MARKET NEWS
Sales Market Review
Tuesday, December 01, 2009
Well folks, it has been a pleasure reporting on the property market during this interesting year. Our local area has performed exceptionally well during 2009. In fact, it has been one of the strongest performing property markets in Sydney. We started the year with record low interest rates and generous first homeowner grants providing the launching pad, and launch the property market did. Early year properties experienced solid buyer enthusiasm, rapidly moving the market out from the 2008 decline and into positive territory. We also experienced a very tight market through much of the year with little available stock. This increased buyer attendances at open homes to record levels and pushed prices up between 10-15% for most price points.
In our reported period our office was responsible for 45% of all sales in Balmain, which included the highest priced auction sale. During this period we also witnessed a late surge of property entering the local market and buyer numbers started to wind back a little. It is still clear that buyer confidence remains high and if a property is priced correctly then immediate interest will be identified. We suspect if agents provide clear market feedback to sellers there shouldn’t be a large overhang of unsold property moving into 2010.
Simply looking at the numbers for the year, at the time of writing there had been 343 transactions in the 2041 postcode. Of these sales 279 were sold by way of private treaty and 64 sold under the hammer with a clearance rate of 71%. In 2039 there were 246 transactions with 194 by way of private treaty and 52 sold under the hammer with an impressive clearance rate of 85%. Lilyfield has been interesting with 120 transactions and almost a 50/50 split with regard to the method of sale and a clearance rate of 78%. Leichhardt is also pumping along with 305 transactions and an auction clearance rate of 72%. Annandale continues an impressive year of growth with 184 transactions and an auction clearance rate of 82%. The volume of transactions is fairly similar to the same period last year yet auction clearance rates have markedly improved, highlighting the return of buyer confidence in 2009.
We are enthused by this year’s results and are looking ahead to a promising market in 2010. However, we are wearing our hat of realism and must be mindful of rising interest rates and a potential increase in volume easing the market back a bit. I think we’re all happy that this year has proven to be far better than was anticipated. Again the Inner West market has been a beacon of strength for the property sector proving it is not only resilient in the tough times but has room for strong growth in an improving market. From our entire team, it is a pleasure servicing our local community and we wish you a safe and happy Christmas.
- Sales Market Review
- Sales Market Review
- Sales Market Review
- Sales Market Review
- Sales Market Review
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