Hill & Viteri Property Market Round Up for January-March
Market Direction
It is always interesting to see how the market responds after the Christmas close down period. This quarter really being a tale of two halves.
As discussed in our previous wrap, conditions had shifted and a surge in supply combined with negative media and tighter lending saw buyer confidence dented.
Buyer Activity
This led to some very good buying in some instances. In Sutherland, we saw several sales of apartments well below the previous benchmark by out of area agents. Two of those approx 10% under.
However, those who waited to the other side of the break reaped the rewards. Typically there is a shortage of new stock to market until after Australia Day. So, this period saw buyers fight over little new stock to market and the remaining stock getting more attention.
Some examples were 11 Cartledge Ave, Miranda which saw 9 bidders register for the auction and compete to see the property sell for $1,926,000. This result was $226,000 over reserve.
Another example is 1 Giles Street, Yarrawarrah which attracted 11 registrations and sold for $1,835,000. This was $235,000 over reserve.
99a Jannali Ave, Jannali which was set for auction just prior to Christmas was withdrawn from Auction with the best offer being $1,050,000. Our agent Derin Hill advised our seller to hold till the January window and ultimately added another $200,000 to the sale price at $1,250,000.
The difference from January to March has been significant with the post Australia Day surge in stock, cost of living pressures, banks raising interest rates and negative media seeing buyers again becoming cautious.
However we were still able to achieve some premium results including the sale of 4 Auckland Street, Engadine at auction. This attracted 5 registered bidders and sold over reserve for $1,409,000.
Over the quarter I feel January picked up what we lost in December and prices have again steadied with the market seeing balanced negotiations between sellers and buyers.
Michael Virly from MVP Auctions reported a clearance rate for the quarter of 81%. This is up from 76% the previous quarter. Michael reported on average 4.9 bidders registered for auctions in this period. Michael also noted that 25% were sold prior which bolstered the clearance rate.
In the strata market we continued to see good activity with first home buyers and investors continuing to return. Again the townhouse market performing strongly.
Sean Donovan selling 21/81 Bath Road, Kirrawee for $996,500.
Derin Hill selling 7/27-29 Durbar Ave, Kirrawee for $1,300,000
Buyer Sentiment
So, I would say we are currently in a normal, balanced market despite the fluctuations the holiday season can bring.
Rental Market
In regards to the rental market, our Head of Property Management and Partner Leigh Anderson advies ‘Demand continues to be strong rental prices rising and the vacancy rate at a record low. The trend of tenants wanting more space continues. Leigh pointed out 152b National Ave, Loftus as a prime example with this duplex fetching $1,100 per week.
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If you would like to know the new value of your property give the team or contact us via the website. You may be surprised just how much prices have moved this year.
Thank you for taking the time to watch our Quarterly Market Round Up. As always if you have any questions or require real estate assistance please don’t hesitate to contact the team.