Sydney’s apartment market in a slump

It’s getting harder to shift properties in the normally stellar market of Sydney’s eastern suburbs

13 July 2020 | Dr Andrew Wilson, My Housing Market (Image: Emily Wang)

Sydney’s Eastern Suburbs has once again been a standout under-performer, recording the lowest regional clearance rate at the weekend at 66.6%, well behind the Central Coast, the North West and the West all at 84%.

School holidays tend to moderate auction activity in higher-priced, inner-suburban areas, however the release this week of another 10,000 national places for the First Home Buyer Deposit Scheme may have boosted sales activity in lower-priced, outer-suburban regions.

Sydney’s median price for houses reported sold at auction at the weekend of $1,250,000 was 1.9% higher than recorded over the same weekend last year. However, the median auction price for units of $695,000 was down by 18.4% over the year.

Melbourne’s Inner City Top Auction Performers

Melbourne’s Inner City recorded the highest regional auction clearance rate at the weekend at 74.8%, reflecting particularly strong results from unit auctions.

Around one in four advertised Melbourne properties were withdrawn prior to auction, reflecting the six week lockdown as the city faces a second wave COVID-19 outbreak.

Melbourne’s median prices for houses reported sold at auction at the weekend of $822,500 was 0.2% higher than recorded over the same weekend last year. However, the median auction price for units of $695,000 was up strongly by 10.1% over the year.

0