There has been a steady increase in seller confidence to Sydney’s property market for the month of September, evidenced by the growing number of new auction listings. As the busy auction season gets underway, Sydney is gearing up for its second-most active auction week of the year.
In this fortnight’s market wrap, we’ll highlight the latest market trends and explore the topic of granny flats – a sought-after solution for homeowners looking to maximise flexibility and value.
Sydney Property Listings:
The Sydney market is experiencing a significant influx of new listings and properties for sale, indicating continued seller optimism. For the week ending September 15, CoreLogic reported a balanced split between sold prior and sold at auction properties, along with a healthy auction clearance rate of 63.2%. The North Sydney to Hornsby sub-area remains a strong performer, maintaining a clearance rate of 71.1%, despite a slight dip of 1.7% compared to the previous two weeks.
Looking ahead, spring is expected to see increased auction activity. CoreLogic forecasts a 4.3% increase in auction listings compared to the same period last year.
Hot Topic – Granny Flats:
What is a granny flat?
Granny flats are self-contained accommodation located on the same block as a family dwelling, and are perfect for accommodating ageing parents, independent adult children, and as an office studio. These secondary dwellings are allowed in designated residential housing zones as outlined in the State Environmental Planning Policy (Housing), 2021(Housing SEPP).
What is the approval process?
- Secure a Complying Development Certificate (CDC) or apply for a Development Application (DA) (if the secondary dwelling is not classified as a complying development)
- Build your granny flat
- Obtain an occupation certificate
What are the benefits of having a granny flat?
- Generate additional rental income
- Lower construction costs compared to single-family homes
- Enhance property value
- Relatively quick construction time
- Fast council approval if it meets the CDC requirements
The Marshall Group Specific Data Insights
September has seen an increase in attendance at The Marshall Group’s open homes, highlighting increased buyer engagement and an optimistic market outlook. So far in 2024, The Marshall Group has successfully sold 131 properties, with a total value exceeding $0.35 billion.
If you have any questions or would like further information about the property market, please contact us at our offices in Gordon, Lindfield and Wahroonga.