Greetings from Scoutable and welcome to our July Wrap Up.
July saw 1,364 properties scheduled for auction across Sydney, with an average clearance rate of 79%. This is up 22% from last year's July average of 57% (2,040 properties).
Melbourne saw 1,702 properties scheduled, with an average clearance rate of 72%, up 12% from last year's 60% average (2,842 properties).
Brisbane saw 278 properties scheduled for auction, with an average clearance rate of 40%, down 3% from last year's 43% average (379 properties).
The above statistics (along with previous months' findings) are showing that stocks levels are down and have been down for the last few months. The most noticeable change in July is that buyer confidence has returned. This can be seen by the increase in auction clearance rates. I have witnessed some very competitive auctions lately, with a lot of agents reporting sales well above reserve price. Generally speaking, at this point in the cycle, home owners start seeing strong results and decide to sell, placing more properties on the market.
I am often asked about how you pick the next ‘it’ suburb to get ahead of the pack and hopefully gain a boost in capital growth. This is especially important for first time investors or home buyers who are feeling like they are being priced out of the market. This statement is an important cue in your search. If you are being priced out, have no doubt that other buyers are too. This is exactly how new ‘it’ suburbs are formed. Look into neighbouring suburbs which have (or the potential to have) some of the same key elements as your ideal suburb. Tell-tale signs include owners renovating their properties and trendy new coffee shops opening – this can happen slowly, just one coffee shop, small bar or hip pizza joint is a sign. Also, look for government investment into infrastructure, for example, new roads, schools, hospitals and public transport upgrades.
If you are thinking of buying or investing in Australian property, get in touch to learn about Scoutable's services and how we can assist with your property search.
Until next month,
Kellie Landrey | Principal Buyers Agent
IN THE NEWS
BUYERS CAN BORROW MORE
https://www.abc.net.au/news/2019-07-05/apra-relaxes-mortgage-lending-restrictions/11282066
SYDNEY PRICES BOTTOMING OUT
https://www.news.com.au/finance/real-estate/sydney-nsw/sydney-property-market-fall-finally-bottoming-out-as-stock-shortage-drives-up-prices/news-story/514e4b218f1b37625ac296ca3f2b4101
AUSTRALIAN HOUSE OF THE YEAR
https://www.realestate.com.au/news/houses-awards-daylesford-longhouse-named-australian-house-of-the-year/
PROPERTY OF THE MONTH
15 WAIWERA STREET, LAVENDER BAY
July’s property of the month is a little different as it is no longer for sale. I wanted to share this property with you even though it has already sold, as properties like this rarely trade. The property is located in Lavender Bay, four kilometres north of the CBD. As the photos above show, this property has postcard perfect views of Sydney harbour spanning the Harbour Bridge and Opera House. 15 Waiwera Street Lavender Bay, named ‘Culzean’, was originally two separate two-bedroom apartments built in 1933. 2015 saw a complete re-build into a luxury home spanning over three levels. The ground floor comprises open plan living / dining / kitchen opening up to a harbour front courtyard. The two upper levels provide five bedrooms, three with ensuites. The remaining two bedrooms are serviced by a family bathroom. There is a lift connecting all three levels. The grounds provide a double lock up garage, in-ground swimming pool and granny flat. The property provides a total of 457sqm of internal space on 650sqm of land. The property sold mid-July by an EOI (expressions of interest) campaign with three buyers placing offers. It sold for an undisclosed amount, however, I have been informed by the selling agent that the price was north of $16,500,000.
If you'd like to know more about this property or any others, please get in touch.
