Whilst conditions in Melbourne remain subdued as the city remains in lockdown, Sydney enjoyed growth in both listing volumes and clearance rates. Closing out the month of August Sydney’s achieved a final clearance rate of 66.1% (Corelogic), improving on the week prior and even showcasing a greater volume of properties on the market when compared to the same time last year. Focusing on our local market Epping closed out the month of August with a clearance rate of 79% and has shown itself to go from strength to strength over the last months. Regardless of questions surrounding rising unemployment numbers and the effects this may have on lending and buying decisions Epping, and its close neighbours, remain blue-chip suburbs in the eyes of buyers.
Since unveiling the initiative of stripping back stamp duty to boost activity for home buyers for the sub million-dollar market, the desired affect has certainly been evident. Competition for properties, especially at the $800,000 market, the level whereby stamp duty is avoided completely, have significantly increased and it is not uncommon to have ten or more registered bidders on auction day. For home owners of properties within this price bracket who had been considering up-sizing this recent incentive has shown to provide ideal conditions to take advantage of a spike in buyer activity, whilst also enjoying greater negotiation power for higher priced properties.
Taking on a local perspective the Epping market continues to remain in good shape, with both listing volumes and average prices steadily increasing. At present the average medium property price for housing in Epping sits at $1,800,000 (Data supplied by Hometrack Australia) and although a number of results are yet to be disclosed the most notable sales to occur during the month of August is that of 3 Melrose Street and 1 Park Street with both attaining sale prices of $2,350,000 and $2,000,000 respectively. Although undisclosed, the highest result for the month of August is expected to have been that of 32 Dunlop Street, a statement home sitting on 1,126 sqm of land within one of Epping’s most sought-after pockets.
Contact Peter Hunt for a current market appraisal update.
Peter Hunt | 0434 821 219