Greetings from Scoutable and welcome to our July Wrap Up.
I hope you are well. Our thoughts go out to everyone in our community who are in lockdown. We hope you are staying safe.
CoreLogic’s Auction Market Review for the June quarter 2021 showed 31,605 homes were taken to auction across the combined capital cities in the three months to June 2021. This was the busiest quarter for auctions since the December 2017 quarter when 32,405 capital city auctions were held. The auction clearance rate for the June 2021 quarter for the combined capital cities was 75.7%.
Government restrictions across July had around half of the Australian population in lockdown (to various degrees), which seems to be impacting the appetite of sellers to place their properties on the market. Buyers, on the other hand, are out in force, across all buyer profiles. The supply / demand imbalance is continuing to fuel the rise in property prices.
As of 25th July, Sydney house prices have increased 17.2% so far this year. Increases for Melbourne were 10.8% and Brisbane 13.4% over the same period (source: CoreLogic).
Moving forward the outlook for the property market is hinged on time spent in lockdown, the economic impact of the lockdown, supply levels and continued strong buyer demand.
If you would like to discuss the property market further, please get in touch.
Until next month,
Kellie Landrey | Principal Buyers Agent
IN THE NEWS
THE AUSTRALIAN PROPERTY MARKET FEELS LIKE 2017 AGAIN, WHEN SALES WERE PEAKING AND AN INTERVENTION WAS IMMINENT
https://www.businessinsider.com.au/australia-property-peak-lending
SKYVIEW APARTMENTS DEVELOPER, TOPLACE, AGREES TO BE LIABLE FOR 'DEFECTS' FOR 20 YEARS
https://www.abc.net.au/news/2021-07-26/skyview-apartments-developer-liable-for-defect-for-20-years/100322976
AUSTRALIA COULD 'DO BETTER' IN SUSTAINABLE HOUSING STAKES
https://www.realestate.com.au/news/australia-could-do-better-in-sustainable-housing-stakes/
PROPERTY OF THE MONTH
110 Morehead Street, Waterloo
The property of the month is a tale of the strength in the market over the last 12 months. 110 Morehead Street, Waterloo sold a few weeks ago (17th July) for $1,454,000. The previous sale was in August 2020 for $1,005,000. The vendor did not complete any work / upgrades to the property. In fact, the property is in need of a complete renovation. The 2021 sales represents a $449,000 gain or 45% increase in value in 11 months!!
110 Morehead Street is situated on the edge of Redfern, the property is part of the historic 'Grosvenor Terraces', Sydney's longest intact row of 1880s homes. The unliveable dual level terrace comprises three bedrooms, living room, bathroom & kitchen (both not functioning) and courtyard. The courtyard provides access to a rear lane for potential parking.
If you'd like to know more about this property or any others, please get in touch.
