Sydney Property Market Update: Strong Seller Confidence and Auction Tips
Sydney’s property market in October remains favourable, with strong seller confidence driving a surge in new listings and solid auction clearance rates. As we approach a busy auction season, this fortnight’s market wrap provides key insights into Sydney’s current property trends and helpful tips for those preparing to bid at auction.
Sydney Property Market Insights:
October has seen a rise in new listings and total properties for sale in Sydney, reflecting strong seller confidence. For the week ending October 13, 2024, CoreLogic reported an auction clearance rate for the Sydney region of 63%, with the North Sydney to Hornsby sub-region maintaining a solid 67.9%. As of October 19, the daily home value index for all dwellings in the Sydney region showed a 4.1% year-on-year increase. Looking ahead, auction activity is set to pick up, with next week expected to be the second busiest week of the year to date for auctions across Australian capital cities.
Economy Update:
The Reserve Bank Board has reported that inflation has fallen substantially since the peak in 2022, with higher interest rates helping to balance supply and demand. The RBA forecasts that underlying inflation will be brought back within the target range of 2-3% by late 2025.
Tips for How to Prepare for An Auction:
Bidding at an auction can be an exciting yet daunting process. To help you approach your next auction with confidence, here are a few tips to consider:
Prepare Your Finances
- Prior to bidding at an auction, it’s important to ensure your finances are in order and you have a loan pre-approved if you are seeking financial assistance to purchase the property. If you require a bank loan, it is important to discuss the available loan options with a specialist. If you successfully purchase the property at auction, you will be required to pay the deposit amount on the day.
Inspect the Property
- Visiting the property multiple times prior to the auction can be a great opportunity to envisage how you will make the property your own. If you have any concerns about the property such as building and pest inspection findings or strata please reach out to the sales agent so they can address your concerns.
Set A Price Limit
- The bidding process can be fast paced, but it is important that you set a top price that you would be willing to pay for the property, accounting for additional costs such as removalist fees, insurance, and legal fees.
Register for the Auction
- If you wish to bid on the property, it is important that you register as a bidder. Contact our team for guidance on this process.
Prepare A Bidding Strategy
- Every person will adopt a different bidding style. Some may want to lead the bidding, while others may wish to observe first and then bid at a later stage. Whilst bidding, remember your price limit and read the room to anticipate how other bidders may react. If the property is ‘passed in’, negotiations with the agent and vendor will begin with prospective buyers.
The Marshall Group Specific Data Insights
In October, attendance at The Marshall Group’s open homes has continued to increase, reflecting a strong buyer interest and an optimistic market outlook. So far in 2024, The Marshall Group has successfully sold 150 properties, with a total value exceeding $0.40 billion.
For any questions or more information about the property market, please contact us at our offices in Gordon, Lindfield, St Ives and Wahroonga.