Sydney market sees increasing auction numbers: HTW residential
The past month has seen a number of restrictions being eased which has seen activity begin to increase in the Sydney market, according to the latest Herron Todd White (HTW) residential report.
The valuation firm took a look at how a budget of $700,000 could be invested in property markets across the nation.
The report notes auction numbers have steadily increased and the number of auctions is now in line with the same period last year when the market was beginning its recovery from the previous downturn.
Clearance rates are tracking above this time last year but are still below those being achieved in February and March prior to the COVID-19 lockdowns.
Despite activity increasing, according to CoreLogic the number of new properties listed for sale is down 6.6 per cent on this time last year, while the number of total listings is down 21.2 per cent.
"This lack of stock is likely insulating prices somewhat, although we are now seeing the Sydney median price starting to decline, down 0.3 per cent in the week ending 21 June and down 0.8 per cent in the month ending at that date," the valuation firm said.
"We are still seeing some strong results in the market with quality product still generally performing quite well," the valuation firm added.
The lack of stock has seen quality homes continue to do well in the COVID-19 property market.
Pagewood, located eight kilometres from the Sydney CBD, has seen strong results with two suburb records in May.
A dwelling at 24 Macarthur Avenue, Pagewood sold for the suburb record of $3.15 million and a brand new duplex at 58a Ocean Street, Pagewood (pictured above) sold for $2.17 million.
Local agents are also taking advantage of their buyer database which in one case led to an off market sale of 138 Bay Street, Pagewood for $2.625 million.
Another record sale of $2.205 million was recorded in Beaumont Hills for 37 Guardian Avenue (pictured below).
This property is a six-bedroom, four-bathroom, contemporary style dwelling with excellent street appeal and quality finishes and ancillaries such as an indoor pool and outdoor kitchen with a land size of 838 square metres.
With a suburb median of $1.165 million, this record sale is almost double the median value.
In the prestige space, above $5 million, the limited number of transactions has made it difficult to ascertain how this market is performing since the COVID-19 lockdowns, the report noted.
A recent Vaucluse sale of a modest single level home, set slightly back from the water with expansive harbour views towards the city and Harbour Bridge, may be a sign of the market having softened.
The property just sold for $10.9 million in June, having previously sold just under 12 months ago for $11.8 million according to CoreLogic.
On the flip side, Middle Dural recorded a record breaking sale in April at 52A Cranstons Road (pictured below), the report noted.
The property is a five-bedroom, four-bathroom executive style dwelling with extensive landscaping, inground pool and a tennis court with a land size of 1.44 hectares.
The property sold through LJ Hooker Dural, with the price currently confidential, however reports have suggested an $8 million plus figure which is a significant result for a sub two- hectare block.
A Lazy $700,000
In a property market as diverse as Sydney, $700,000 is going to buy you very little in some parts whilst in others it can still mean a good quality home on a decent sized block of land.
"We’ve gone around the grounds to show the type of property you would be looking at for this price point in some of the regions in Sydney," the valuation firm said.