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May 2013

Excellent upgrading opportunities for buyers

The April property market continued to hold firm across our local area. We witnessed strong buyer attendances at open homes, increasing turnover at the top end of the market & an auction clearance rate hovering around an impressive 70%. Interestingly, during our reported period, Rozelle accounted for slightly more sales than the Balmain zone. We can’t recall this ever happening & highlights the tight selling conditions we are experiencing at the moment. At the time of writing, the Balmain area, which incorporates Balmain East & Birchgrove, has just below 65 listings on the market. With roughly one third of these properties selling each month, buyers do have some choice but we’re still 30% lower than normal. Rozelle is a different story, with 27 properties presently for sale & 22 trading hands in the past month, which suggests almost every property in the area would be attracting interest. Again the volume of property available is around 30% lower than we would typically see & this is no doubt a contributing factor to a 70% auction clearance rate.

Last month we reported an upswing in premium listings entering the market & during April we started to record a number of sales in this sector. There has been much [...]

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Balmain Abbotsford Annandale Balmain East Birchgrove Chiswick Darlinghurst Drummoyne Five Dock Forest Lodge Glebe Hunters Hill Leichhardt Lilyfield Newtown Petersham Rozelle Russell Lea Summer Hill Wareemba

Market Review

May 2013

Excellent upgrading opportunities for buyers

The April property market continued to hold firm across our local area. We witnessed strong buyer attendances at open homes, increasing turnover at the top end of the market & an auction clearance rate hovering around an impressive 70%. Interestingly, during our reported period, Rozelle accounted for slightly more sales than the Balmain zone. We can’t recall this ever happening & highlights the tight selling conditions we are experiencing at the moment. At the time of writing, the Balmain area, which incorporates Balmain East & Birchgrove, has just below 65 listings on the market. With roughly one third of these properties selling each month, buyers do have some choice but we’re still 30% lower than normal. Rozelle is a different story, with 27 properties presently for sale & 22 trading hands in the past month, which suggests almost every property in the area would be attracting interest. Again the volume of property available is around 30% lower than we would typically see & this is no doubt a contributing factor to a 70% auc [...]

<more>

<see full article>