Increase in listings eases pressure on prices
2015-04-21
Sydney buyers were able to breathe a momentary sigh of relief last week as an increase in listings helped ease pressure off property prices. Before last week, Sydney had seen six weeks of successive house price growth, but the last week of home sales results represented a rare fall back in prices.
RP Data preliminary figures indicated that the Sydney median home price decreased 0.3 per cent after having already increased 8.9 per cent for the year and 14.9 per cent on what the price was this time last year. The median price of a Sydney house is now $708,000. The median unit price is $550,000.
Last week’s slight decrease in median home values came in the wake a spike in the number of home auctions. Seven hundred and forty-one properties went to auction during the week — an increase on August activity, when approximately 500 homes were hitting the auction market each week. The buying market appeared to respond well to the increase, with few homes passed in at auction. The citywide auction clearance rate was 78.3 per cent, suggesting almost four in five properties that went to auction sold.
Significant auction sales included that of a renovated brick home in Longueville built in the 1920s.Six bidders registered for the auction and pushed the final sale price to $3 million, $205,000 past the vendor’s reserve price. A two-bedroom cottage in inner west suburb Birchgrove also attracted a strong result, selling $77,000 over reserve at $1.22 million. Another two-bedroom inner west home scored an even better result. Number 82 Wymston Parade, Abbotsford sold for $2.45 million, some $145,000 over reserve.
Outside the auction market, a Saturday release of 70 apartments in Breakfast Point proved a hit with buyers. Forty-five of the apartments sold the day of the release, culminating in $45 million in sales.
Strong real estate activity in Sydney reflected conditions in the rest of the country. The Victorian capital saw 1,000 homes go to auction over the week, with a clearance rate of 70.5 per cent. Like in Sydney, there was also a corresponding fall in the median home price of 0.9 per cent. A spring increase in listings within other capitals insured growth in median prices stayed flat, notably in Perth and Brisbane. The median home prices in both cities remained the same as last week. The only major capital to record growth in its median home price was Adelaide at 0.4 per cent.
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