The Sydney housing market has completed a remarkable turnaround in 2019 recording record boomtime results over December.
Weekend auction clearance rates have soared over the year with December’s 77.8% result a record Sydney high for that month and well ahead of the December 2018 rate of just 43.1% – conversely a record monthly low result.
Sellers Storming Back. Booming clearance rates and strong prices growth have reactivated home sellers with weekend auction listings rising sharply over the 2019 spring selling season.
Sydney December auctions were 21.5% higher than for the same period in 2018.
Home Sales and Sales Value Soaring. High clearance rates from strong listing numbers have resulted in December action sales increasing by 54.5% compared to December 2018 with the value of homes sold at auction up by 324.3% over the year.
Inner West Red Hot. The Inner West was Sydney’s top performing region over December with an auction clearance rate of 87.1% closely followed by Canterbury Bankstown 86.3%, the South 86.1%, and Lower North 82.2%.
Sydney’s Booming Suburbs. Sydney’s top performing auction suburbs over the December quarter were Padstow, Erskineville, Camperdown, Balgowlah and Collaroy Plateau all reporting 100% weekend clearance rates from the highest listings.
Sydney Prices Will Keep Rising in 2020. Sydney’s recent strong home price growth is set to continue in 2020 with new record highs likely to be reached by mid-year.
Restored buyer and seller confidence will be boosted by cuts to interest rates and rising first home buyer’s courtesy of new government policies.
The Sydney median house price is set to increase by 10% in 2020.
from Property UpdateProperty Update https://propertyupdate.com.au/sydney-market-completes-remarkable-turnaround-in-2019-who-were-the-big-winners/
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