The Sydney property market has continued to its resurgence with last weekend’s auction clearance rate being the highest since early march (Revised to 67.5% according to CoreLogic). Accompanying this trend is the growth in volume which was also at its highest since April of this year. Focusing on our local market Epping continues to outshine the greater Sydney area, and remain a blue-chip suburb, with an auction clearance rate of 81% to close off the month of September. Certainly however, the current market remains price driven with buyers still seeking value rather than simply diving in head first. Looking to the future, there is expectations that the government will unveil tax cuts and spending measures in the October 6 Budget with notable mention to improved access to credit. Of further news, City of Parramatta Council has reviewed the multiple land use plans that currently apply to different parts of the City of Parramatta Local Government Area (LGA) and has prepared a draft new Local Environmental Plan (LEP) that will apply to the whole LGA.
The most notable feature of the Parramatta Council’s submission is the proposal to prohibit the development of dual occupancies (duplexes) be prohibited in R2 zoned areas. Although not yet approved, this would have significant short term impacts to property pricing. If you wish to receive further information on this subject simply call or email myself.
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 $1,835,000 (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 34 Willoughby Street and 2 Lomax Street with both attaining sale prices of $2,320,000 and $2,030,000 respectively. A common factor shared by these two properties is the development potential, notably at 34 Willoughby Street being a corner block, which showcases a strong interest on developers in the area.
If our team can be of further assistance to you please do not hesitate in contacting Peter Hunt, Director.