Sydney listings surge in pre-Christmas rush

Sydney’s online property listings increased 12.8% over November to 27,840 properties as the spring selling season hits late.

But Sydney property listings are still 13.4% down from the same time last year.

In Melbourne listings are up 10.7% for the month, down just 0.2% for the year and in Canberra listings are 11.5% up for the month, down 4.2% for the year.

“The spring selling season has hit later in the year than usual, with a market uptick in sales listings – especially in Sydney,” SQM says.

It stands by its September forecast that Sydney would lead the way in terms of a house price recovery but that this would not necessarily be the case for all capital cities, particularly Canberra.

“No doubt, the disruption of the election in September created a lag effect in listings which is coming through now so it is no surprise listings had a large jump in November,” SQM’s Louis Christopher says.

“Plus, we also had five weekends during the month which added to our monthly counts. Seasonally, listing activity is very strong in the later spring months and is the prime reason why there has been a dip in auction clearance rates in recent weeks. So for now I am not concerned about any new slowdown in the market.”

Meanwhile Sydney property services providers are reporting continuing eagerness among Sydney property buyers.

Ramon Mitchell from Intelligent Property Services says two recent sales demonstrate just how strong the Sydney market is.

“To point out the level of growth and eagerness of some buyers to secure their ideal property we can look at the recent sales of two adjoining semi-detached homes in Marrickville,” Mitchell says.

The properties 54 Frampton Avenue (a 287 square metre block) and 56 Frampton Avenue (a 292 square metre block)  are both very nicely presented Victorian Semis with two bedrooms, single bathroom and parking for two cars each via rear lane access.

According to Mitchell, 56 Frampton Avenue sold for $900,000 on the 21st of September and just two months later, the adjoining 54 Frampton Avenue sold for $1 million.

“On as close to an ‘apples with apples’ comparison, dare we suggest that this represents a market movement of 11% in just two months?  While this may seem dramatic, in areas such as Sydney’s inner west, it is, much to the chagrin of many buyers, closer to reality than many might like,” Mitchell says.

“Across the city, and with the Christmas break approaching, buyers are becoming increasingly eager to wrap up their long and exhaustive property search and wind down for the holiday period.

“With the prevailing low interest rates we are seeing buyers paying a premium just to get their foot in the door and we expect the frenetic buying activity to carry right the way up to the Christmas break. We’re seeing agents catering to this by way of auctions scheduled for as late as 21th December whereas, traditionally, most agents would aim to finalise campaigns no later than the first or second weekend of December.”