groups through on the Saturday. It sold for $4.55m, which also set a record for St Ives.
An initiative to help fuel the fire
To continue driving the spring selling season spirit in Sydney, realestate.com.au and News Corp have joined forces to amplify the exposure of Premiere residential listings by publishing them both online and in print for the next month.
These listings will be reverse-published in two of the biggest Sydney NewsLocal publications, The Wentworth Courier and The Manly Daily.
The Wentworth Courier published its first edition with these listings on Wednesday 30 October and The Manly Daily is set to publish its on Saturday 2 November.
“With the combined audiences of realestate.com.au, and leading local publications The Manly Daily and Wentworth Courier, vendors know they can sell with confidence prior to Christmas to get the best result,” says REA Group Chief Audience and Marketing Officer Melina Cruickshank.
Make sure you pick up your copy of The Wentworth Courier and The Manly Daily to see these Premiere listings in print.
When should I sell? Now!
The good news is that many property experts believe that the spring selling season will continue right up until the weekend before Christmas as demand from buyers remains strong. This means there’s still time to consider listing your property to take advantage of that hungry buyer climate.
“Conditions will continue to be positive as we head in to summer. While buying and selling activity is always slower in this time period compared to spring, the fact that there is now concrete evidence that pricing across Sydney is moving should lead to better listing numbers,” says Conisbee.
Real estate agents across the city also have high hopes that we won’t see the end of the spring selling season just yet.
“There is still a shortage of stock on the market, so we expect buyer activity to remain strong until Christmas,” says Davis.